Ghana Home Loans (GHL) has joined the banking sector as it has been given approval by the Bank of Ghana (BoG) to operate as a Bank.
The new company is known as GHL Bank.
It was granted a universal banking license by BoG on the 23rd of June this year.
Speaking at the official launch of the Bank in Accra on Wednesday, the Chief Executive Officer (CEO) of GHL Bank, Mr. Dominic Adu, said: “As a universal bank, we are working with government and building partnerships to make mortgages affordable and creating the environment to making home ownership much easier.”
According to him, the processes to transform Ghana Home Loans into a universal bank have already begun, “We have hired a world class team and invested in systems and processes ready to provide a one-stop bank for financial services at every stage of your life – anchored by our core vision to be the foremost bank for wealth creation.”
For his part, the Board Chairman of GHL Bank, Mr. Albert Essien, said they have taken time to develop a very strong and effective corporate governance structure, adding that they are poised to execute unflinchingly on the many expectations of their clients, shareholders and regulators.
Mr. Essien further stated, that the Bank of Ghana minimum capital requirement of GHS400m will be met and deployed prudently.
"Building on the impressive foundation of Ghana Home Loans, GHL Bank will deliver unique experience to clients, with a comprehensive range of personal, private and business banking products. It will be the foremost institution for wealth creation in Ghana" he stated.
Ghana Home Loans, now GHL Bank, was established in 2006, focusing exclusively on providing mortgage products. In 2007, it became the national leader in the mortgage industry.
Over the past decade, it has served over 3,000 households with approximately US$190 million in home financing. In doing so, it has transformed the housing finance industry, addressing systemic challenges that previously made mortgages almost unobtainable in Ghana.
The company has also placed Ghana on the international finance map, sourcing over US$200 million in long-term funding from a formidable list of institutions such as the Overseas Private Investment Corporation, the Dutch Development Bank FMO, IFC, the Paris-based Proparco, Germany's DEG, ECOWAS Bank for Investment and Development, Ghana International Bank and Shelter Afrique.
In 2012, the Dubai-based private equity fund Abraaj acquired a majority stake in Ghana Home Loans, now GHL Bank.
The bank currently employs about 160 professionals and will offer a full bouquet of universal banking services.