Sahel-Sahara Bank shifts focus on trade finance
Sahel-Sahara Bank, also known as BSIC Ghana Ltd, hopes to at least double its performance in trade finance this year.
The bank plans to spend as much as GHc200million on trade finance this year.
In the last quarter of 2014, the bank realigned its business model with focus on trade finance and this has resulted in an impressive performance of the bank.
Deputy Managing Director of the Bank Dr Kojo Aboagye-Debrah,told The Finder that in the last quarter of 2014, the bank issued Letters of Credit and Guarantees totalling GHc84million, an increase of 291%.
It comprises GHc51.6 million Letters of Credit and GHc32.3 million for guarantees.
He noted that the Letters of Credit and Guarantees were mostly for Bulk Oil Distributors (BDCs), Cocoa sector and steal companies that export to West African countries.
In addition, he said the bank also provided Letters of Credit and Guarantees for distributors of products.
Dr Aboagye-Debrah said since BSIC has presence in 14 African countries, the cost of Letters of Credit and Guarantees is cheaper compared to dealing with other banks.
He explained that customers only need to open an account with any BSIC branch in the country where the business transaction would take place.
According to him, this makes it easy for customers to have real time access to their funds.
Sahel – Sahara Bank is a wholly Incorporated Company under the laws of Ghana.
The Bank currently has 16 branches in six regions in Ghana.
Sahel – Sahara Bank is a member of the BSIC Group owned by the CEN-SAD Community made up of 26 countries within the Sahel – Sahara Region of Africa.
The group has a stated capital of 500 million Euros.
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