South Africa’s First Rand Bank has secured the final nod from the Bank of Ghana (BoG) to begin operations in Ghana.
The South African bank, which had already received a provisional license last year for its foray into the country, is expected to commence Ghana operations this month.
The bank initially plans to set up a presence in Accra and fine tune products and services to serve market requirements, ghanaweb.com quoted Richard Hudson, CEO of the retail and commercial banking unit of First Rand, as saying.
Hudson added that the long term intention of the bank would be to expand its footprint beyond Accra.
The bank has already secured its office in Accra for its Ghana operations, and has also nearly completed appointment of personnel for its new operations.