Stanbic Bank Ghana is considering opening smaller representation points across the Upper West Region to bring banking services closer to clients following strong growth in the area.

The bank’s Chief Executive, Kwamina Asomaning, speaking to journalists in Wa, said demand for credit has picked up as interest rates ease, but warned against over-borrowing.

“As a result of the conditions for extending credit generally improving when interest rates are lower, our goal as financial intermediaries is to ensure that we partner with clients in a way that they don’t take on too much debt when interest rates are low, only to choke on higher interest rates later,” he said.

Mr Asomaning noted that while the bank is seeing increased interest from businesses and individuals, it remains cautious to prevent clients from taking on debt they may struggle to service if interest rates rise again.

“The worst thing you can do in a low-interest-rate environment is forget that the rate could move up. And when it does, your income doesn’t necessarily move up, but your debt servicing does. That additional stress is often unbearable for individuals, households, and businesses alike,” he added.

On the bank’s performance in the region, the CEO said growth had been “very encouraging,” prompting the opening of a new head office in Wa.

“We’ve met a few clients who are very complimentary of the support Stanbic Bank is giving them. We’d like to grow a lot more, in line with the growth we’re seeing in this part of the country,” he said.

He identified agriculture and sustainable mining as key opportunities, given the region’s arable land and emerging mining prospects.

“What we’re talking about now is whether we have opportunities to set up new representations. It might not be as big as our main branch, but we need to find ways to get closer to our clients with smaller points of representation,” he explained.

The bank plans to expand beyond Wa into other districts to shorten response times and improve service delivery.

Stanbic Bank has operated in the Upper West Region for over a decade and has remained a key partner in supporting social and community development through its corporate social responsibility initiatives.