Don’t lose confidence in banking sector — NIB boss

The Chief Executive Officer (CEO) of National Investment Bank (NIB), Mr Ernest Mawuli Agbesi, has urged the general public not to lose its confidence in the banking industry because of recent happenings in the microfinance sector.

The microfinance sector has been hit by a series of scandals which have resulted in the revocation of the licenses of some of the operators by the Bank of Ghana (BOG) and the prosecution of some owners of these companies.

According to him, the crisis was a big challenge to the financial industry owing to the fact that it could influence some people to reduce their engagement with financial institutions.

He was speaking to the media on the sidelines of a thanksgiving service organised by the bank last Sunday in Accra.

“Although these concerns are understandable, we need to appreciate the fact that the banking industry, especially, the universal bank is a highly regulated industry. We cannot, therefore, engage in activities that are detrimental to the interest of the customer because the central bank is closely monitoring us,” he said.

“Because we have low risks, people should be rest assured that their money is safe with such banks,” Mr Agbesi said.

Growth

Despite the challenges facing the banking industry, Mr Agbesi explained that the NIB was on a trajectory of growth owing to the different strategies that it had initiated.

“These include building the capacity of our staff and also motivating them to provide world class services to our clients. We have also invested heavily in information and communications technology to enable us keep abreast of the latest trend in banking operations,” he said.

Other Trending Stories

Brazil fines Musk's X for site's return after ban

Q2 GDP: Ghana’s economy grows at fastest pace in five years

Ghana loses 160,000 tonnes of cocoa to smuggling in 2023/24 season

Zenith Bank – A leader at 19 shaping Ghana's financial future

This is how SEC will share govt's GH¢1.5 billion to affected investors

“Last year, the bank was able to pay dividends to its shareholders for the first time in eight years. This is a clear indication that our commitment and hard work as an institution is yielding fruits,” he explained.

Advice 

The Moderator of the Evangelical Presbyterian Church, Ghana, Rt Reverend Dr Senyo Agidi, advised people in leadership positions not to use their positions as a means of amassing wealth, but rather as an opportunity to seek the welfare of the people that they lead.