N E W S L E T T E R

TRB
N E W S L E T T E R
MAIDEN EDITION
www.theroyalbank.com.gh
TRBNewsletter
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TRBNewsletter
EDITORIAL
Just like a new life, we welcome the birth of the
“TRB Newsletter” with much joy, hope and high
expectations.
This maiden edition of the TRB Newsletter is
dedicated to our cherished Customers for their
invaluable contribution and support to the Bank
since its inception.
Through the TRB Newsletter, the Bank will
share information with all its stakeholders and
the public at large. The Newsletter will educate,
inform and share critical information on topics
in Banking and Finance, current affairs, health,
lifestyle and significant events of the Bank.
In a highly competitive industry like the Banking
sector in Ghana, it is imperative that the Bank
continuously stays close to its customers and
other stakeholders to understand their needs
better and together work to put a smile of
satisfaction on their faces.
ANNITA BEDZRA Editor
At The Royal Bank, we believe that a successful
blend of information sharing and an efficient
feedback system always helps to create an
atmosphere of integrity which also builds trust
This is why we believe that this platform will
serve as an authoritative source of information
on the Bank, its values, culture, and activities,
with focus on all our stakeholders and with our
customers at the center of it all.
JOSEPH BOATENG
Deputy Editor
MARIA ADAMU-ZIBO
Member
As we launch the maiden edition of the TRB
newsletter, we hope readers and stakeholders
would find it informative and send us feedback
to enrich its content.
Special congratulations to members of the TRB
Newsletter Committee for their tireless effort in
ensuring that this newsletter becomes a reality.
Special thanks to Executive Management of the
Bank for their support to this course.
Thank you.
HAYFORD DANSO
Member
MAVIS FREMPONG
Member
RICHARD AYIDZOE
Member
AKUA ADOMA OFORI
Member
YAYO ADENORTEY
Member
JUDE MATE
Member
CONTENT
4. 6. 8. 10. 12. 15. 17. 18. 19. 20. 22. 24. 26. 27. 29. 31. 33.
34. Corporate Profile
How it all started ‘The TRB Story’
Board Profile
Management Profile
Opening Day Pictures
Discipline and Integrity ‘The Key to a Successful Banking Career’
Excellent Customer Service. The Business Bait
Sustaining Effective
Communications
BAM Corporate Games Pictures
Building Customer Loyalty through Convenient Banking
Fraud in a Banking Environment
Attitudes of Successful
Entrepreneurs
Get on your Feet and Become a Healthier Banker
Food for Thought
Customer Chat
TRB Events and Pictures
Time with the Promoter
Money Matters Perspectives of Islam
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CORPORATE PROFILE
The Royal Bank Limited (TRB) is a wholly
owned Ghanaian Bank incorporated on
July 15, 2011. TRB started operations on
December 10, 2012 after it was issued
with a license by the Bank of Ghana to
undertake Universal Banking Services.
Vision
To be the Bank of Choice.
Mission
To provide an excellent, innovative and
world class banking experience.
Core Values
Professionalism
Respect
Integrity
Confidentiality
Commitment
Excellence
Transparency
Business Areas
The Business focus of The Royal Bank
includes:
Agro Processing
Oil, Energy, Mining
Construction
Telecommunications
Service and Hospitality
Commerce
Value Proposition
Consistent with its brand promise and
based on the understanding of clients, TRB
offers a total banking relationship centered
on providing customized services to meet
the financial needs of its clients. TRB’s
objective is to enhance the customer’s
ability to focus on their core activities.
Product offerings
Private Banking
Overdraft Facilities
Short, Medium and Long term loans
LCs and other International Trade Products
Bank Guarantees
Employee Schemes
Payroll Management
Investment
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Board of Directors
Dr. K.K. Sarpong
- Board Chairman
Robert Kow Bentil
- Managing Director/CEO
Alhaji Abdul Aziz Adamu-Iddrissu - Member
Naa Dei Dzani - Member
Daniel N.O. Sackey
- Member Lawrence Newton Adu-Mante
- Member
Faustell Asogba Cofie - Member
Ms. Annita Bedzra - Company Secretary
Management Team
Robert Kow Bentil - Managing Director / C.E.O
Charles Otoo - Deputy Managing Director
Maria Adamu-Zibo
- Special Asst. to the Board Chairman
Kofi Anokye Owusu-Darko - Head, Banking Operations
Ebenezer Kweku Aminarh- Head, Business Banking
Thompson Dwumah
- Head, Treasury
Evans Amartey
- Head, I.T.
David Okyere Nyarkoh
- Head, Finance & Strategy
Annita Bedzra
- Head, Legal & Company Sec.
Ben Danquah
- Head, Human Resources & Admin.
Kwame Annoh
- Head, Credit Admin. Monitoring & Recoveries
Henry Nii Yartey Annan
- Head, Audit & Inspection
Nuku Kwaku Attipoe
- Head, Risk Mgt & Compliance
Mavis Frempong
- Head, Marketing
Business Areas
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HOW IT ALL STARTED...
WHERE WE ARE ….
WHERE WE ARE GOING
Alhaji Iddrissu Adamu
Founder
“Poverty is not created by poor people. It is created by the system
we have built, the institutions we have designed, and the concepts
we have formulated.” Yunus Muhhamad.
THE DREAM:
A loan secured by a life policy, is a sign of credibility. Personal guarantees
given to secure loans of other businessmen and a tap relocated outside a
fenced wall to enable the community get water, is a sign of magnanimity.
Paying off a guaranteed loan, is a sign of integrity. A Bank to be set up
to influence the cost of borrowing (interest rates) for businesses to grow ,
create jobs and alleviate poverty, is a sign of wealth creation. This is the
hallmark of Alhaji Adamu Iddrissu the “dream maker” in setting up The
Royal Bank (TRB).
From a small scale swan timber business in the 1950’s, to a small scale
transport owner in the 1970’s then a cross-border haulage transporter of
goods, to an industrial property owner and to what is now “THE” Global
Haulage, Alhaji Adamu Iddrissu through the virtues of honesty, loyalty,
integrity and hard work has been transformational in his quest to add value
to humanity. For Alhaji, money should not be idle, it must create jobs, give
income to people to look after their families. People should not live on the
interest from money by investing in financial instruments or products but
money should be used to create opportunities, wealth and alleviate poverty.
This is the mental model of Alhaji Iddrissu Adamu. Will TRB actualise this
dream? Time will definitely tell.
THERE ARE TWO KINDS OF ENTREPRENEURS:
I. The first level entrepreneur who sees the need to make money and
therefore, sets up a business to produce goods and services.
II. The second level entrepreneur who sees the need for a product or
service in the society and therefore, sets up a business to achieve that
need, thereby making money out of satisfying the need.
For the former entrepreneur, he will do just anything to make money. He
would stop producing the product or service once the envisaged return on
investment is not being met or there are alternate investment avenues to
make more money. The latter entrepreneur, has money making more as a
by-product than an objective, has some societal need as an objective and
will carry on in difficult times as long as there is benefit for the society. Alhaji
Adamu Iddrissu, an entrepreneur par excellence, no doubt belongs to the
latter group and with this bedrock TRB is geared to transcend generations.
The Translators. The dream to setup a Bank was conceived over ten
years ago but it had to be carefully interpreted to make sure that dream
will be “built to Last”. Like they say too much “analysis leads to paralysis”
so work must begin. Here comes the promoters, the technocrats with all
the cognitive intelligence, to form the Board, the highest decision making
body and the Executive Management, that is to actualise the dream. Of
course when technocrats come together we get round table meetings,
workshops, brainstorming with ink and paper being by-products. Financial
and strategic analysis were put on paper, conflict of ideas and thoughts
ironed out, various drafts and versions of the analysis produced, and finally
a 200 page feasibility plan document was bound for presentation to the
Bank of Ghana for a provisional license.
A Do-It-Yourself (DIY) approach was put in motion by the interpreters.
The Bank must be owned by Ghanaians, setup by Ghanaians and run by
Ghanaians. Very indigenous in nature.
The Seed. Such a noble dream and nicely bound document needs
funding and by regulation GHS60 million must be made available to make
the document alive and effective. Where will this come from? Well if you
decide to dream it is only fair to fund it to make it an effective dream so the
technocrats will actualise the dream.
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A symbiotic relationship. This is where ‘THE GLOBAL HAULAGE’,
a family business, comes into the picture. “THE” because it is a fact of
life that without Global Haulage, TRB could not have been borne despite
the dream and the 200 page document. Why Global Haulage? This is the
business that the dream maker had created and needed to let go a portion
to the family to fund the dream. If it is about making money Global Haulage
can make the money and there is no point letting go good money to make
a dream come through. A future that is not certain. The dream to support
people to borrow at low cost however superseded the good money that
was being lost by selling off industrial properties of Global Haulage to fund
the dream. The course is a noble one. We need to leave the world a better
place than we found it and money should not be the stumbling block if we
can find it. A huge industrial facility owned by Global Haulage had to be sold
and a capital of GHS100 million was made available by the family to the
technocrats to actualise the dream. The regulatory capital by the Central
Bank was GHS60 million, and raising GHS100 million was a commitment
to influencing positively the way banking is done in Ghana.
The Architects. A set of Ghanaian experts in various facets of Banking
(Legal, Operations, Information Technology, Treasury, Risk & Compliance,
Finance, Marketing, Human Resource, Audit & Inspection, Business
Banking and Credit) had to be sourced. Then comes the various Heads of
Department and a few core support staff, carefully selected to execute the
dream that had been so well translated. A mix of the Ghanaian “Nigerian”
trained American style brash bankers with the “end justifies the means”
attitude and the traditional Ghanaian British style conservative bankers
having the “end is as good as the means” attitude. The initial task of this
team is, to put in place policies, manuals, business plans and install a state
of the art information technology system to meet all regulatory conditions for
a final Banking license from the Bank of Ghana. The shop floor is opened
and like the floor of a stock exchange work begins. First, the experts are
people from different cultures, systems and have their own ideologies,
preferences and ways of behaviour. As human beings, they needed to “jell”
before they could synchronise their thoughts to put together the TRB way
of doing things. This is an uphill task. Fortunately, the self-motivation was
high and funny enough all the experts seem to have the same “yes we can”
mental model. The catch phrase was “We are Setting Up a Bank”. In no
time, the group had become a team performing and firing on all cylinders.
Of course, there was no time for dysfunctional conflict because deadlines
had to be met. People had resigned from their jobs so there was no going
back. TRB has to work and it never crossed anybody’s mind that “what
if the license is not given ?” The Nigerian bred aggressive bankers had
to learn to slow down and know that they are dealing with human beings
whilst the “slowly but surely” Ghanaian bred conservative bankers had to
learn that there are no excuses for not meeting targets, just get it done.
start another schooling again? Isn’t banking about earning money and
improving one’s lifestyle? What “wahala” is this? Some were getting cold
feet. Gradually, the haze and maze got demystified and interesting. The
soldiers were ready for the battle and on opening the first branch (Castle
Road), all the tellers, customer service and back office staff were in full
flight as the seasoned bankers they aspire to become. It was a delight to
watch the doors of the Bank finally opened to the dream.
