Premium Bank has begun full commercial operations as the latest institution in the banking sector, with an expressed commitment to ensure financial inclusion.

Deputy a Managing Director of the bank, Jacqueline Benyah told Adom News they have 20 years experience in working with small to medium-scale enterprise (SME) sector and they will be deepening their commitment even further.

“We are happy that we can now do more for the SMEs as a bank – indeed we already allow our SME clients to repay loans via mobile money and we look forward to using the mobile money platform even more to facilitate financial inclusion,” she said.

Premium Bank metamorphosed from a non-banking financial institution called City Investments Company Limited, owned by the Vangaurd Group, after getting its banking license from the Bank of Ghana sometime second quarter of this year.

It has evolved into a bank after operating as Finance House with a focus on Small and Medium Enterprises in the last 20 years.

The Deputy Managing Director, Jacqueline Benyah said  “I think our customers triggered it more than us. They pushed us and we realized they were right because we could only do a portion of their business. For instance, we couldn’t assist them in any trade business, prepayments, transfers and even guarantees.

“Meanwhile, a lot of our customers trade in China, Vietnam and Nigeria yet all we could do was to give the funds and they go somewhere else to execute the other half of the transaction” she noted.

She also outlined how Premium Bank intends setting itself apart from the others in such a highly competitive industry, saying that customers will have different products available to them; they don’t need to go elsewhere. 

Jacqueline Benyah added that Premium Bank recognizes speed and convenience is critical and that is why they will be inculcating mobile money into their services to ensure ease and convenience.

“Sometimes the song is the same but the difference is the execution. Wait and see the execution because the proof of the pudding is in the eating” she added.

Some of Premium Bank’s exciting product and service offers include Jara; an innovative interest earning savings account that enables you to save and earn competitive interest on your deposits using your phone or Airtel Money.

Premium Bank also seeks to help improve upon its clients businesses through the ‘Help Station’; an online portal designed to help businessmen and businesswomen attain their specific goals.
Premium Bank’s entry into the banking sector brings the number of banks currently operating in the country to 33 including other new entrants such as Omni bank (Formerly Union Savings and Loans) and Sovereign bank.