As the Bank of Ghana(BoG) prepares to announce a new capital requirement for banks in the country, the Chief Executive Officer of Capital Bank, Rev Fitzgerald Odonkor has told Citi Business News the bank is ready to meet the new measures to expand its financial intermediation.
The central Bank earlier announced that it is undertaking a study to announce the increment from the current 120 million cedis required by banks in the country.
Speaking to Citi Business News at the launch of a new product called 'Young Achiever Account', Mr. Odonkor maintained that the bank is poised to expand its operations to attain a tier one status in the near future, hence ready to expand its capital base.
“We are ready to abide by all the requirements that the central bank will announce. The target of Capital Bank is to be a tier one bank in the future so we are working at expanding our operations,” he said.
Outlining some measures taken by the bank to achieve the status, Mr. Odonkor stated that the bank will continue to come out with innovative products to meet the demands of its customers.
“The year 2016 has been an exciting year for Capital Bank due to the various initiatives we have launched. This year, Capital Bank was ranked 8th at the 2016 Ghana Club 100 awards for the banking category and 25th in the club of 100 most prestigious companies in the country”, he said.
Explaining the idea behind the Young Achiever Account, Mr. Odonkor stated that it is aimed at providing the best financial security for children from birth to the age of 17.
“Clients need only an opening balance of GHS10 and an operating balance of GHS100. The account comes with interest tiered at 2% above Capital Bank's Savings Account rate,” he explained.
He stated that to enhance the value associated with the Young Achiever Account, Capital Bank has partnered MBM Associates and REVO Education to give free ilearn tablets to clients who deposit GHS5,000 or more.
“These ilearn tablets are configured with 42 text books approved by the Ghana Education Service, Past questions and Answers from Junior High School to Senior High School and more. That's not all; parents will also receive up to 10% discounts on books purchased at any Sytris Bookshop and up to 15% discounts on football and swimming programs at Lizzy Sports Complex,” he said.