The Journey So Far
The significant milestones in executing The Royal Bank dream are:
Set- Up
1. Date of Incorporation:
July 15, 2011
2. Certificate to Commence Business:
March 22, 2012
3. Provisional License by Bank of Ghana:
February 27, 2012
4. Final License to Operate as a “Class 1” Universal Bank: October 30,
2012
Branch Network as at Feb, 2014 and their opening dates
1.
Castle Road, No. 001 20th February Road, Christiansborg, Osu,
near Accra Sports Stadium, Accra. December 10, 2012
2. Tema Community 2 Tema. March 18, 2013
3.
Accra Central. No. D854/3 Asafoatse Nettey Road. Accra. June
25, 2013
4. Arena. No. 34 & 35 South Derby Avenue, near The Children’s
Hospital (Princess Marie Louise Hospital), Accra. July 02, 2013
5. Graphic Road. No. 80 Ring Road South Industrial Area Extension,
near Regent University, Accra. July 02, 2013
6. Achimota. ABC Junction, Achimota. Accra. October 07, 2013
7. Spintex. Accra. October 07, 2013
For about six months it was all work and fun. Each individual’s strength was
immediately known and put to use. Those conceptualising, those putting
it together, those typing, those proof reading. It was during these times
that together with the interpreters, the vision, mission, slogan, values were
crafted.
The output was all operating manuals, policies, vouchers, tariffs guide
and a working strategic plan not forgetting the all-important “Customer
Relationship Form” aka “Account Opening Form” . For TRB the accounts
are not being just opened but relationships being built so there was the
need to collect as much data from the customer to be able to serve them
better so the name had to reflect the intent. Yes, the terms and conditions.
The team decided that every customer had to be given a copy of the
terms and conditions for their permanent records and reference so there
was no room for mistakes. This is where “Pocket Lawyers” and “English
Professors” came in till a final review was made by the real lawyer and
English expert. It is worth noting that giving customers their copy of the
Bank’s terms and conditions is a novelty in the Ghanaian banking industry.
The Customer Relationship Form which also incorporated the terms and
conditions again had over 20 reviews due to grammar, commas, full stops
being misplaced. The patience of the printer cannot go without mention
since he was virtually sleeping at the Bank. The printer had bitten more
than he could chew with some too known ‘abrofosem’ people from OdadeƐ,
Gehe, Holyco, Motown, Kwabotwe and Santaclausions. Even those who
were not fortunate to attend those schools but were the cream of the
schools they attended had descended from ‘Babylon’ with the Queen’s
English. The first set of printed forms had to be discarded at the printers
cost because a ‘full stop’ was omitted and spotted by some ‘primpro Wey
Gey Hey’ eye. The printer had by then joined the ‘We’re Setting Up a
Bank’ catchphrase so money was no more the focus. That was the level of
perfection and commitment that was demanded.
The task of putting things together was successfully accomplished and the
final license by the Bank of Ghana granted. Indeed, Boys and Girls “abrƐ”
but ‘yente gyae’
The Builders. Here comes the ‘green horns’ with near to no banking
experience. Those coming to use the manuals and policies. Knowledge
transfer had to be quick. The TRB banking school was set in motion with
the “architects” turning into “professors” and imparting knowledge and
experience to the fresh sharp brains. Each policy and manual had to be
dissected page by page with role plays simulating real life situations. This
was another fun period. Learning was taking place. There was so much to
accomplish and it seemed like doing a 4 year course in 6 months. Should
we have just joined the Post Office? Did we just come out of school to
8. Maamobi. House No. C 604/13, Maamobi Highway, near Maamobi
Market, Accra. October 14 , 2013
9. North Industrial Area. Parcel No. B54918, Dadeban Road,
North Kaneshie, former Imexco Building, near GRA Office, Accra.
October 14 , 2013
10. Sefwi Asawinso. Sefwi Asawinso High Street,
next to Asawinso Community Centre, Sefwi Asawinso. October 23,
2013
11. Ashtown. Plot No. 1, 60 Ashtown Main Street, opposite Mr. Six
Photo Studio, Kumasi. October 23, 2013
12. Head Office: Adamafio Crescent, No. 5 Centenary Close, South
Legon (Near The Gulf House)
13. Adum Branch. H/No. OTB B.387 Adum Kumasi
A Bank owned by Ghanaians, setup by Ghanaians and being run by
Ghanaians.
YES WE DID IT. Where Are We Heading?
This is the million dollar question. In about 20 years, how do we know
we have arrived? Is it Alhaji’s dream destination of being either the lowest
interest rate lending financial institution or amongst the lowest? or the
success is to be measured by the opportunity cost of the family’s huge
Global Haulage industrial property that was sold off. If TRB is not making
industry type profits but creating wealth and developing businesses and
being the Bank of Choice, will that be the destination? The Bank’s vision is
“To be the Bank of Choice” and nothing short of that is acceptable. In the
short term, TRB being part of a regulated banking system which has its
own way of calculating cost of funds and base rate will do its best to be rate
competitive. TRB will gradually in the medium term be a household name
in Ghana, supporting the manufacturing sector which will also be creating
jobs. The zeal to achieve this is demonstrated in the opening of 11 branches
in 11 months and ended the year 2013 with 13 branches just to mobilise
more rate insensitive deposits to reduce the cost of funds and eventually
the base rate. TRB will not rest until all stakeholders are satisfied; being
employer of choice for bank staff, being socially responsible as a corporate
citizen, supporting businesses to expand to create employment to support
the ordinary Ghanaian and creating decent returns for shareholders.
Once that is achieved, who knows the TRB dream and stakeholder
evaluation model will transcend the shores of Ghana, Inshah Allah.
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CHAIRMAN’S MESSAGE
On November 29, 2012, The Royal Bank Limited formally received a Class 1
Banking License from the Bank of Ghana. By this, The Royal Bank became the
26th Bank in Ghana, entering an industry which is highly competitive and one
where, customers are fiercely scrambled for.
After a year of its operations, I am glad to state that The Royal Bank is well
positioned and poised to distinguish itself notwithstanding the competition. This it
has achieved by leveraging on its capital base which is almost double the minimum
capital required by the Bank of Ghana. By adopting the belief of the vision of
the Bank in a radical approach to pricing of financial products, TRB is poised to
changed the face of banking in Ghana. In driving excellence and efficient service
delivery our guiding principles will be honesty, passion and integrity.
The Bank has ventured into all sectors of the economy and is delivering banking
with a difference to all its customers.
The Royal Bank has very competent staff, guided by an equally competent Board
in its quest to ensure good governance, healthy competition and efficiency.
THE BOARD OF DIRECTORS
CHAIRMAN OF THE BOARD OF DIRECTORS
Dr. K.K. Sarpong
Dr. Sarpong was until August 2013 the Executive Chairman for Kumasi Asante Kotoko Sporting Club
Limited, a position he had held since July 2010. He was until July 31, 2012 the Executive Chairman
of Finatec Limited a consortium of Chartered Accountants, Lawyers and Investment Experts. He had
previously worked as the Deputy Managing Director and subsequently as the Managing Director of
Tema Oil Refinery Limited from September 2003 to August 2009. Dr. Sarpong garnered his International
working experience with International Cocoa Organization as the Head of Administration and Financial
Services Division from January 1999 to 2003. At the Ghana Cocoa Board Dr. Sarpong worked as Deputy
Chief Executive (Finance and Administration) from 1994 to December 1998. He worked with Produce
Buying Company Limited as the Deputy Managing Director (Finance and Administration) from July 1990
to August 1994. At Ghana Food Distribution Corporation, Dr. Sarpong worked in various capacities as
Deputy Chief Accountant, Accountant and General Manager (Finance and Administration). Dr. Sarpong
has also served in Non-Executive and Advisory Positions in different organizations including serving on
the boards of reputable Ghanaian banks including Ghana Commercial Bank and Merchant Bank from
1996 to 2010.
Dr. K.K. Sarpong holds a PhD in Industrial and Business Studies from the University of Warwick, M.Acc
in International Accounting and Finance from the University of Glasgow. Dr. Sarpong also holds an MBA
in Accounting and B.Sc (Administration) Accounting Option from University of Ghana Legon.
MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER
Mr. Robert Kow Bentil
Mr. Robert Kow Bentil was until August 2012 the Managing Director of the Sahel-Sahara Bank (BSIC) Ghana
Limited a position he held since May 9, 2009 after having served as the Deputy Managing Director. He had
previously worked at CAL Bank Limited from 1994 to March 2008. At CAL Bank, Mr. Bentil worked in various
capacities as Director, Retail & Business Banking, Director, Corporate and Institutional Banking and with
CAL Merchant Bank Limited as Director Relationship Banking Department to mention a few. Mr. Bentil had
prior to CAL Bank, worked with the Social Security Bank Limited.
He holds a Master of Business Administration degree in Finance from the University of Ghana Legon and
Bachelor of Arts (Hons.), Dip. Ed. from the University of Cape Coast.
Director ALHAJI ABDUL AZIZ ADAMU IDDRISU
Alhaji Abdul Aziz Adamu Iddrisu is the Managing Director of Global Haulage Limited, one of the biggest
Haulage Companies in Ghana. This position he has held since October 2007. Prior to this current position
worked as Corporate Director, Operations Director and Transport Manager with Global Haulage from 1992
to 2007.
Alhaji Adamu Iddrisu holds BSc. Administration (Banking and Finance) from the University of Ghana Legon
and the University of Central England – West Midlands and a Niveau Baccalaureat from the College de
L’Union – Cotonou (Benin).
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Director – Ms. NaaDei Dzani
Ms. NaaDei Dzani has worked in various capacities, as a General Legal Practitioner with
Sentinel Law from February 2012 to date and as Associate Attorney from February 2010
to 2012 with Law Trust Company Accra. Ms. Dzani worked as General Legal Practitioner,
Bentsi-Enchill, Letsa and Mante Law offices. She also worked with the Bank of America,
AMT Direct and with Thomson West as Law Student Representative in the United States
of America (USA). Ms. Dzani was also a legal Intern at Sixty Plus, Gary M. Coates,
Community Law Center and Onyirimba and Associates in the USA.
Ms. Dzani holds a Juris Doctorate from Thomas M. Cooley Law School USA and BAInternational Studies with Business Emphasis. She is a member of the North Carolina
State Bar, John S. Leary Bar Association, Mecklenburg County Bar, North Carolina Bar
Association, the American Bar Association and the Ghana Bar Association.
Director – Mr. Lawrence Adu-Mante
Mr. Lawrence Newton Adu-Mante is a Banker with over thirty seven (37) years experience.
He worked in various Executive Management positions with the Ghana Commercial Bank
Limited (GCB) including the position of Managing Director.
Mr. Adu-Mante holds a Bachelor of Science (B.Sc.) Degree in Economics from the
University of Ghana and a Master of Business Administration (MBA) with specialization
in Finance and Strategic Management from the Cardiff Business School, University of
Wales. He is also a Fellow of the Chartered Institute of Bankers (FCIB) Ghana.
