Afede & Others Make NIB Profitable Again!

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Pays Dividends After Eight-Year Absence

By Gifty Arthur

The Board Chairman of the National Investment Bank (NIB), Togbui Afede XIV, has said that, the bank has for the first time in eight years, paid dividends to its shareholders as a result of some impressive gains made by the almost dead bank in the last three years.

He has as a result, encouraged customers of the bank to continue to patronize the services and products of the bank assuring them, it won’t disappoint them, and all it stakeholders.

“The domestic economy continues to experience fiscal pressure resulting from unreliable energy supply and it attendant high cost of production, limited job opportunities for graduates, heightened inflationary expectations, significant decline in net current transfer receipts and remittances among others. [But] for the first time in over eight years, our stakeholders were paid dividends this year. This is only a manifestation that, your bank is on a trajectory of growth”.

NIB, he maintained, is transforming itself to remain very relevant in the sector, considering the stiff competition from the sector.

According to him, though the NIB, continues to experience strong competition from its competitors, especially in the areas of deposit mobilization and branch expansion, it is on course to deliver to its clients. Competition, he noted, has been embraced by the bank as it has brought about “innovation”.

“The banking sector in Ghana, continues to experience stiff competition, especially in the areas of deposit mobilization and branch expansion. I am happy to report that, NIB is transforming itself to meet the competition head on”.

The paramount chief of the Asogli State in the Volta Region, was speaking at the climax of the bank’s annual Customer Appreciation Week programme last Thursday in Accra. The annual get-to-gather cocktail programme, brought various stakeholders, including clients, Board Members, and officials of the bank at one place to celebrate, as the year inches closer.

He noted that, the Board, which he heads has supported management to put in place a three-year Strategic Plan under the theme “Accelerated Growth”.

It is aimed at helping the bank stay ahead of competition, adding that some of the objectives of the plans includes: to increase Market Share, to improve service quality to increase significantly customer loyalty and provide the best possible service quality to customers across the entire banking operations to enhance turnaround time.

“Our desire is to serve you better hence we spend quite some resources in training our staff so that they can serve you better,” he explained to the gathering.

Others he mentioned were that, the bank is seeking “to provide a robust technology platform that is convenient and reliable” and also decision “to increase the current limited ATM network to cover the entire branches, as well as selected off sites”. The Board, since its inception, has added nine branches, moving the number from 28 to 37 presently.

He was hopeful that in the coming year, the bank will become “a first class bank”.

Managing Director (MD) of the bank, Ernest Mawuli Agbesi, said the bank, this year embarked on massive branch expansion opening branches in Ashaiman, Asokwa, Parliament House, Law Courts Complex, East Legon, Agona Swedru and Hohoe.

Three other branches, will be opened before the end of the year. For customer satisfaction, the bank, has opened three “Excel lounges”, two in Accra, one in Kumasi with some more expected in Tema, and other areas.

Mr. Agbesi, said NIB has over the period, rolled out a number of products, especially within the Small and Medium Enterprises (SME) to address the needs of customers, adding, “we view your relationship as a partnership; your requirements are an inspiration to always reach higher and perform better. The bank appreciates your long standing relationship with us and the referrals”, he concluded.

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