[Ghana] BEIGE Capital receives nod to operate as a bank

BEIGE Capital Savings and Loans, the subsidiary of financial services provider BEIGE has has secured final approval to operate as a Universal Bank.

This final license follows BCSL’s satisfaction of all the licensing requirements of the Bank of Ghana. BEIGE’s banking subsidiary will be called The BEIGE Bank.

The implication of this announcement is that BCSL, now The BEIGE Bank, is fully authorised to offer complete banking services to the general public.

At the time of its licensing, The BEIGE Bank had over 70 business offices around the country, over 2,000 staff and a clientele base of almost 700,000 most of which are individuals and SMEs. “We are happy about this milestone. Our competencies are in the SME space and that’s where we would play for now,” says Mike Nyinaku, CEO of BEIGE.

Between now and the end of the year, all business offices of BCSL will undergo a process of rebranding to reflect their new status. Together with its subsidiaries and affiliates, BEIGE is currently providing direct employment to over 4,000 people and serving a clientele base that could soon reach one million.

Kofi Otutu Adu Labi, Board Chaiman of The BEIGE Bank said. “We have come this far through the hard work and dedication of our staff and the loyalty of our customers. We are emboldened to help our customers to grow with us, from small beginnings. We are a home grown bank determined to make a difference in financial intermediation in Ghana. We invite you to come along with us as partners.”

BEIGE is the accepted trade name of The BEIGE Group (TBG), its subsidiaries and related entities. The BEIGE Group is a Financial Services Provider registered in Ghana and each of its subsidiaries is a legally separate entity which is independently regulated. Registration No. CA-75266. Registered Office at No. 1 Djanie-Ashie Avenue, East Legon Accra - Ghana.

www.beigecapital.com