Director - Mr. D.N.O Sackey
Mr. D.N.O Sackey is the Deputy Managing Director (Finance and Administration) at
Transroyal Ghana Limited a position he has held since 1998 to date. Between 1980 and
1998 Mr. Sackey worked in several accountancy and finance related positions in both the
private and non-profit sectors notably the Seventh-day Adventist Church where he served
as Accountant of the West African Headquarters and Treasurer/Business Manager of the
Advent Press.
Mr. Sackey serves on the Board of Step Publishers as Honorary Treasurer and on the
Governing Council of Data Link Institute [Tema]. He is also a director of Royal Commodities
Ltd.
Mr. Sackey is a Fellow of the Association of Chartered Certified Accountants [FCCA], a
member of the Institute of Chartered Accountants - Ghana [CA - Gh]. He also holds the
following qualifications:- ACCA Professional Diploma in International Financial Reporting
[DipIFR], BSc [Admin] from the University of Ghana and MSc [Financial Management]
from the University of London.
Director – Mr. Faustell Asogba Cofie
Mr.Faustell Kwashie Asogba Cofie is the Managing Legal Consultant with Bethel Law
Offices. He had previously practiced from the Law Firm of JLD Consult and is currently
the Company Secretary and Legal Advisor to the Manet Group of Companies and also
the Company Secretary to Transroyal Ghana Limited. Mr. Asogba Cofie holds a Bachelor
of Law (LLB) degree from the University of Ghana and is a member of the Ghana Bar
Association with good standing for fifteen (15) years. He is a Reverend Minister with the
Revival Flames Evangelistic Missions.
Head Legal and Company Secretary - Ms. Annita Bedzra
Ms. Annita Bedzra was until May 2012 a Legal Manager at Fidelity Bank Ghana Limited.
She had worked in various capacities, as Acting Head of Legal and Company Secretary
with Fidelity Bank Ghana Limited, Company Secretary, Fidelity Securities Limited and,
Legal and Credit Risk Officer with the United Bank for Africa. Ms. Bedzra also worked with
the Audit Service of Ghana as an Assistant Director and as a Private Legal Practitioner
with General Law Consult, as Head of Litigation. Ms. Bedzra holds an LLB and BL
qualifications and is a member of the Ghana Bar Association.
TRBNewsletter
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Management
Mr. Robert Kow Bentil
Managing Director/
Chief Executive Officer
Mrs. Maria Adamu Zibo
Special Assistant to the Chairman
Mr. Evans Amartey
Head, Information Technology
Mr. Kwame Annoh
Head, Credit Admin. Monitoring &
Recoveries
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Mr. Kofi Anokye Owusu-Darko
Head, Banking Operations
Mr. Charles Otoo
Deputy Managing Director
Mr. Ebenezer Kweku Aminarh
Head, Business Banking
Mr. Thompson Dwumah
Head, Treasury
Mr. Ben Danquah
Mr. David Okyere Nyarkoh
Ms. Annita Bedzra
Head, Finance & Strategy Head, Legal and Company Secretary Head, Human Resource & Admin
Mr. Henry Nii Yartey Annan
Head, Audit & Inspection
Mr. Nuku Kwaku Attipoe
Head, Risk Managment
and Compliance
Mrs. Mavis Frempong
Head, Marketing
Mr. Robert Kow Bentil
Managing Director Chief Executive Officer
Mr. Robert Kow Bentil was until August 2012 the Managing Director of the
Sahel-Sahara Bank (BSIC Ghana Limited) a position he has held since May
9, 2009 prior to serving as the Deputy Managing Director. He had previously
worked at CAL Bank Limited from 1994 to March 2008. At CAL Bank, Mr. Bentil
worked in various capacities as Director, Retail & Business Banking, Director,
Corporate and Institutional Banking and with CAL Merchant Bank Limited as
Director Relationship Banking Department to mention a few. Mr. Bentil had
prior to CAL Bank, worked with the Social Security Bank Limited. He holds
a Master of Business Administration degree in Finance from the University
of Ghana Legon and Bachelor of Arts (Hons.), Dip. Ed. from the University of
Cape Coast.
Mr. Charles Otoo
Deputy Managing Director
Mr. Charles Otoo was until May 2012 the General Manager of First National
Savings and Loans Limited. He had previously worked with several Banks and
in various capacities namely the HFC Bank as a General Manager, SG-SSB
Bank Limited as Head, Risk Management. He also worked with Merchant
Bank (Ghana) Limited as Head of Corporate Banking and Regional Manager
successively, and with Barclays Bank (Ghana) Limited as an Inspector. Mr.
Otoo holds an MBA degree in Strategic Management and is a fellow of the
Chartered Institutes of Bankers (Ghana) and (UK) and of the Professional
Financial Managers (UK).
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Opening Day
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Opening Day
Opening of The Bank & Castle Road Branch December 10, 2012
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DISCIPLINE AND INTEGRITY THE KEY
TO A SUCCESSFUL BANKING CAREER
I have been dabbling with writing this article on
‘Discipline’ for over a month now and today is the
deadline I gave myself. Ordinarily I am not a last
minute person but I was wondering if I should write
this at all. Hmmmm!!! I was thinking if someone
works in a Bank and refuses to be DISCIPLINED
then it is the person’s own headache abi? How
can you exist in life and be INDISCIPLINED whilst
working in a Bank? Unfortunately, that person does
not work in isolation therefore his choices will impact
negatively on some innocent people as work is
inter-related. I also realised it will be indiscipline on
my part not to meet the deadline so I have decided
to Walk-the-Talk. I decided to add “INTEGRITY”
because these are two traits that in my opinion you
either have or you don’t (100% or 0%) which is key to
a career of TRUST.
Again I am tempted not to define or explain what it
means to be Disciplined or have Integrity, because
the funny thing is if you don’t know what they mean
then your score is 0% and therefore what is the point
in explaining it? To me it’s a way of life. Well it is an
article so I may need to do that so at least someone
can immediately be disciplined and develop integrity
after reading it. A joke Innit? My consolation in
writing this is because as an organisation the
foolhardiness of being indiscipline in a Banking
career must be known leaving the choice to each
one of us to make.
I would still not attempt to give an academic
definition but would quote Jim Rohn who says
“Discipline is the bridge between goals and
accomplishment”.
Q3. Not exercising as advised by doctor.
A3. Weight gain and related ailments leading to
death.
Q4. Malingering
A4. Not getting your work done leading to
unreliability , poor performance, and eventual
loss of job.
Q5. Continuous lateness to work.
A5. Loss of productivity leading to overall group non
performance.
Q6. Not keeping to an agreed schedule.
A6. Not meeting departmental goals leading to cost
overruns, lower income targets and eventually little
or no bonus payment.
Q7. Not providing accurate, qualitative and
quantitative credit information as prescribed by
policy.
A7. Loan loss leading to loss of income and
eventually little or no profit.
Q8. Breaching the confidentiality between the Bank
and Customer.
A8. Having a dissatisfied customer leading to loss of
business.
Q9. Demanding or accepting an inducement from a
borrower to deliberately mislead the Bank about the
true state of his business which is declining.
A9. Loan loss leading to loss of income and
eventually loss of job if found out.
Q10. Infringing on the credit policy of the Bank.
Now if this is so, then it means we cannot achieve
anything without discipline. It is a “sin qua non” to
success. I do not believe the future just happens.
The future is created and it takes discipline. The
good news is that going by Jim Rohn’s quote it
means we can build the “bridge of discipline” and
move from 0% to 100% debunking my earlier
assertion that if you are indisciplined nothing can be
done about you.
A10. Loan loss leading to loss of job if detected.
For Integrity, the best meaning I got from the Internet
is and I quote:
Q13. Not following laid down procedures.
“ It is an internal system of principles which guides
our behavior. The rewards are intrinsic. Integrity
is a choice rather than an obligation. Even though
influenced by upbringing and exposure, integrity
cannot be forced by outside sources. Integrity
conveys a sense of wholeness and strength. When
we are acting with integrity we do what is right - even
when no one is watching”.
Unlike discipline where I had to change my thinking
due to Jim Rohn’s definition, I still stand by my
opinion that with integrity, you either have it or you
don’t (0% or 100%). There cannot be a bridge to be
built.
If I am therefore to make an equation of the two for
the purpose of my opinion it would be:
Integrity (I) x Discipline (D) = Successful Future (SF).
If any of the above (I) or (D)is zero the result will be a
zero meaning a truncated Banking career leading to
a Failed Future (FF).
Q11. Arriving late for a meeting.
A11. Disruption of the meeting leading to late closure
and lack of input from you.
Q12. Not meeting deadlines.
A12. Negative impact on team performance
and delay in decision taking leading to missed
opportunities.
A13. Institutional failure leading to loss of job
Q14. Not following your superior’s lawful instruction
A14. Leads to lawlessness, disciplinary action and
possible loss of job.
WHAT IS LACK OF INTEGRITY?
Q1. Soliciting favours from customers before
carrying out a legitimate duty.
Q4. Not changing a negative opinion despite
“further and better particulars”.
A4. Wrong decision making leading to negative
impact on people’s lives or businesses.
Q5. Knowing later that you are wrong about
somebody or a decision but not apologising to the
person or rescinding your decision .
A5. Wrong decision making leading to negative
impact on people’s lives or businesses.
Q6. A teller not disclosing a cash difference.
A6. Difficulty in managing customer complaints
leading to reputation issues and eventual loss of job.
Q7. Telling lies and sticking to them.
A7. Possible negative impact on people’s lives and
eventual loss of job if found out.
Q8. Not keeping to promises made.
A8. Loss of credibility and eventual trust.
Banking is a career of TRUST and you will agree
with me that you will not survive with indiscipline
and lack of integrity. Discipline as we have learnt
is a “bridge” and externally influenced hence can
be built overtime. Integrity is therefore “blood”
and internally within us and cannot be externally
influenced. Why do I say so? It is easy to say “Kojo
is now disciplined” but difficult to say “Ama now has
integrity”.
If Anokye’s formula of D x I =SF holds true then it
means those who have just joined The Royal Bank
with 0% integrity will always be FF no matter how
disciplined they are. In the same vain those with
integrity but 0% discipline will end up as FF. We all
need both to be successful bankers.
If you find an overly wealthy Banker, it is highly likely
that the Anokye formula has been compromised
along the line and could lead to disgrace if found out.
How can you be wealthy with yearly salary increment
for sustenance, clothing allowance just to dress to
impress the customers, rent allowance to have a
place to lay your head whilst working for the Bank
and laced with occasional bonuses when you meet
your budget?
If you want to be very wealthy without discipline
and integrity try another profession. Banking to me
is a “Calling” for the conservative person and not
a fast lane “get rich quick” job because from my
observation Bankers lead comfortable, respectable
and quality lives but are not necessarily very wealthy
people. The fast lane people working in Banks
always truncate their careers.
A2. Loss of income leading to loss of job.
Finally, I say let us all with DISCIPLINE AND
INTEGRITY put our Human Capital together, fuse
it with the owners’ Equity Capital as stakeholders
to create a Bank we will be proud of. This will add
value to the Equity Capital whilst being given a very
comfortable life. Insha Alla. Somebody say AMEN.
Q3. Leaking of confidential information.
