Ghana Home Loans obtains license to begin banking operations

Ghana Home Loans has disclosed its mainstream banking operations is set to begin in the last quarter of this year.

The company, which has long been known to be the nation’s leading mortgage financier, had earlier hinted of moving into commercial banking by mid 2017.

However, in an interview with JoyBusiness, Chief Executive of the company, Dominic Adu, assured the transition is a done deal this time.

Mr. Adu said, “Definitely in the last quarter of this year, we are going to be a bank.

He said, “We’ve got a full banking license already, we’ve finished with all the requirements of the Bank of Ghana and all we are doing is refining our products before we hit the markets before the end of this years.”

The institution that already specializes in home financing is hoping to do more in the space by helping customers save to buy the mortgages thereby helping address the critical issue of financing when it comes to home acquisition.

Besides home financing, the new bank will be engaged in general retail banking.

There are currently thirty-seven banks in Ghana.

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