BEIGE, one of Ghana’s leading investment and financial services firms, has obtained regulatory approval to float a commercial bank.
The financial services firm would upgrade its subsidiary, BEIGE Capital Savings and Loans (BCSL), to a fully functional banking outfit after satisfying of all the licensing requirements of the Bank of Ghana, the country’s apex and regulatory authority.
BEIGE hopes to leverage this opportunity to gain further inroads into the SME sector, a space it already enjoys significant patronage. “We are happy about this milestone. Our competencies are in the SME space and that’s where we would play for now,” said its CEO, Mike Nyinaku.
The Bank’s current infrastructure means it requires little investment to kickstart proper commercial banking. currently, BEIGE has over 70 business offices spread across Ghana. It is keen to restructure a sizeable number of these offices before the end of the year to offer banking services.
BEIGE expects its banking services to grow, significantly, its clientele base which currently stands at about 700,000, most of which are either individuals or SMEs.