By Kofi Anokye Owusu-Darko. Head, Banking
A1. Affects sound judgment leading to compromising
the Bank’s policies and eventually profitability.
Possible loss of job if found out.
Q2. Conniving with customers to defraud the Bank.
A3. Exposing the Bank to legal suits and giving
competitors an advantage eventually leading to loss
of job.
Operations
Having tried to avoid making academic definitions
my aim for this article is to demonstrate what it
means NOT to be disciplined and/or lacking integrity.
I believe by so doing we can then understand what
it takes to be disciplined and be of integrity. Reverse
psychology they call it.
I hope this article like a ladies skirt will be short
enough to keep the interest but long enough to
have covered the details. Now here we go with the
questions (Q) and answers (A).
WHAT IS INDISCIPLINE?
Q1. Not taking your medication as prescribed by the
doctor.
A1. Deteriorating ill health leading to death.
Q2. Not studying for your exams.
A2. Failing your exams leading to not completing
your education/ School dropout.
TRBNewsletter
15
16 TRBNewsletter
Nana, a very good friend of mine narrated his experience with one real estate company.
Having heard so much about this company on various media platforms he decided to visit
and make some enquirers. Not only did he leave the premises disappointed, he also vowed
never to go back there or even advise anyone to do so. The look on the receptionist’s face
was similar to someone who had just woken from a bad dream, not to talk of her attitude
and unprofessional manner in which she answered his questions.
Customer service is the act of delivering or offering help or assistance to anybody who
needs it. It is usually the first point of call to any business and therefore plays a very
important role towards the success and growth of the business.
The world of business keeps evolving at a very fast pace and so everyday new technologies
and ways of doing business emerge. Today’s customer is sophisticated and has very little or
no time to waste on simple business transactions, moreover there are several competitors
out there who are more than willing to accept new clients and so customers see no reason
to waste time while a similar or even better service awaits them elsewhere. This has made
the market very competitive leaving goods and service providers no choice but to look for
new and innovative ways of satisfying customers in order to retain them.
Here is the painful truth: Customers do not
really care what the goods or service provider
is experiencing; all the customer wants is that
he is served well, and with speed or he turns to
the next available option for assistance.
Henry Ford of the Ford Company said, “It is not
the employer who pays the wages. Employers
only handle the money but it is the customer
who pays the wages”
Many companies have discovered the power or
importance of the customer and are going the
extra mile to increase their customer base.
Good customer service hangs on the hinges
of communication. Communication is the
exchange of information between two or
more people. There are two main ways of
communicating, verbal and non-verbal means
of communication.
VERBAL COMMUNICATION:
Here, there is an exchange of information
through spoken words. The customer
service officer (an employee) must be very
knowledgeable on the information he is
giving out in order to help the customer make
good choices. He must know the products
thoroughly. This helps in answering all the
questions on the customer’s mind. In case
of doubt, seeking help is very important. The
use of very polite words is also very important,
words and expressions such as ‘please how
may I help you?’ and ‘thank you’ may seem
simple or irrelevant but these words go a long
way in affecting a customer’s perception about
a company.
Every customer wants to leave a place
knowing that his concerns have been properly
addressed or taken seriously. This makes them
feel special or have some confidence in the
operations of the service provider.
EXCELLENT
CUSTOMER
SERVICE, THE
BUSINESS BAIT
NON-VERBAL COMMUNICATION:
This can also be referred to as the covert
response or the body language communication.
The face: It is believed that about 60% of
human communication is non-verbal, meaning
a lot more is said with the body than with the
lips. Every human being is unique and the face
is one identifier. A warm smile is infectious. It
is a welcome to anybody who looks at it. It is
similar to saying out loud “I am approachable
and you are very special to me, come have a
seat and lets have a chat”. Excellent customer
service requires a warm smile to anybody who
comes around irrespective of how they present
themselves.
The eye: The eye is the window to the soul.
Emotions, thoughts and volumes of words are
hidden in there. For this reason, eye contact is
very important. It is indicative that the other party
is really listening.
Warm Handshake: A handshake is a short ritual
in which two people grasp one of each other’s
hands in a form of greeting, agreement or an
act of closing a deal. Everybody wants to be
appreciated, and so do customers, hence after
a good business relationship, a warm handshake
is very appropriate. It tells the customer “I can
trust you” and “we are in business”.
2nd Chronicles 9:1-9 &12 tells a story about
good customer service.
This scripture tells a story of Queen Sheba and
King Solomon.
Queen Sheba had heard of King Solomon’s
fame and therefore traveled to experience it for
herself. Queen
Sheba, a customer in today’s
world hears of a company for the first time
and decides to go and have an experience for
herself. King Solomon, the customer service
officer, welcomes her and answers all her
questions satisfactorily. Queen Sheba takes a
good look at the place and noticed the setup,
the officials or employees working there, the
ambiance, their behaviour, and concluded it
was very impressive.
Queen Sheba, then expressed her satisfaction
to the King saying, all that she heard about
the palace was true but confessed, not half of
the grandeur and grace was told to her. The
Queen was so impressed and overwhelmed
with joy and rewarded the King with the gifts.
This is similar to a customer’s unflinching
loyalty and spreading the news to win more
customers.
News both pleasant and unpleasant spread
like wildfire. One is never sure who is
watching or the caliber of person who walks
in to the business circle. Appearance is
very deceptive. The next walk-in could be a
“QUEEN SHEBA” who is coming to test the
waters. Hence, the right thing must be done
all the time.
A company can have in place all the
technology, products, expertise, freebies
and so on , but without good and excellent
customer service, the ‘Queen’ will not reward
the ‘King’ neither will she come again but
can promise the King one thing, to tell the
unpleasant experience to all.
It may be a test, just like Queen Sheba did.
One can never do enough for a customer
or always satisfy a customer completely but
the little effort or extra mile, or “thank you”
or “please wait I would be with you shortly”
or even that welcoming smile can set your
company aside or encourage a customer to
do business with you.
By: Gladys Yawa Afento , Branch Banking
Tema.
TRBNewsletter
17
Most problems arise because people
cannot sustain effective communication.
Cultivating the art of listening helps to
build bridges and enhance relationships. Santosh Babu
Communication is complete when the mind is
happy and uninhibited and distortions creep
in when the mood is sullen and sad. Most
problems in an organization, family or group
are the result of people failing to communicate.
Haven’t you often said “you don’t understand
what I say” or words to that effect?
Communication is the exchange or flow of
information and ideas between one person
and another. Technically, it involves a sender
passing on an idea to a receiver.
Effective communication occurs when the
receiver comprehends the information or idea
that the sender intends to convey.
What does a communication process
involve? You have an idea that you need to
communicate, and a message is sent to the
receiver, either verbally or non-verbally. The
receiver then translates the words or nonverbal
gestures into a concept or information. Let us
take, for example, this message. “You are
very intelligent.” Would this message carry the
same meaning to the receiver every time you
voice these words?
The success of the transmission depends on
two factors – Content and Context.
Content is the actual words or symbols that
constitute a part of the message, known as
language. It could be either spoken or written.
We all interpret words in our own ways, so
much so that even a simple message could be
understood differently.
Context is the way the message is delivered
– the tone, expression in the sender’s eyes,
body language, hand gestures, and state of
emotion (anger, fear, uncertainty, confidence
and so on). As we believe what we see more
than what we hear, we trust the accuracy of
nonverbal behavior more than verbal behavior.
So when we communicate, the other person
notices two things: what we say and how we
say it.
When is communication complete
Normally we think communication is complete
once we have conveyed the message: “I
don’t know why it was not done. I had asked
him to do it.” Chances are that the message
was not perceived properly. A message hasn’t
been communicated successfully unless the
receiver understands it completely. How do
you know it has been properly received? By
two – way communication or feedback.
Barriers to communication
Ourselves - Focusing on ourselves, rather
than the other person can lead to confusion
and conflict. Often, we are thinking about our
response, rather than focusing on what the
other person is saying. Some other factors
that cause this are defensiveness (we feel
someone is attacking us), superiority (we feel
we know more than the other), and ego (we
feel we are the center of the activity).
Perception: If we feel the person is talking too
fast, not fluently or does not articulate clearly,
18 TRBNewsletter
SUSTAINING
EFFECTIVE
COMMUNICATION
we may dismiss the person. Our preconceived
attitudes affect our ability to listen. We listen
uncritically to persons of high status and
dismiss those of low status.
Mental State: People don’t see things the
same way when under stress. What we see
and believe at a given moment is influenced
by our psychological frames of references –
beliefs, values, knowledge, experiences and
goals
These barriers are filters that we use to decide
what is useful for us. No one can completely
avoid these filters. If you start taking every
information and message you get seriously,
you would be overloaded with information.
But if you are not consciously aware of this
filtering process, you may lose a lot of valuable
information. A way to overcome these filters
when you want is through active listening and
feedback.
Active Listening
We can all hear, but not everyone listens.
Hearing and listening are not the same thing.
Hearing is involuntary while listening involves
the reception and interpretation of what
is heard. It decodes the sound heard into
meaning. Does a knock on the door sound the
same all the time? What if you are alone and
you hear a knock at late night? What happens
when you hear a knock while you are expecting
someone whom you like?
People generally speak at 100 to 175 words
per minute. This means most of the time only
a part of our mind is paying attention; it is easy
for the attention to drift. This happens to all of
us.
The cure: active listening. This involves
listening with a purpose. It may be to gain
information, obtain directions, understand
others, solve problems, share interest, see
how the other person feels, even show
support. This type of listening takes the same
amount of or more energy than speaking. This
requires the listener to hear various messages,
understand the meaning and then verify the
meaning by offering feedback.
Here are some of the traits of an active
listener
•
Does not finish the sentence of
others
•
Does not answer questions with
questions
•
Is aware of biases. We all have
them… we need to control them
•
Never daydreams or becomes
preoccupied with one’s own thoughts
when others talk
•
Allows others to talk
•
Does not dominate the conversation
•
Plans responses after the other
persons have finished speaking, not
while they are speaking
•
Provides feedback, but does not
interrupt incessantly
•
Analyses by looking at all the
relevant factors and asking open –
ended questions
•
Keeps the conversation on what
the speaker says… not on what
interests them
•
Takes brief notes. This forces one to
concentrate on what is being said
Feedback
This is done by restating the other person’s
message in your own words. It helps to
make sure that you understood the message
correctly.
Food for Thought
How much better daily communication would
be if listeners tried to understand before they
tried to evaluate what someone is saying!
Joseph Boateng, Marketing
BAM Corporate Games at St. Aquinas Cantonments-Accra
TRBNewsletter
19
BUILDING
CUSTOMER LOYALTY
THROUGH CONVENIENT BANKING
Convenience is a situation or condition of comfort by a customer,
when he feels comparatively satisfied with the products, services
and operations of a bank and its staff. It is the situation where a
client proceeds to engage in a relationship with a bank with little
effort in deciding because of what he perceives as the comparative
value he will get from that bank. It is that ‘thing’ which makes one
decide to choose a particular bank over the other.
solutions provider shows from the sample of 2,219 banking
customers that, 63% of them will stay with their current banks
because of convenience. Customer service and low fees were
ranked next behind convenience, with 48% and 42% of the vote,
respectively, while 33% of the respondents who use mobile
banking said that their mobile banking experience is one of the
reasons they stay with their banks. 2
Convenient banking is a relative concept which is based largely
on the customers’ perception, belief, faith, aspiration and search
for long-term relationship. It involves to a large extent the things
or conditions within the banking set-up which inform the customer
to decide on choosing one particular bank over the other.
