UT Bank has met the 60 million cedi capital required for banks to operate way ahead of the December deadline. It follows an injection of 15 million dollars from the International Finance Corporation,IFC,the private sector arm of the World Bank. The investment is also expected to help UT bank improve its lending to small businesses in the country. The IFC will also extend an Advisory Services programme to strengthen UT Bank’s risk management and corporate governance practices. These were contained in a statement jointly issued by the IFC and UT bank. “Small and medium scale businesses are powerful drivers of growth in African economies, but they often face challenges in getting appropriate finance,” said Mary-Jean Moyo, IFC Country Manager for Ghana. “IFC is the world's largest development institution focused on the private sector, and its investment constitutes a welcome affirmation of the commercial success of the "UT Way," as well as the positive social and developmental impact UT has made in Ghana,” said UT’s CEO, Prince Amoabeng. UT bank last year secured approval from shareholders to raise additional capital to recapitalize the business. Locally owned banks have up to the end of the year to fulfill the stated capital obligation or risk losing their universal banking license. HFC bank and CAL bank are upbeat of meeting the capital by June this year. Ghana Commercial Bank and ADB are the only banks to have so far met the requirement