Bank of Africa brings back commercial banking to Abossey Okai business enclave

In a quest to drive financial inclusivity of the government and provide trusted commercial banking services to businesses and local residents, Bank of Africa (BOA)-Ghana, a member of the BMCE Group, has reopened its Abossey Okai branch to serve the highly retail-based business enclave.

The reopened branch, which is strategically located adjacent to the Laterbiokorshie Total Energies fuel station, will offer an all-inclusive range of financial services to cater to the diverse needs of the local population within the Abossey Okai spare parts commercial district, Kaneshie, Agbogbloshie, Zongo, Korle-gonno, Chorkor-Mamprobi, Laterbiokorshie, among other adjoining communities.

Managing Director, BOA Ghana, Abderrahmane Belbachir, highlighted that despite increased investment in digital banking platforms and services, physical banking halls are still relevant for creating trust and providing some critical banking services that will require one-on-one engagement.

“Digital banking is important and we are investing heavily in digital infrastructure to serve our customers more conveniently and to maximize customer reach. However, opening physical branches also helps us to remain very close to our customers and to understand their needs better because when you create that platform customers can walk close to you and discuss with relationship officers their challenges and get timely support,” he said.

He added that the BOA stands out among its peers when it comes to good customer service “And the main target for us really, is to improve even more on our customer efficiency and customer satisfaction, because we are here for our customers and we need to develop all products and services that are fitted to their needs.”

The Branch Manager for the new location, Mausuf Mohammed Alfah, stressed that the Abossey Okai enclave is one of the major business zones in the nation’s capital, with the former office holding over 10,000 clients in its books, hence the importance of bringing back the branch at a new location due the destruction of the former in 2022 during the Obetsebi Lamptey roundabout expansion project.

“As much as we have the digital product, you realize our communities are made up of both educated and the illiterate who most often would want to see the bank staff, the building where their money is kept, and not just the fact that we have a digital footprint, so this investment is important,” he emphasised.

Executive Director, Business Development, BOA-Ghana, William Boateng, mentioned that BOA has demonstrated extreme commitment to its clients in that enclave by reopening a new branch in the area after the closure of the previous one.

He mentioned that this new branch is the 23rd of the bank in the country adding to highly efficient ones operating in other parts of Accra, Kumasi, Takoradi, Tamale, Wa and Bolgatanga among others.

Promoting Retail and SME Banking

Recognizing the pivotal role of Small and Medium Enterprises (SMEs) in fueling economic growth here in Ghana, the BOA has created tailored services to meet the unique needs of these dynamic entities. The BOA through its SME Support Facility (SSF), offers collateral-free loans to our SME customers to support their business activities.

The presence of physical branches in localities where SMEs and small businesses get quick access to assistance from employees, is a motivative factor, especially knowing that some sections of the population are not inclined toward digital services.

Head of Retail Banking, Haleema Akyirem iterated that retail banking, a way for individual consumers to manage their money, have access to credit, and deposit their funds in a secure manner, covers about 45 percent of the bank’s services and plays a vital role in financial inclusivity drive, making it important for the bank to target those within that category.

“We target different types of customers and for each category of customers, we have specific products and services, some of which are institutional, corporate, SME, or retail. These categories have different needs, so we have dedicated categories of products and services for each segment of our customers. That is what these communities stand to benefit,” she said.

She added that the bank has over 60 products in different categories for specific niche markets, including the SME and retail segments, to drive socioeconomic activities.

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