It is an undeniable fact that the most important thing which has sustained most businesses in Ghana for decades is Trust.
As a client, the most crucial consideration in the selection of a financial partner for any business and/or transaction is the level of trust and integrity of the institution and how credible they are. Though there are several banks in Ghana who are doing extremely well in various aspect of the business, I would like to share my opinion on why Standard Chartered Bank Ghana (SCB) is the most credible bank in Ghana.
Indeed, I wasn’t too surprised when the Governor of the Central Bank of Ghana perfectly summed it up during the opening of the new magnificent Head Office building in October 2018 and saying “there are a number of factors that explains the success of Standard Chartered Bank in the Market, the provision of better quality products and services, competitive pricing and enhanced access by customers on terms structured to meet their needs and a culture rooted in uncompromising respect for the highest standards and integrity, and that are essential for public confidence, and they are doing so we believe in an atmosphere of fair competition in a stable, predictable and liberal regulatory framework. We urge other banks to emulate these strong standards especially the strength of its corporate governance”.
Again, in 2018 when the financial sector was recovering from potential crises, a technical team of analysts at Konfidants, a management consulting company based in Accra, Johannesburg and Geneva used a credmap technology to access 30 of Ghana`s universal banks and SCB was adjudged the most credible.
Why is the bank credible?
What does it mean to be credible? Credible is an adjective and it is the state of being able to be believed; convincing and/or in other words capable of persuading people that something will happen or be successful.
In using CAMELS* methodology of assessing financial institution`s strength, the quality of management is the most important element. Corporate governance was one major issue that led to the collapse of major banks in Ghana and nearly eroded investor confidence. No wonder the Governor of the Bank of Ghana urged other banks to emulate the strength of SCB`s corporate governance.
The Board is the ultimate decision-making body for all material matters of the bank with the responsibility of providing leadership, setting strategic direction and monitoring management to ensure the […]