Beige Capital Savings and Loans gets approval to operate as universal bank

BEIGE, the financial services provider, says its subsidiary, BEIGE Capital Savings and Loans (BCSL) has secured final approval to operate as a Universal Bank.

This final license follows BCSL’s satisfaction of all the licensing requirements of the Bank of Ghana.

A statement from the Group said BEIGE’s banking subsidiary would be called The BEIGE Bank.

“The implication of this announcement is that BCSL, now The BEIGE Bank, is fully authorised to offer complete banking services to the general public,” it said.

At the time of its licensing, The BEIGE Bank had over 70 business offices around the country, over 2,000 staff and a clientele base of almost 700,000 most of which are individuals and SMEs.

“We are happy about this milestone. Our competencies are in the SME space and that’s where we would play for now,” says Mike Nyinaku, CEO of BEIGE.

The statement said between now and the end of the year, all business offices of BCSL will undergo a process of rebranding to reflect their new status.

Together with its subsidiaries and affiliates, BEIGE is currently providing direct employment to over 4,000 people and serving a clientele base that could soon reach One Million (1,000,000).

Kofi Otutu Adu Labi, Board Chairman, The BEIGE Bank said: “We have come this far through the hard work and dedication of our staff and the loyalty of our customers. We are emboldened to help our customers to grow with us, from small beginnings.”

“We are a home grown bank determined to make a difference in financial intermediation in Ghana. We invite you to come along with us as partners,” he added.

Dr. Mrs Eugenia Danquah Quist, Coordinator, 1959 Year Group – Wesley Girls High School, said she had enjoyed excellent customer service from BEIGE Capital Savings and Loans now The BEIGE Bank for the past five years.

Source: GNA