Business News of Monday, 3 July 2017
Ghana Home Loans (GHL), the nation’s leading mortgage finance provider, has received all the requisite approvals from the Bank of Ghana to commence operations as a universal bank.
The mortgage specialist shall be renamed GHL Bank and will be the foremost bank for wealth creation.
Since its launch in 2006,Ghana Home Loans has dominated and transformed the home loans industry,systematically addressingthe key systemic challenges that had hitherto renderedthe mortgage product almost non-existent.
Today, Ghana Home Loans offers a full suite of products including Home Purchase, Home Construction, and Land Purchase mortgages. The Company also offers related products and services such as insurance, money transfer and remittances, as well as property sales, lettings, and title registration.
Over the past decade, the Company has significantly increased product awareness by way ofinnovations such as weekly Mortgage Clinics, Housing Fairs, Nationwide Mortgage Roadshows, the Mortgage Borrower Education Video, and the formation of Real Estate Clubs on various University campuses.
Ghana Home Loans has placed the country on the international finance map by sourcingover USD170mm inlong-term funding from a formidable list of financial institutions such as OPIC, FMO, IFC, Proparco, DEG, EBID, Ghana International Bank, Abraaj,and Shelter Afrique.
Furthermore in 2016, the Company launched a USD100mm mortgage-linked Medium Term Note programme, listed on the Ghana Stock Exchange, the first of its kind in the country.
This has enhanced the range and flexibility of the Company’s home loans product offering. Ghana Home Loans is a member of the prestigious Ghana Club 100, placing 15th in the 2015 edition, which made it the highest ranking non-banking financial institution.
GHL Bank will build on this impressive foundation to deliver a truly unique experience to its clients, including a comprehensive range of personal, private, and business banking products.
Commenting on the transformation, Mr. Dominic Adu, the CEO of GHL Bank, remarked that, “as a universal bank, we aim to offer all-inclusive solutions to meet the increasing and diverse needs of our customers.
This is an exciting time at GHL as we prepare to revolutionise banking in Ghana”. Mr Adu added, “I would like to take this opportunity to welcome our new Board Chairman, Mr. Albert Essien, a veteran of the banking industry. He has played a key role in our transformation process from a mortgage specialist to a universal bank. Mr. Essien brings on board a wealth of industry experience acquired over three decades in banking.”
Responding to his appointment, Mr. Essien said that, “I am extremely delighted to join GHL Bank at such a significant time in its evolution. I am certain that the new bank should be able to leverage the solid Ghana Home Loans platform to emerge as a leading brand in the industry”. GHL Bank will commence operations by the end of this year.