Ghana – the Banking Divide

In Accra, loan officer Gaeten Dery goes to clients where they work, making it more convenient and cost effective for them to make payments.

As my company, Ornico, joins other South African brands in expanding into other countries in Africa, there are some interesting things we are discovering. Take Ghana: only 5% of the populace is served by the formal banking system. The rest use microfinancing companies or the informal ‘susu’ system.

The entry of Nigerian banks into the country has caused a stir in the traditionally conservative banking system, and this has resulted in a shake-up that gives customers more options. There’s an interesting analysis of the process in this article at the African Business magazine website.