Traditionally, convenient banking was seen as the closeness of
a bank’s branches to their customers. However, with the rate of
technological innovations and advancement within the banking
sector, the customer convenience trap seems to be opened to
even banks with fewer branches.
Key Convenience Vehicles
To achieve convenient banking, the customer must show a high
level of trust for the entire banking set-up. He wants to gain some
unique value propositions that differentiate the particular bank
from other competitors. In a convenient banking environment, the
customer is mentally and egoistically satisfied and convinced of
the relationship and service he receives or hopes to receive from
the bank and its staff considering his status, profession, gender
and age.
It is also worth stating that, the customer perceives convenience
when he is convinced that all spheres of the bank are adhering to
professional and ethical standards and are consciously striving
at meeting quality standards. The customer will be loyal to a
particular bank if what he/she sees, feels, hears and believes that
the bank’s operations and service standards meet or exceed their
expectations, without any form of ambiguity. Furthermore, the
customer’s perception about customer service, proximity, delays,
software downtimes, and errors, form the basis of their retention
or otherwise.
The banking sector in Ghana and the rest of the world is
experiencing keen competition in recent times and banks are
struggling to retain their customers due to the stiff competitions
coming from Savings and Loans Companies, Micro finance
Companies and other finance houses. Customers are always on
the verge of switching from one bank to the other to satisfy their
demands.
Convenience vs Customer Loyalty
Customer loyalty is both an attitudinal and behavioral tendency
to continuously purchase one bank’s product and services over
all others, whether due to satisfaction with the products, the
service, or the people, its convenience or performance, or simply
familiarity and comfort with the brand.
“A recent survey suggested that bank customers care more about
convenience than customer service or fees in choosing a bank,
and mobile banking customers are some of the most loyal a bank
can find.” 1
Customers want convenience more than any other attribute
from their banking experience; the findings of an Online survey
by Harris Interactive for Yodlee Interactive, an Online banking
20 TRBNewsletter
The focus of every bank must therefore be on creating a business
environment which implants in the minds of their customers,
general satisfaction and comfort. There are several avenues
that banks can rely on to create comfortable environments for
their customers.
1.Technology-Driven Platforms
The quantum of technological innovations and advances in
the banking sector is highly commendable. The efforts to keep
customers with a particular bank is now being carried on the
platform of technology. Products such as Internet banking,
E-alert, SMS banking, ATMs, Electronic Funds Transfer at Point
of Sale (EFTPoS), Telephone banking, etc. have made banking
comfortable and easily accessible 3.These IT platforms used by
most banks in Ghana are faced with so many system challenges
which create uncomfortable situations to customers and as it
were compel them to switch to other banking platforms. Issues
such as, downtimes, complex processes, no cash in ATMs,
ATMs breakdowns, errors on account statements, SMS errors
etc. make their patronage quite questionable and uncomfortable
to customers. Banks must therefore innovative to attract
customers and retain them through their technology platforms.
2.Domestic-Operations Assisted
The delivery of banking services through its operational set-up
plays an integral role in customer retention. The critical decision
point in customer satisfaction emanates from what he/she sees
in the bank’s operations. A customer will complain when he
sights errors on statements, encounters ambiguous narrations
about transactions, faced with system failures, high fees and
commissions are charged on transactions, insecurity in and
around banking area or ATMs, breach of processes by banks,
poor spread of bank branches and the like which are the making
of domestic banking.
Banking should be driven by quality operational standards
that open up the windows of customer relation, and creates
convenient environment for customer - bank relationship. When
this is done, the customer will find it difficult switching to other
competing banks.
3.Product- Driven Convenience
Product development in banking is essential to customer
convenience creation. Basically, bank products are in the form
of assets and liability. The prospective customer has interest
in buying any of such products prior to joining the bank. If he
finds comfort in the products, or if the bank’s products are well
packaged and tailored to meet the needs of their specific markets
3. Adhere to quality banking standards which will delight both
prestigious and corporate customers to naturally purchase the
bank’s products
4. Label your customers: A research study on voting patterns
conducted by Stanford University conclusively showed that
people are more likely to participate in something if they are
labeled with a positive trait. Put customers in categories or
product names that make them prestigious and inherently feel
valued. For instance ‘Prestige Bankers’.
and status, decisions on choosing that bank and remaining loyal
to it will be made easier for the customer to take. For instance,
loan products of the bank must be comparatively accessible to
the customers and the processes well streamlined.
The bank’s provision of advisory services for the customer,
availability of product information such as fliers, and Online
information on credit requirements make it easier for the customer
to compare one bank’s products to others. A bank with such
convenient products is more likely to be chosen by prospective
clients and existing clients will remain loyal.
4.Human Resource Driven
Most customers start and build their presence in a bank around
some selected staff of the bank. Most of these customers feel
insecured if staff attrition is high, and workers are transferred at
short periods. According to Alexander Kjerolf, author of Happy
Hour, “a happy employee is the most productive employee.” This
means that, the feeling and general disposition of the employee
either creates convenience or inconvenience to the customer of
the bank.
According to Teresa Amabile of Harvard Business School, The
United States alone loses $300 billion annually due to employee
disengagement which has a repelling effects on customer
confidence. In effect, to create a convenient banking environment
for customers, staff must be motivated, trained and retained for a
meaningful period. 4
Towards Banking Convenience
In striving to achieve convenience in banks the following strategies
could be adopted:
1. Banks should engage in a continuous improvement process.
These improvement processes should take into consideration
outcomes of customer complaints and corporate research.
2. The Research and Planning Department must be adequately
equipped to prescribe strategies for the bank that will create
an ideal environment for customers’ loyalty. The complaint
section should be activated and resourced to facilitate bank-tocustomer communication.
5. Turnaround Time: Ensure that delays are reduced to the
minimum at the banking hall especially for retail customers.
Training, monitoring and motivations should be the pivot of
change to staff.
6. Corporate culture of the bank should be the one that attracts
customers and makes them feel comfortable anytime they visit
the bank. Human resource policies should be invoked without
fear or favour. Staff must exude discipline, courtesy and trust in
their dealing with customers.
7. Management Reports: The reporting systems of the bank must
incorporate customer complaints and strategies adopted by the
bank or branch manager to reduce, if not solve them. This will
help to win the confidence of customers to the bank.
8. Customer forum, customer special days or appreciation days
should be organized as a way of involving them in decision
making of the bank. They must be made to associate with the
bank’s family and feel a part of the whole set up.
9. Customer service standards should be raised to the highest
professional limits. With this, regular training for staff is advised.
10. Call and advisory centers should be activated or established
by the bank to support the customers and resolve their
grievances.
In conclusion, every staff in the bank must work towards creating
a convenient environment for their customers and this will
make the bank an ideal place for customers to transact their
businesses.
1. Abor J. (2002): Technological Innovations and Banking in
Ghana: An Evaluation of Customers’ Perceptions. University
of Ghana
2. Camhi J(2013): Convenience No. 1 Factor In Customer Loyalty
for Banks, Study Finds. University of New York’s Graduate
School of Journalism
3. http://www.researchscape.com/finance/mobile-banking-loyalty-survey
4. http://blogs.hbr.org/2011/11/on-october-28-gallup-posted/
By Hayford Danso. Branch Manager, Tema
TRBNewsletter
21
Fraud in
a Banking
Environment
What is fraud?
4. Cloning of cheques
Is there really a concise definition for fraud? Several definitions have been given
by many authorities. Fraud has been defined as ‘the crime of gaining money
by deceit or trickery1’. That definition indicates fraud must involve money and
should result in a gain to the perpetrator. Fraud has also been defined as ‘a false
representation or concealment of a material fact to induce someone to part with
something of value 2’. This definition however, does not cover extortion, or the
conversion to one’s own use of assets already in the custody of the wrongdoer.
In Re: London & Globe Finance, the learned judge, Buckley J, decided that
fraud must have two essential elements: (1) Deception or concealment, and (2)
Deprivation or loss to the victim. This decided case introduces the concept of
deprivation to the victim without highlighting the gain to the perpetrator.
5. Fraudulent withdrawal of cash using stolen cheque leaf and or ATM cards.
Fraud has also been defined as ‘any intentional act or series of acts designed
to deceive or mislead others and resulting in the victim suffering a financial loss
or the perpetrator achieving a gain’ The various definitions highlight the fact that
fraud must be an act and should result in a gain to the perpetrator or a loss to
the victim.
12. Loan fraud including the following:
Is fraud a crime?
d. Use of third party collateral without expressed consent of the persons.
A crime is an act against the state punishable by law. A crime constitutes an
intentional act or attempt that violates the law and in respect of which the state
can impose a punishment. Section 16 of the Criminal Code, 1960 provides that
‘any fraudulent conduct including forgery, falsification …. is punishable if used or
done with the intent to defraud. Intent to defraud means intent to cause by means
of forgery, falsification … any gain capable of being measured in money or a
loss to any other person. The criminal code therefore lists fraud as constituting
a subset of the various actions that are deemed criminal. Whilst other criminal
actions could be violent, fraud does not involve violence and is usually
committed through the power of the pen. To the layman, most wrongdoings are
fraudulent and no special attention is devoted to differentiating fraud from the
broader ambit of crime and wrong doing. Differentiating between them is crucial
in isolating fraud, which is intentional from that or other errors, wrongdoing and
crime generally.
e. Receiving kickbacks as reward for approving credits.
Fraud can be defined broadly to include the following: Wrongdoing by deceit,
White-collar crime, and embezzlement. Motivation for Fraud, What really
motivate people to commit fraud? Literature provides several reasons including
the following:
f. Failure to disclose interests in vendors
6. Suppression of deposits
7. Forging of signatures on payment instruments
8. Collusion between and or among staff and customers to nullify the effect of
internal control mechanism
9. Fraudulent withdrawal from inactive and suspense accounts.
10. Withdrawal of cash using counterfeit visa card
11. Manipulation, fabrication, destruction or alteration of records or documents
including over-writing records
a. Loans to fictitious persons and corporations
b. Fronting
c. Use of stolen collateral to secure credits
f. Insider lending without appropriate disclosure of interests
g. Unmitigated approval of waivers
(fees, interest rates, etc. in return for kick-backs)
h. Manipulation of borrower financials to influence lending decisions
13. Induced investment decisions
14. Procurement frauds involving:
a. Kickbacks for procuring from selected vendors
b. Inflating invoices
c. Failure to disclose discounts
d. Inflated quantities with the excess getting into the wrong hands
g. Sole sourcing without necessary safeguards to protect interest of
the institution
1. The desire to have the good things life can offer (even if it means living
above one’s means);
15. Computer frauds include the following:
2. Family pressure (pressure from the extended family to provide economic
support;
3. The desire to outperform colleagues in the office;
4. A feeling of lack of obstacles placed in one’s path;
5.Greed
a. Input fraud – introduction of false programming instructions to
conceal theft and transfer to another account
b. Output fraud – falsified or manipulated output from a computer system,
or genuine output modified or erased to conceal theft of money etc.
c. Program manipulation – tampering with computer program to instruct
the system to move money or other property to non-legitimate account
Other conditions that promote fraud at the work place include the
following:
d. Unauthorized disclosure of confidential data
1. Situational pressures experienced by employees especially when they are in
debt or pressured to improve their financial position. Employees of banks faced
with declining business, competition, rigorous schedules or specification, harsh
regulations or falling profits, may attempt to do what is illegal or unethical to
reverse their positions
The actions listed above are not conclusive evidence of fraud. Honest
employees individuals may be doing their jobs based on existing procedures
as described by Company policy. The policies or procedures may not be
perfect. They can be improved based on suggestions. Errors or irregularities
in procedures do not necessarily constitute fraudulent actions. Suspected fraud
need to be investigated by the appropriate persons and proven before they can
be considered fraudulent.
