[ 2016-11-20 ]

Ghana Post to venture into banking in 2017
Ghana Post Company Limited has decided to venture
into banking as part of its move to expand its
frontiers.

According to the Managing Director (MD) of the
company, Mr Eric Yao, the bank, which would be
established next year at all the branches of the
company would push the company’s agenda of
financial inclusion to the rural area.

Mr Yao was speaking at the 7th Annual General
Meeting (AGM) of the company in Accra last
Thursday and added that the setting up of the bank
“will push our agenda of financial inclusion to
the rural areas.”

It would also help in job creation in the rural
areas as it would boost business because the
company would provide financial assistance to the
beneficiary communities.

Other initiatives

Mr Yao further indicated that the company would
also enter into estate management by next month
and strengthen its other services.

“Before the close of this year, we will start a
project at Lashibi on a 46-acre land. We are
building a whole new community and that also would
help alleviate the pressure in terms of housing
deficit,” Mr Yao explained.

He further stated that the company planned to
leverage its lands and properties, as well as go
into e-commerce to boost its activities.

Mr Yao also said Ghana Post would soon be
launching its debit card which would enable
clients to purchase items irrespective of where
they were.

Challenges

The Chairman of the Board of Directors of the
company, Brig. Gen. Joseph Klobodu (retd) said
Ghana Post had in the past lost priority mail
services for recruitment into the security
services to the major banks in the country.

He disclosed that the Gender Ministry had also
taken the company off the list of service
providers who assisted with the LEAP payment,
thereby crippling the company financially.

In addition, he said, the company was threatened
by technology.

“The Internet and associated emails platforms
for transmitting information pose serious threats
to traditional mails worldwide. Plans by the Ghana
Post to take advantage of technology by
introducing e-commerce are far advanced,” he
said

Fundraising

Brig. Gen. Klobodu (retd) said the company faced
challenges in raising funds from the banks to
purchase vehicles and other operational inputs to
improve mail transmission and delivery.

He added that the instability in electricity
supply also adversely affected operations at the
counters and mail offices, as well as
administrative activities.

“This had negative implications. For financial
services for example, customers moved swiftly to
nearby banks, which had high capacity generators
to stem the tide,” he said.

Source - Graphiconline

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