Premium Bank has begun full commercial operations as the latest institution in the banking sector. This is after the company received its banking license from the Bank of Ghana sometime in the second quarter of the year.

Premium Bank formerly called Formerly City Investments Company (CIC) Limited is owned by the Vangaurd Group. It has evolved into a bank after operating as Finance House with a focus on Small and Medium Enterprises in the last 20 years.

The Managing Director of Premium Bank, Kwasi Tumi stated, “the last 20 years have taught us that every business has its own unique set of financial needs, so as Premium Bank, we look forward to offering businessmen and businesswomen a wider scope of products and services well tailored to meet those needs. This is why at Premium Bank, you are better off with us.”

The Deputy Managing Director, Jacqueline Benyah also explained to JOY BUSINESS after a session with the media, what has necessitated this transition into a bank.

“I think our customers triggered it more than us. They pushed us and we realized they were right because we could only do a portion of their business. For instance, we couldn’t assist them in any trade business, prepayments, transfers and even guarantees.

"Meanwhile, a lot of our customers trade in China, Vietnam and Nigeria yet all we could do was to give the funds and they go somewhere else to execute the other half of the transaction” she noted.

She also outlined how Premium Bank intends setting itself apart from the others in such a highly competitive industry. 

“We’ve done this for 20 years. But what’s going to be new is customers will have different products available to them; they don’t need to go elsewhere. We recognize that for them, speed and convenience is critical and with mobile money technology readily available.

Sometimes the song is the same but the difference is the execution. Wait and see the execution because the proof of the pudding is in the eating” she added.

Some of Premium Bank’s exciting product and service offers include Jara; an innovative interest earning savings account that enables you to save and earn competitive interest on your deposits using your phone or Airtel Money.

Premium Bank also seeks to help improve upon its clients businesses through the ‘Help Station’; an online portal designed to help businessmen and businesswomen attain their specific goals.

Premium Bank’s entry into the banking sector brings the number of banks currently operating in the country to 33 including other new entrants such as Omni bank (Formerly Union Savings and Loans) and Sovereign bank.