2. Uncontrolled access to assets, coupled with management’s indifference. One
of the strongest deterrents to employee and management fraud is the certainty
of detection and punishment. Strong controls and monitoring increase that
certainty.
3. Personality traits undermining personal integrity. Some people have a
tendency to take the crooked path. When others see no obstacles placed in that
path, they are inclined to take it too. In effect, fraud thrives best in a permissive
climate where the seeds of fraud are assisted to blossom and mature.
Course of Actions in case of suspected fraud: 1. Discuss with your supervisor,
Call Head of Internal Audit 2. Do not confront suspected person directly with
evidence. Your life might be in danger, 3.Call Managing Director/ Deputy
Managing Director if suspected person is very senior. 4.Refer to Employee
Conditions of Service for more specific actions.
Subsequent articles will deal with how to prevent and manage fraud in a banking
environment
Common Frauds, Common frauds committed in Ghana’s banking sector
include the following:
1 The BBC English Dictionary (Harper Collins)
1. Fraudulent manipulation of funds transfer (e.g. forged telegraphic transfer)
3 Speech delivered by Dr. Paul Acquah on October 14, 2002 (IFEX Fraud
Prevention Training Course)
2. Cross-firing- issuing several cheques at different branches on the same
account and expecting delays in the clearing system to enable the customer
draw more than his account balance
3. Payment against un-cleared effects - honouring cheques when there are
inadequate funds in a customer’s account
22 TRBNewsletter
2 ‘The Practice of Modern Internal Auditing’ (Sawyer, 1998)
By Philip Asare. Former Head, Finance and Strategy
TRBNewsletter
23
Attitudes of
Successful Entrepreneurs
Start even when you don’t have complete information.
You will never know everything you wished you knew
before undertaking anything. You won’t know how that
ad will work until you try it. You won’t know how people
will react to your web page message until you try it. We
just can’t know these things, so don’t make knowing
all the answers a criteria for taking action. Take a
clue from this: “Don’t be afraid to take a big step if
one is indicated. You can’t cross a chasm in two small
jumps.” - David Lloyd George
Focus on your strengths not your weaknesses. Most of
us aren’t good at everything we try to do. Learn what
you are good at and let others do the rest. Focusing on
the things you do well is the best use of your time. As a
small business, you have certain inherent advantages
over big businesses. You are more flexible. You can
respond to specialized requests more quickly. You
may be small, but you can think big.
Ask for business: So many things are lost to us for
want of asking. Don’t make the mistake of thinking
that you can succeed in business without asking for
it. Let everyone know what you do. Give everyone
a card. Let everyone know that they can call you for
a free initial consultation that may include a Calorie
Expenditures Report custom-tailored to their body
weight. Or offer a free six-page Initial Assessment
Report. After you have done so much for the prospect
up-front and without charge, they will feel somewhat
obligated to work with you to some degree. Spending
time with prospects is a good avenue for acquiring
new business... but don’t forget to ask them for it!
A habit is something that you create by repeating a
particular behavior. Do something over and over
and it will become a habit. An attitude is a habitual
way of thinking. You can develop an attitude by
taking conscious control of your way of thinking.
By constantly reinforcing your way of thinking, you
develop an attitude. Habits and attitudes can make
you or break you. Many good businesses have been
broken by the habits and attitudes of their owners.
Here is a compilation of the common habits and
attitudes of successful entrepreneurs.
Focus: Successful entrepreneurs have the ability
to focus their attention on important projects and
see them through. This is the secret to getting
things done. Once their priorities are set, successful
businesspeople refuse to switch from task to task
randomly. “We first make our habits, and then our
habits make us.” - John Dryden
Think: Successful businesspeople don’t fall apart
when faced with crises. They take a moment and
think about their situation. They evaluate their options,
weigh them against their means, discuss it with
others who can offer insight and then decide on the
best course of action from a list of possible solutions.
People aren’t compensated for having brains... they
are compensated for using them. “If you chase two
rabbits, both will escape.” - Anonymous
See the opportunities: Opportunities are everywhere.
It’s just that most people can’t see them. We tend to
expect opportunity to come knocking with flashers
and sirens, but that isn’t how it normally works. If
opportunities were that easy to spot, everyone would
chase it. According to Robert Seashore, “The happiest
people are not the people without problems, but the
people who know how to solve their problems.”
Develop good work habits and attitudes. There are
far more people who can start a business than there
are who can run a business and prosper over the
long haul. You’ve heard the statistics - most small
businesses fail. Develop your procedures and policies
regarding how you get your work done, how you treat
your customers, how you make decisions, etc. Do
this consistently and over time, you’ll find that you’ve
established the patterns for keeping your self-made
juggernaut rolling.
Don’t let criticism crush you: Everyone is an expert
on your problems. Realize that you are probably the
best person to evaluate your own problems. Listen
and give consideration to the inputs you receive, but
24 TRBNewsletter
remember, you are the person who will rise or fall on
your decisions, policies, and habits. “Critics are like
eunuchs in a harem: they know how it’s done, they’ve
seen it done every day, but they are unable to do it
themselves.” - Brendan Behan
Don’t overcharge: Customers are quick to recognize
value and quick to go elsewhere if they feel they are
being overcharged. Your goal should be to make them
customers for the long term. If the software makes it
quick and easy to perform a particular service (and it
should), don’t charge too much for it. Consider using it
as a promotional service. For instance, if your software
makes it easy to generate a custom report based on
the client’s current body weight that shows your client
how many calories she or he will burn in performing
any of the dozens of exercises for 30 minutes, provide
it as a freebie for an initial consult. Or offer to provide
these for the new members of all your local health
clubs... the owner gets to provide a professional
report as an incentive for joining and you get to meet
every new club member when you present them with
their report and explain it to them. This gives you the
opportunity to get acquainted with the new member,
win her or his confidence, and to leave the door open
for any questions they may have. Leave them with
your card. Trade a report with high perceived value
for the opportunity to meet a new prospective client.
Don’t be afraid to make mistakes. You will learn
more from your mistakes than you do from your
successes. Try not to keep making the same mistakes
over and over. View every disaster for what it is: an
opportunity to learn and improve. “Good judgment
comes from experience and... experience comes from
bad judgment.” (Anonymous) If you discover you’ve
been wrong, stop the damage immediately. It’s never
too late to cut your losses and change the way you’re
doing things. If something isn’t working, change it...
you are the CEO - it’s your job. Letting inertia run your
business is suicide.
Persist: It’s been said a thousand times and a
thousand ways... persistence pays. Some scholars
even assert that it is a facet of intelligence (one that
is almost impossible to measure on a written IQ test).
This could explain how some people of deemed to
have lower IQ have time after time - far exceeded the
accomplishments of others who were acknowledged
as smarter. A Nigerian adage says: ‘no matter how tall
the palm tree, the tapper will still climb for what he
wants is at the top’
Keep pushing, even in good times. Just because you
got a nice contract or had a good week is no reason
to sit back and relax. Business is an up and down
affair: you can have a good week followed by three
not-so-good weeks. It’s okay to pray for a crop, but
meanwhile, keep on hoeing.
Don’t make the mistake of figuring out how to do
something after you get a customer who wants the
service. Allot a week or so to learn everything your
software can do for your clients. By performing the
operation with your software, you will learn how much
work is involved and how long it will take you. This
information will determine how much you must charge
for each service.
Be open to changing the way you work: The way
it’s always been done isn’t necessarily the best way to
do things today, here, and now - especially when you
consider the impact of today’s modern technologies
and, in particular, modern nutrition and fitness
software. As the boss, you need to keep your antenna
up and be ready to change the way you do things if
you see, hear, or think of a better way.
Never forget why you are doing this. Sometimes, we
lose sight of what we are working for. We get sucked
into the day-to-day activities that we have to master
to keep the show going. “Don’t learn the tricks of the
trade... learn the trade.” - Anonymous
Be willing to take calculated risks. Evaluate the benefits
of doing something and compare it to the benefits of
not doing it. If you can afford the consequences of
failing, then do it. Wayne Dyer wrote that there were
two things you needed to consider when making an
important decision: One, think about how long you
were going to be alive... 30... 40... another 50 years?
Then think about how long you are going to be dead.
There is never a better time than now to do anything...
in fact “now” is the only time you can do anything!
Determine your goal: Systematically overcome your
obstacles. The tragedy of life isn’t failing to reach your
goal. It’s in not having one to reach. No one has the
time to make a career out of seeing to it that you fail.
Therefore, no one is standing in your way. Don’t forget
that. The only thing standing between you and your
goal are those little things called obstacles. Make a
list of each and every one of them. Break each one
down into its basic components. Then make your plan
to overcome each and every one of them.
“Decide what you want, decide what you’re willing
to exchange for it. Establish your priorities and go to
work.” - H. L. Hunt
By Hayford Danso. Branch Manager, Tema
“GET ON YOUR FEET”
AND BECOME A
HEALTHIER BANKER
“Get on your feet” literally, requires the banker to stand up while performing his daily obligations for a healthier life. Three months ago
I took the pain to find out why I have gained
additional three kilograms without a change
in lifestyle. I searched the Internet and talked
to some friends in the health service industry
and what I read and heard deeply troubled
me. My diagnosis was the effect of sitting
down for hours which did not occur to me as
a change in lifestyle. In my search, the first
question of interest that popped up was:
“Did you know that after sitting for more than
an hour, the production of enzymes that burn
fat in the body declines by a shocking 90%?”
Wow! So I went to find out on the dangers of
sitting down for hours and had the following
to share.
As “white colour” workers, we perform our
professional, managerial and administrative
assignments behind our computers which
require sitting for many hours in our cubicles
and offices. This demands we sit for long periods of time and not move around as much.
Taking a typical day of TRB staff for example, the day begins with about an hour of
travel time to the office and a local breakfast
like Koko & Koose, Kenkey, Waakye, etc or
a continental breakfast like cereals, omelet
and the likes. Our bodies need all these
foods to provide energy in order to kick start
the day’s activities. Bank Staff get into their
seats to perform the demanding and the
mundane activities of the day till they rise for
lunch while others even take their lunch at
their desk. The day continues till after 5pm
to another travel time of an hour and more
back home. A number of bankers spend extra hours behind the television set when they
get home.
