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GN Bank

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GN Bank
TypePrivate ownership
IndustryPrivate banking,
National development banking,
Asset management,
Investment banking,
Financial services
Founded30 May 1997
HeadquartersAccra, Ghana
Key people
Papa Kwesi Nduom
Chairman
Issah Adam
MD[1]
ProductsPrivate banking,
National development banking,
Asset management,
Investment banking,
Investments,
Loans,
Savings,
Checking,
E-banking
RevenueIncrease
Total assetsUS$398 Million; 2015
GHS:1.8+ Billion; 2015
Number of employees
1,677
Websitewww.gnbankghana.com

GN Bank is an indigenous private Ghanaian owned commercial bank in Ghana.[2] GN Bank is one of the private commercial banks licensed to operate in Ghana.[2][3] GN Bank has over 260 locations across the 10 regions of Ghana.[2]


GN Savings and Loans Company Limited was originally incorporated as First National Savings and Loans (FNSL) Company Limited and licensed as a Savings and Loans Company on 8 May 2006. It was subsequently issued with a universal banking license by the Bank of Ghana on 4 September 2014 and was renamed GN Bank Limited.[4][5]

Services

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GN Bank offers mainstream banking services which include cash deposits and withdrawals, savings and loans and financial advice consultation (private banking, corporate banking, consumer banking, corporate products, lending products, special services, money transfer).[6] In 2014, GN Bank introduced a cash deposit service known as E-Banking.[7] The service allows GN Bank customers to deposit cash into their bank accounts at their convenience through their smartphones (mobile phones) via First SMS Alert banking (First Net Banking) and M-POS (Mobile Point Of Sales) Electronic Statement without physically being present in any bank branches of the GN Bank.[7]


In 2019 the bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, which included the GN Bank.[8]

A statement issued by the BoG on Friday, 16 August 2019 said the revocation of the licencss of the institutions had become necessary because they were insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.[8]

Restoration of License

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On May 21, 2026, the Court of Appeal unanimously reinstated the license of GN Savings and Loans Company Limited, which had been revoked during the 2018 banking sector clean-up. After a series of long battle with the courts to get license restored, the GN Bank finally had their license restored. The bank, through its owner Dr. Nduom, has always argued that the revocation of its license was unlawful, unthinkable, and witch-hunting. [9]

The President of Group Nduom, Dr Nana Kweku Nduom, has listed the next steps for the reopening of GN Bank following the restoration of its license after years of court battles. [9]

He indicated that they will hold several meetings with key stakeholders including; Bank of Ghana, Board members, customers and other parties. He said they are hoping to start operation before the end of the year 2026. [10]

According to the bank, 4,500 people lost their jobs due to the revocation of their license and closure of operation; these were both direct and indirect jobs that were linked to their operation. [11]

Board of directors

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Branches

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GN Bank is headquartered in Accra.[13] GN Bank as at June 2016 has Two -hundred-and-sixty (260) operational branches in all the ten regions of Ghana territorial entities: Ashanti (23 operational branches); Brong-Ahafo (44 operational branches); Central (31 operational branches); Eastern (30 operational branches); Greater Accra (38 operational branches); Volta (18 operational branches); Northern (29 operational branches); Upper East (18 operational branches); Upper West (14 operational branches) and Western (27 operational branches).[13]

Sponsorships

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GN Bank Division One League

On 30 December 2014, GN Bank became the headline sponsor of the GN Bank Division One League.[14] This sponsorship agreement between the GN Bank and the GFA is a three-year deal worth 1.2 million cedis to 2017.[14]

Awards

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  • In October, 2015 GN Bank wins Fastest growing Bank in Ghana at the 2015 Association of Ghana Industries Awards.[15]

See also

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References

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  1. ^ "GN Bank Board". gnbankghana.com.
  2. ^ a b c "About GN Bank". GN bank.
  3. ^ "List of Licensed Commercial Banks In Ghana". Bank of Ghana. 14 May 2024.
  4. ^ webmanager (19 August 2019). "Detailed Reasons Behind BoG's Closure of GN Savings, Others Revealed". Business World Ghana. Retrieved 17 August 2023.
  5. ^ "MyJoyOnline – Ghana News | Ghana's most comprehensive website. Independent, Fearless and Credible journalism". MyJoyOnline. Retrieved 17 August 2023.
  6. ^ "GN Bank Product Types". GN bank Ghana.
  7. ^ a b "GN Bank E-Banking". GN bank Ghana.
  8. ^ a b webmanager (19 August 2019). "Detailed Reasons Behind BoG's Closure of GN Savings, Others Revealed". Business World Ghana. Retrieved 17 August 2023.
  9. ^ a b Djabanor, Fred Tettey (21 May 2026). "Court of Appeal restores licence of GN Savings and Loans". Retrieved 26 May 2026.
  10. ^ "GN Savings and Loans to resume operations before end of 2026 — Dr Nduom". 25 May 2026. Retrieved 26 May 2026.
  11. ^ "GN Savings licence revocation led to 4,500 job losses — Kweku Nduom". 25 May 2026. Retrieved 26 May 2026.
  12. ^ "GN Bank Board". GN bank Ghana.
  13. ^ a b "GN Bank Branches". GN bank Ghana.
  14. ^ a b "Confirmed: GN Bank now official sponsor of Division One League". MyJoyOnline. 18 February 2015.
  15. ^ Simon Ahensah (11 October 2015). "GN Bank wins award". GN bank Ghana.
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