OmniBSIC Bank is the Bank of the Year at Ghana Business Awards
Date: 2023-11-27
The honours just keep coming in
for OmniBSIC Bank, Ghana's fastest-growing financial institution, and its
Managing Director, Mr. Daniel Asiedu. The Bank was declared ‘Bank of the Year’
while its MD was adjudged ‘Personality of the Year-Private Sector’ at the prestigious
Ghana Business Awards organized by Globe Productions.
This recognition follows right on
the heels of the deserved recognition of the Bank and Mr. Asiedu as the Global
Well-Respected CEO in the Banking Sector by the Business Executives Awards 2023
held recently in Singapore.
The Bank’s recent appreciation by
awarding institutions does not come as a surprise when one sees the
transformation of OmniBSIC Bank led by the experienced Managing Director. Since
taking over the helm of affairs, the Bank has seen sustainable growth and
profitability and is steadily on its way to achieving the target of becoming a top-tier
financial service provider impacting individuals and businesses in all sectors
of the economy.
But for the Board, Management and
Staff of the Bank, this is just the beginning and more should be expected from
the Bank. According to the Managing Director, Mr. Asiedu " There is still
a lot ahead, but we can see concrete progress, and that is inspiring for all of
us. Our liquidity position and asset base show that we are well placed to
support businesses, and that is all that we strive for."
He used the opportunity to extend his
heartfelt appreciation to the valued customers, stakeholders, and especially Board
of Directors, Management and Staff who have been instrumental in the Bank's
success story.
Bank’s
consistent performance
Under Mr. Asiedu's leadership,
OmniBSIC Bank successfully turned its losses into profitability for the first
time in 2021, marking a significant achievement for the institution that was
born through the merger between the erstwhile OmniBank and Sahel Sahara Bank in
2019. OmniBSIC Bank has not only achieved substantial profit growth but has
also strengthened its balance sheet, enhancing its capacity to support
large-scale transactions in the recovering Ghanaian economy.
In the third quarter of this
year, the Bank’s profit
before tax rose more than four-fold to GH¢153.65million, from GH¢36.93million
in the same period in 2022. The balance sheet was also robust, driven largely
by strong growth in investments and deposits while liquidity and capital
adequacy ratios remained well above prudential requirements.
Its
unaudited financial statements for the third quarter of 2023 indicated that all
income lines enjoyed strong growth, resulting in interest income more than
doubling to GH¢582.5million in the quarter under review from GH¢ 221.02million
in the corresponding period of 2022.
OmniBSIC posted significant growth in its
earning assets to consolidate its position as a robust lender and partner to
businesses. Earning assets grew by 88 percent to close the quarter at
GH¢3.8billion. Investments almost tripled to GH¢3.19billion in the quarter
under review, from GH¢1.23billion in the same quarter of last year.
Mr. Asiedu, the seasoned banker, financial
specialist and Chartered Accountant has been leveraging his almost three
decades of experience as a professional to bring invaluable expertise in auditing,
business consulting, general banking, financial management and investment to
OmniBSIC Bank since assuming his role in 2021.
More honours
In the third quarter of 2023, Mr. Asiedu and
the Bank’s Chief
Operating Officer (COO), Dr. Philip Oti-Mensah were recipients of ‘Personality
of the Year - Private Sector’ award and ‘COO of the Year - Private Sector’ at
the second edition of the Ghana CEO Vision & Awards ceremony.
This adds to a long list of
remarkable recognitions in 2023, with the Bank receiving the prestigious title
of Best Corporate Health Walk of the Year at the Africa Event Awards.
Furthermore, OmniBSIC’s outstanding performance was recognized at the Chartered
Institute of Marketing Ghana (CIMG) 2023 Awards night, where it earned a
stellar five-star rating in four distinct categories.
These accolades include five-star
ratings for Customer Satisfaction in both Consumer Banking and Business
Banking, as well as five-star ratings for Service Quality in Business Banking,
affirming OmniBSIC's unwavering commitment to excellence across various
domains.
Products,
services, and the future ahead
In an interview with Mr. Asiedu,
He mentioned that the Bank had introduced various initiatives to enhance their
customer service which include the establishment of a 24/7 Contact Center and
the implementation of ongoing training programs for their staff to ensure they
could respond effectively to customer needs. “Also, in the area of technology,
we have migrated to a new core banking application (Flexcube) to improve our
efficiency and productivity,” the OmniBSIC boss added.
To stay competitive to meet the
evolving needs of customers, the Bank has leveraged technology and digital
solutions effectively. “We, therefore, upgraded our core banking software two
years ago and have received the International Organization for Standardization
(ISO) certification for Information Security Management System (ISO/IEC
27001:2013) as well as Payment Card Industry Data Security Standard (PCDISS)
Certification,” Mr. Asiedu said.
He also emphasised the Bank’s
commitment to further growth including retail banking expansion and a continued
focus on digitalization.
OmniBSIC Bank's improved
corporate governance, investments in infrastructure, and strategic partnerships
have positioned it for sustainable success and greater contributions to Ghana's
financial sector, he added.