The body functions be it metabolic, hormonal, mental, physical or chemical cannot
be performed without food. However, some
foods (protein, fat and carbohydrate) hardly
get burned off by the Thermic Effect and become toxins in the body. With the number of
hours sitting, do you make use of your intake
or does it end up as toxins in your body?
With this background, calculate the number
of hours you spent in a typical working day
sitting, before you continue reading.
Your answer could be a minimum of eight
hours of sitting. As we fuel ourselves with
food for a more active lifestyle, we end up
just accumulating a surplus of fuel in our
body, which stays in our blood stream. And
all that add up to a slew of health problems
including:
• Increase in weight which leads to Congenital Diaphragmatic Hernia (blocked arteries)
26 TRBNewsletter
• Increased risk of developing Type 2 Diabetes
• Increased risk for cardiovascular diseases
• Abnormal levels of cholesterol
• High Blood Pressure
The obvious way out to avoid these health dangers is to incorporate more movement into
your day.
The following tips will seem weird but will increase your movement in the office
• Do some walking around in your office when reading documents
• Do some walking when taking and receiving calls
• Drink lots of water to increase your washroom visits (water has immense benefit as well)
• If possible add variety into your meetings by incorporating “Walking Meetings” which involve
a few people
• Set alarm of an hour interval on your mobile phone to take some walk when undertaking
desktop assignments which demand long hours.
• Take a walk to cabinets and other desks for document rather than stretching or sending for
them
• Learn to see visitors off to your entrance which do not only boost your human relation but
also give you the opportunity to take a walk
Regular standing up in the office while working is a seemingly small change that can make a
world of difference in your health.
For utmost health, do the following as you increase your movement on your job.
• Take lots of water, vegetables and fruits
• Take enough rest
• Spend a minimum of three hours in the gym
By Eric Ampaw. Marketing
HONESTY
AND TRUE
FRIENDSHIP....
A successful business man was growing old and knew it was time to
choose a successor to take over the business. Instead of choosing
one of his Directors or his children, he decided to do something
different. He called all the young executives in his company together.
He said, “It is time for me to step down and choose the next CEO.
I have decided to choose one of you. “The young executives were
shocked, but the boss continued, I am going to give each one of you
a SEED today - one very special SEED. I want you to plant the seed,
water it, and come back here one year from today with what you have
grown from the seed I have given you.
FOOD FOR
THOUGHT
I will then judge the plants that you bring, and the one
he is the one who will be the new Chief Executive Officer!”
I choose will be the next CEO.”
Morale:
One man, named Kwame, was there that day and he, like the others,
received a seed. He went home and excitedly, told his wife the story.
She helped him get a pot, soil and compost and he planted the seed.
Every day, he would water it and watch to see if it had grown. After
about three weeks, some of the other executives began to talk about
their seeds and the plants that were beginning to grow.
* If you plant honesty, you will reap trust
Kwame kept checking his seed, but nothing ever grew.
* If you plant consideration, you will reap perspective
Three weeks, four weeks, five weeks went by, still nothing.
* If you plant hard work, you will reap success
By now, others were talking about their plants, but Kwame didn’t have
a plant and he felt like a failure.
* If you plant forgiveness, you will reap reconciliation
Six months went by -- still nothing in Kwame’s pot. He just knew he
had killed his seed. Everyone else had trees and tall plants, but he
had nothing. Kwame didn’t say anything to his colleagues, however,
he just kept watering and fertilizing the soil - He so wanted the seed
to grow.
A year finally went by and all the young executives of the company
brought their plants to the CEO for inspection.
Kwame told his wife that he wasn’t going to take an empty pot. But
she asked him to be honest about what happened. Kwame felt sick
to his stomach, it was going to be the most embarrassing moment of
his life, but he knew his wife was right. He took his empty pot to the
board room. When Kwame arrived, he was amazed at the variety of
plants grown by the other executives. They were beautiful -- in all
shapes and sizes. Kwame put his empty pot on the floor and many of
his colleagues laughed, a few felt sorry for him!
When the CEO arrived, he surveyed the room and greeted his young
executives.
Kwame just tried to hide in the back. “My, what great plants, trees
and flowers you have grown,” said the CEO. “Today one of you will be
appointed the next CEO!”
All of a sudden, the CEO spotted Kwame at the back of the room with
his empty pot. He ordered the Financial Director to bring him to the
front. Kwame was terrified. He thought, “The CEO knows I’m a failure!
Maybe he will have me fired!”
When Kwame got to the front, the CEO asked him what had happened
to his seed - Kwame told him the story.
The CEO asked everyone to sit down except Kwame. He looked at
Kwame, and then announced to the young executives, “Behold your
next Chief Executive Officer!
His name is Kwame!” Kwame couldn’t believe it. Kwame couldn’t even
grow his seed.
“How could he be the new CEO?” the others said.
Then the CEO said, “One year ago today, I gave everyone in this room
a seed. I told you to take the seed, plant it, water it, and bring it back
to me today. But I gave you all boiled seeds; they were dead - it was
not possible for them to grow.
All of you, except Kwame, have brought me trees and plants and
flowers. When you found that the seed would not grow, you substituted
another seed for the one I gave you. Kwame was the only one with the
courage and honesty to bring me a pot with my seed in it. Therefore,
* If you plant goodness, you will reap friends
* If you plant humility, you will reap greatness
* If you plant perseverance, you will reap contentment
So, be careful what you plant now; it will determine what you will reap
later.
Just for Laughs
WHILE waiting in line at the bank, a co-worker developed a very loud
case of hiccups. By the time he reached the teller’s window, the hiccups
seemed to have worsened.
The teller took my friend’s cheque and proceeded to run a computer
verification of his account. After a minute she looked up from her
terminal with a frown and said that she would be unable to cash his
cheque.
“Why not?” my friend asked incredulously.
“I’m sorry, sir,” she replied, “but our computer indicates that you do not
have sufficient funds to cover this amount. As a matter of fact,” she
continued, “our records show your account is overdrawn in excess of
Ghc 5000.”
“It can’t be!” he cried. “You have to be kidding!”
“Yes, I am,” she answered with a smile, counting out his cash. “But you
will notice that your hiccups are gone.”
It was the usual busy day at the bank where I work. After a glance at the
line of waiting customers, a harried-looking man came up to the side
counter and demanded, “What do I have to do to change the address
on my account?” Without missing a beat, the clerk replied, “You have
to move.”
The young woman who entered our bank to cash a cheque looked so
hesitant that I went to help her. “Please sign the back of the cheque,” I
told her, “as you’d sign a letter.” She looked at me gratefully, scribbled
on the cheque and passed it to me. Signed on the back was: “Yours
affectionately, Pamela.
A man went into a bank and said to the cashier: “Will you check my
balance?” So she pushed him.
By Daphne Bampoe. Branch Banking. South Legon
TRBNewsletter
27
CUSTOMER CHAT
Mr. William H. Inkumsah is the Managing Director of Key Port Management Company Limited in Tema.
Established in 2001, Key Port provides a wide range of stevedoring, marine and rail terminal services
such as Terminal management, General Cargo, Container Depot Services, Haulage and General
Transport Services, Equipment Procurement, Trucking, Warehousing Off-dock Yard Operations, and
Freight Station Car parks for used cars. Mr. Inkumsah speaks to TRBNews on his experiences with
The Royal Bank.
TRBNews: There are a number of banks
and financial institutions in the country, why
The Royal Bank?
Mr. Inkumsah: I have a principle to support
indigenous Ghanaian businesses, so I
was very proud to associate with a wholly
Ghanaian Bank.
TRBNews: What were your expectations
when you decided to bank with us?
Mr. Inkumsah: My relationship with the bank
has been very beneficial to me; going to The
Royal Bank, I expected customer attention
which is lacking in most of the banks in the
country. I wanted a place where I could feel
that I am welcomed and a place where my
complaints are appreciated and tolerated.
TRBNews: Have we met your expectations
so far?
Mr. Inkumsah: Yes. The Bank has been
customer responsive. They are alert to
my needs. I have seen and experienced
efficiency in how they handle customer
needs. If the bank would continue and
also improve on how they handle their
customers, I’m sure it would have an
advantage or an edge over the typical
Ghanaian way of doing business.
TRBNews: We are happy to know we have
met your expectations. Moving forward,
what are some of the things you expect to
see as the bank grows?
The Royal bank should assign
executives to their doorstep to ascertain
their current and future needs as
well. What is missing in the industry
is satisfying customer needs, so I
believe if the bank concentrates more
on satisfying customers, it would be
second to none.
TRBNews: Thank you very much for
your time.
Mr. Inkumsah: You are welcome.
Mr. Inkumsah: In most of our local banks,
customers are treated like liabilities but it’s
these customers who make the bank what
it is. The Royal Bank should continue to
pay attention to all of its customers and get
closer to them; especially with the Small
and Medium Scale Businesses.
TRBNewsletter
29
CUSTOMER CHAT
Tradeworks
Company
Limited
(ApplianceMasters) is a Ghanaian
company established in the year 2000.
The company imports, distributes and
supplies energy efficient electrical
appliances and solar energy systems
for homes and businesses. With six
branches in the capital; Taifa, Dome,
McCarthy Hills, Spintex, Adenta, and
Abeka, the company’s focus is to provide
high quality products that do not consume
much electricity to it’s customers
Managing Director of Tradeworks, Randy
Sey shares his experience with TRBNews
team.
TRBNews: How long have you been
banking with the Royal Bank?
Mr.Sey: We have been in contact with the
bank since the very beginning, I believe
we are one of the first companies that
established a business relationship with
them.
TRBNews: What influenced
decision to bank with us?
your
Mr. Sey: It is simply because we had and
still have confidence in the management
and executives of the Bank. We also
believe that, they being a Ghanaian
company, they also
understand the
issues that face Ghanaian companies
and so we are confident they would be
able to meet our financial needs.
TRBNews: Were you not apprehensive
about doing business with a new bank?
Mr. Sey: Not at all, business is about
people and relationships. When you
know the people behind the business and
their core values, it allays all your fears.
From the beginning, we realised they
had the expertise and know-how and the
understanding of not just the business but
also the industry that they operate in. One
thing that stands out with The Royal Bank
is the high level of professionalism; how
transactions are handled on time and with
favourable terms.
TRBNews: In the short period that we
have worked together, have we met your
expectations?
Mr.Sey : Yes, our expectations have
been met, we do our daily transactions
with the bank as well as some of our
imports
transactions,
and
having
experienced such high standard banking
and cordial relationship, we hope to
expand to other banking areas as well.
Usually most new businesses are faced
with certain challenges but with The
Royal Bank, I am sure because of the
expertise of the bank’s executives, we are
yet to experience any of such challenges.
TRBNews: Would you recommend the
Bank to other businesses?
Mr. Sey: Actually, I have recommended
them to some businessmen I know.
The Bank understands the challenges
that businessmen face in the country.
My experience with the bank in terms
of professionalism, timeliness and
speed with transactions are some of the
testimonies I have already shared and
continue to share with my colleagues.
