FBN Bank on schedule to recapitalise

BY: Maclean Kwofi
Mr Eric Kwasi Fia explaining a point.
Mr Eric Kwasi Fia explaining a point.

FBN Bank Ghana Limited, a subsidiary of First Bank of Nigeria, has indicated that it is on schedule to meet the US$400 million minimum capital requirement of the Bank of Ghana (BoG).

As a result, a third of the required funds is currently being mobilised in the country for the parent bank in Nigeria to top it up with the rest for the financial institution to meet the new capital requirement before the December 2018 deadline.

Its Group Head in charge of Retail Banking, Mr Eric Kwasi Fia, told Graphic Online on Tuesday, July 10 in Accra, that FBN Bank Ghana was prepared to beef up its capital accordingly.

“FBN Bank is a big bank in Nigeria with a very big balance sheet size so, with the US$400 million, we do not have any problem, we are very sure that any moment from now the funds will be ready,” he said.

He stated that the bank had already adopted cutting-edge technology to support its product and service offerings.


Again, he added that the bank would embark on branch expansion drive to increase its branches across the country before the end of the year.

Promotion

Mr Fia, who spoke to Graphic Online after the first draw of the ongoing ‘FBN Bank Save and Win’ promotion, indicated that the promotion was to help encourage financial inclusion in the country.

“Our standard in FBN Bank Ghana has always been to put our customers and other stakeholders first in all our business services and devise innovative ways of meeting their needs and improving our services to them,” he said.

In all, three customers of the bank were rewarded with mobile phones and another seven were rewarded with mobile network airtime worth GH¢100 in the ongoing ‘FBN Bank Save and Win’ promotion in Accra.

The promotion was introduced in May this year to reward customers for their loyalty to the bank.

He said the winners had fully met the terms and conditions of the promo and rewarded them with various prizes ranging from mobile network airtime to smartphones.

After the mini-draw, he mentioned that the bank would organise one more mini-draw and a grand draw to reward a set of 30 customers in the country.
“Winners of the grand draw at the end of August 2018 would win LED televisions, fridges, washing machines, gas cookers, laptops, tables ?? and smartphones.”

Mechanics of the promo

To enter into the promotion, customers need to make a deposit of GH200 into existing or new individual savings or current account. Each GH200 deposit earns the customer a point.

All customers who at the start of the promo have a minimum balance of GH1,000 in their accounts will get one point for every GH1,000 as advance points up to a maximum of 10 points.

Advance points will be earned only on an incremental basis for as long as the customer’s deposit remains in the account during the period of the promotion.
To participate in the monthly draws or the grand draw, customers need to maintain a minimum of GH¢1,000 in their individual current or savings accounts.