Finance house afb Ghana has ruled out taking up a license to operate as a general bank in the country. 

According to afb Ghana, it wants to focus rather on just providing loans to businesses and individuals in the formal and informal sector. 

JOY BUSINESS investigations show that there are currently several applications pending before the Bank of Ghana (BoG) by some financial houses as well as savings and loans companies that want to transform into a general bank.

However for afb Ghana, which is seen as a leader in payroll lending business, it still wants to operate as a finance house.

Speaking to JOY BUSINESS after taking its turn at the Ghana Stock Exchange (GSE) Facts Behind The Figures, Managing Director, Arnold Parker says he doesn’t think there is any need to take up the license.  

“We don’t need to be a bank to serve the market, how many market women will need an LC for instance? How many farmers will need an LC to be able to carry on with their business?" said Parker.

According to him, “I think that there is a large portion of our economy which has not been served properly with financial services and that is our target and focus,” he added.

He said Afb is prepared and has the resources required to serve the market through technology rather than banking.

Managing Director of GSE, Kofi Yamoah, on his part, maintained that the performance of afb Ghana should encourage other companies to come onto the market.

afb Ghana recently listed about ₵100 million debt security on the Ghana Stock Exchange.