TRBNews: The Bank is still growing,
what are some of your expectations?
Mr. Sey: I would first like to congratulate
The Royal Bank for the success they
have achieved within this short period
and the number of branches they have
opened as well. For us as a business, a
branch has just been opened very close
to our Achimota office and this would
make transactions easier. We want to
encourage them to continue with their
branch expansion and close relationships
with customers. Moving forward, I would
expect that they pay close attention to the
factors that have made them successful
in this short period. They should maintain
the relationship with their customers and
not renege on their efforts to attain higher
achievements. Looking at the economy,
there are many sectors that have been
undeserved, I believe if they pay attention
to these sectors too, they would grow
bigger and stronger.
TRBNews: Thank you very much for
your time.
Mr.Sey: My pleasure.
30 TRBNewsletter
MD Carries Queen’s Torch Relay as part of 2014 Common Wealth Games
DMD Calls on Gbese Manste
TRB Delegation Calls on Adabraka and Tema Manste
TRBNewsletter
31
Donation of White Boards to Selected schools in Accra
32 TRBNewsletter
Time With The
PROMOTER
In the setting up of The Royal Bank (TRB), there were a
few people who actualised Alhaji Iddrissu Adamu’s, (the
founder’s) dream. Mr Oko-Nikoi Dzani (to be referred to as
“OND” in the interview) was the promoter and we had to get
him to find time off his very busy schedule to talk to us. This
was in his plush office in the Omanye Aba Building.
TRBNews: Good morning, Sir
OND : Good morning my friend and happy new year to you,
How can I help you today?
TRBNews: We are putting together The Royal Bank’s (TRB)
maiden newsletter and knowing you to be the promoter we
want to have a chat with you on how the idea of setting up the
Bank begun. As the promoter we need to talk to you if the
history of the Bank has to be told.
OND : Oh yes! Okay then (with a smile) . What do you want
to know?
TRBNews: What motivated the setting up of the Bank?
OND : The brain behind the setting up of the Bank is Alhaji
Iddrissu Adamu. Alhaji as you know has been my mentor,
friend and advisor for over 30 years. He wanted to diversify
his business into financial services and this he bounced
off me knowing that I had been with SSB (now Societe
Generale), the then Co-Operative Bank and currently active
in the financial services business.
TRBNews: What was your involvement in the process?
OND: I had to prepare the feasibility plan , get the necessary
documents to satisfy the Bank of Ghana’s requirements for a
provisional license.
OND: This was mainly between Alhaji, his family and DR.
K.K Sarpong, the Chairman of your Bank.
TRBNews: Were there any major challenges?
OND: Not really. The Bank of Ghana was very supportive in
the process. They were happy to hear that I was promoting
the setting up of an indigenous bank. The Governor, Deputy
Governor were very supportive. Off course, the Head of
Banking Supervision Department of Bank of Ghana and
his team worked tirelessly to support this indigenous idea.
They put a lot of effort in reviewing the various documents,
structure and policies. This was encouraging.
TRBNews: Is there any linkage between NDK Financial
Services Ltd (NDK) and The Royal Bank (TRB)?
OND: There is no linkage between the two institutions. The
two institutions belong to two very good friends.
TRBNews: What would it take for you as the promoter to say
in 10 years’ time that TRB has been successful ?
OND: I would be proud to have supported a Bank that is
a household name in banking and contributing towards the
development of our dear country Ghana. A Bank with its
presence across the country and commanding a reasonable
share of market deposits, quality assets and showing
incremental profits
TRBNews: Mr Dzani, thank you for your time and giving us
insight into your role in setting up TRB ?
OND: Smiling he says “ You are most welcome and It is my
pleasure talking to you”.
TRBNews: How did the name come about?
TRBNewsletter
33
Money Matters
PERSPECTIVES OF ISLAM
Once upon a time, I was seriously pushing as a branch manager to meet my
monthly target in a bank. A beautiful Muslim lady walked into the branch by name
Amina. She enquired whether she could open an account that is not interest
bearing, but not a current account as well. Hey! No don’t confuse yourself with
Sharia Banking nor Islamic Banking here. It is real, I appreciated her religious
morals but I knew little about what the Holy Prophet says about money, banking
and finance. So I engaged Amina in a discussion. “ You almost made me to “Tuba”
(to become a Muslim) I said to Amina. Let me take you through some wonderful
revelations about Islam and Money that was shared that day:
Abu Huraira related that the Prophet said: The Lord’s commandment for every
one of His slaves is, ‘Spend on others, and I will spend on you’. (Bukhari, Muslim)
On Interest
Hoarding
“Allah will deprive usury of all blessing, but will give increase for deeds of charity”
(Quran 2: 276). Narrated Jabir ibn Abdullah: Allah’s Messenger cursed the
accepter of interest and its payer, and one who records it, and the two witnesses;
and he said: They are all equal (Muslim). Abu Huraira related that the Prophet said:
On the night of the Miraj I came upon a group of people whose bellies were like
houses. They were full of snakes which could be seen from outside their bellies. I
asked Gabriel who they were, and he told me that they were the people who had
practiced Riba (Interest). (Ahmad, Ibn Maja) Abdullah ibn Hanjalah related that
the Prophet said: A dirham of Riba (interest) knowingly taken by a man is a sin
worse than committing Zina (fornication) 36 times (Ahmad, Daraqutni).
“O you who believe! Lo! Many of the (Jewish) rabbis and the (Christian) monks
devour the wealth of mankind wantonly and debar (men) from the way of Allah.
They who hoard up gold and silver and spend it not in the way of God, unto them
give tidings (O Muhammad) of a painful doom” (Quran 9:34).
Zakah-what you owe from your money
“Give the kinsman his due, and the needy, and the wayfarer, and squander not
(your wealth) in wantonness. Lo! The squanderers were ever brothers of the
devils, and the devil was ever an ingrate to his Lord” (Quran 17:26-27). Amr ibn
Shuaib, on his father’s authority said that his grandfather related that the Prophet
said: When you eat, drink, give charity and wear clothes, let no extravagance or
pride be mixed up with what you do. (Ibn Maja, Nasai).
“And they are ordained naught else than to serve Allah, keeping religion pure for
Him, as men by nature upright, and to establish worship and to pay the poor-due
(Zakah). That is true religion.” (Quran 98:5) Abbas related that a man asked the
Prophet, Tell me what should I do to be admitted to Paradise and he (the Prophet)
answered: Worship Allah associating nothing with Him, observe Salat, pay Zakah
and strengthen the ties of kinship. (Bukhari, Muslim)
Inheritance and wills
“And unto each We have appointed heirs of that which parents and near kindred
leave; and as for those with whom your right hands have made a covenant, give
them their due. Lo! Allah is ever Witness over all things” (Quran 4:33)
Ibn Umar related that the Prophet said: It is the duty of a Muslim man who has
something which is to be given as a bequest not to have it for two nights without
having his will written regarding it. (Bukhari, Muslim)
Anas related that the Prophet said: If anyone deprives an heir of his inheritance,
Allah will deprive him of his inheritance in Paradise on the Day of Resurrection.
(Ibn Maja)
How do you earn your money?
Abu Huraira narrated that the Prophet said: A time will come upon the people
when one will not care how one gains one’s money, legally or illegally. (Bukhari)
It is reported by Jabir that the Prophet said: The flesh and body that is raised
on unlawful sustenance shall not enter Paradise. Hell is more deserving to the
flesh that grows on one’s body out of unlawful sustenance. (Ahmad). Abu Said
related that the Prophet said: The truthful and trustworthy businessman will be in
the company of Prophets, saints and martyrs on the Day of Judgment. (Darimi,
Tirmidhi)
Debts
It is narrated by Abu Musa Ashari that the Prophet said: After the major sins which
must be avoided, the greatest sin is that someone dies in a state of debt and
leaves behind no asset to pay it off. (Darimi)
Loans
Abu Qatadah related that the Prophet said: If anyone would like Allah to save him
from the hardships of the Day of Resurrection, he should give more time to his
debtor who is short of money, or remit his debt altogether. (Muslim)
Strive with your wealth
“Believers are merely those whose hearts feel wary whenever God is mentioned
and whose faith increases when His verses are recited to them. On their Lord do
they rely. Those who keep up prayer and spend some of what We have provided
them with are truly believers” (Quran 8:2-4). Asmah related that the Prophet said:
Spend, and do not count, lest Allah counts against you. Do not withhold your
money, lest Allah withholds from you. Spend what you can. (Bukhari, Muslim)
34 TRBNewsletter
The poor and your wealth
“Hast thou observed him who belieth religion? That is he who repelleth the
orphan, and urgeth not the feeding of the needy” (Quran 107: 1-3). Safwan
ibn Salim related that the Prophet said: Anyone who looks after and works for
a widow and a poor person is like a warrior fighting for Allah’s cause, or like a
person who fasts during the day and prays all night. (Bukhari)
Charity and punishment
It is narrated by Anas bin Malik that the Prophet said: Verily charity appeases the
wrath of Allah and eases the sufferings of death. (Tirmidhi)
Extravagance
Being a Miser
Abu Huraira narrated that the Prophet said: Every day two angels come down
from Heaven and one of them says, ‘O Allah! Compensate every person who
spends in Your Cause,’ and the other (angel) says, ‘O Allah! Destroy every miser’.
(Bukhari).
Abu Said Khudri related that the Prophet said: There are two habits which are
never present together in a believer: miserliness and bad manners (Tirmidhi).
Jabir reported that the Prophet said: Avoid doing injustice to others, for on the
Day of Judgment, it will turn into manifold darkness, and safeguard yourself
against miserliness, for it ruined those who were before you. It incited them to
murder and treating the unlawful as lawful. (Muslim)
Moderation in giving
“And let not thy hand be chained to thy neck nor open it with a complete opening,
lest thou sit down rebuked, denuded” (Quran 17:29). (In reference to the slaves of
Allah) “And those who, when they spend, are neither prodigal nor grudging; and
there is ever a firm station between the two” (Quran 25:67).
Bribery
“And eat not up your property among yourselves in vanity, nor seek by it to gain
the hearing of the judges that you may knowingly devour a portion of the property
of others wrongfully” (Quran 2:188).
Contentment
Abu Huraira narrated that the Prophet said: Wealth is not in having vast riches, it
is in contentment. (Bukhari, Muslim).
Envy in wealth
Ibn Masud said I heard the Prophet saying: There is no envy except in two: a
person whom Allah has given wealth and he spends it in the right way, and a
person whom Allah has given wisdom (i.e. religious knowledge) and he gives his
decisions accordingly and teaches it to the others. (Bukhari).
Women and Charity
Ibn Abbas narrated that the Prophet went out for the Eid prayer on the Eid day
and offered a two Rakat prayer; and he neither offered a prayer before it or after
it. Then he went towards the women along with Bilal. He preached [to] them and
ordered them to give in charity. And some (amongst the women) started giving
their forearm bangles and earrings. (Bukhari)
The Best Charity
Abu Huraira narrated that the Prophet said: The best charity is that which is
practiced by a wealthy person. And start giving first to your dependents. (Bukhari)
TRBNewsletter
35
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36 TRBNewsletter