BEIGE Capital has held its Annual General Meeting (AGM) with the bank’s shareholders. As at the end of the year BEIGE Capital still maintained its leadership position within the industry. The CEO and management were commended by shareholders, for a promising performance as compared to the previous year.
In spite of the generally low deposit receipts throughout the year, the bank ended the year with Total Assets of GHS540m; a 29% growth from GHS297m in 2013. Total Liabilities also rose to GHS440m from GHs250m in the previous year. Customer accounts closed in excess of 150,000customers from the previous year’s position of 96,000customers, representing an annual growth of 56 percent. Auditors of the bank commended BEIGE Capital for good results and also advised management to fast-track their process of compliance with IFRS.
Chief Executive Officer (CEO) of BEIGE Capital, Mr. Mike Nyinaku, expressed gratitude to the board, management and staff, for their resilience and loyalty which has brought the bank such achievements. He added that “due to the continuous devaluation of the cedi in 2014, the banking industry generally experienced an increased volume of withdrawals as customers sought to hold deposits in US Dollars instead of the local currency.
This notwithstanding, BEIGE Capital was able to retain most of its high profile corporate deposit clients and also attract a good number of high net worth individual clients. Throughout the year our most important feat, for me, was the fact that we met all our deposit redemption commitments as and when they fell due; thus, inducing a great deal of confidence in our clients about the safety of the investments they continue to hold with us”.
Responding to questions as to whether BEIGE Capital was considering a universal banking license, Mr. Nyinaku said, “our Board has not ruled that out yet, but we would like to perfect our processes and systems before we transition into that stage of business. He further gave insight about the status of the Brand Equity Project which the bank launched in 2013. He assured members that BEIGE Capital was on track to meet its target for Project BE, as is popularly known amongst staff.
Mr. Nyinaku also made known, at the meeting, some other projects the bank was embarking upon as it continues to consolidate its position within the industry. He shared information about the new Data Centre for BEIGE Capital and The BEIGE Talent program.
The New Data Centre is expected to enhance the operational efficiency of the bank to compete more effectively. This facility will house a set of modern technology and software to support the bank’s IT Infrastructure and become the backbone of the bank’s operations. According to Mr. Nyinaku, with the growth of mobile computing and internet services, customers are becoming increasingly technology savvy and looking for improved and expanded service options. So this Data Centre has come in handy as the bank plans to compete in the e-banking band wagon. In addition to this, BEIGE Capital has also procured a new software to enhance the quality of service
to its customers.
Speaking about The BEIGE Talent program he explained that, the program is part of a medium term strategy to attract, groom and retain quality talent. The BEIGE Talent program is being managed in collaboration with BEIGE Academy, the learning and development subsidiary of The BEIGE Group. “Beyond 2017, about 80 percent of our key talent would be products of our Academy” he added.
Mr. Nyinaku was happy to note that BEIGE Capital had fulfilled all of the recommendations proposed by The Central Bank, following the regulator’s previous examination of the bank’s operations. He further commented that “at this stage of our growth, we’ve gone through all the teething challenges of a bank in its growth stages and we have successfully hurdled through. We’re thus, more prepared to drive business growth and profitability for our shareholders and all other stakeholders in the coming years.”
Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. Currently the leading Savings and Loans Company in Ghana, BEIGE Capital has business offices in several parts of the country and employs about 700 people.