Societe Generale (SG) Ghana has said it will leverage modern technology based solutions to drive financial inclusion and grow the bank’s market share from the present five per cent to 7.5 per cent in the country by 2022.
Already, the bank has deployed cutting-edge technology to support its product and service offerings to increase its present 200,000 clients under its core market segment to become one of the leading banks in the industry.
At a ceremony to celebrate a successful recapitalisation on February 1 in Accra, the Managing Director (MD) of the bank, Mr Hakim Ouzzani, stated: “Our present strategy is to grow our market share to at least 7.5 per cent by 2022 and become one of the major actors in the country’s banking industry.”
The impact of recapitalisation
The bank, before the 2018 recapitalisation deadline, increased its capital from GH¢138.3 million to GH¢404.2 million.
It was made possible after shareholders of the bank authorised the board of the bank to increase its stated capital by transfering GH¢97 million from income surplus to stated capital.
According to him, management of the bank expects the new capitalisation to position it to take advantage of the huge opportunities in the economy.
He said it would also enhance SG Ghana’s competitive edge and enable it to deal with new challenges.
“The new stated capital of the bank has also improved the single obligor limit of the bank, which has an impact on trade finance and fee income generation.
“With the present state of the industry, the development is to make the bank more efficient, especially at a time when the central bank has stopped granting waivers for single obligor limits,” he added.