Ecobank has given a GH?25m liquidity backing to BEIGE Capital

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Ecobank has given a GH?25 million liquidity backing to BEIGE Capital, one of the fastest growing providers of banking services in Ghana.

The financial support is to strengthen the business relations between the two banks.

BEIGE Capital and Ecobank have enjoyed a symbiotic relationship, which has seen the two institutions forge business relations of mutual interest to their respective customers.

Being the relatively younger firm, BEIGE Capital has benefited from the strong representation of Ecobank in Ghana and the sub-region in three signification streams; Credit Support, Remittances and Transactional Support.

With an exceptionally good credit standing with Ecobank, BEIGE Capital has developed and extended the benefits of such a strategic alliance into the remittances business.

BEIGE Capital has over the years depended on the Ecobank?s Remittance Platform to enhance its operations in the banking services.

A year-to-date comparison between 2013 and the current year indicated a growth rate of 56% covering transactions in Western Union and MoneyGram transfers alone.

In key banking transactions where a BEIGE Capital branch has not been available, clients have reliably dealt with the BEIGE Capital through Ecobank branches available at those locations.

Samuel Osew-Kwatia, the Chief Operating Officer (COO) of BEIGE Capital during the visit to the corporate office of Ecobank said, ?The primary segmentation of main stream banks in their targeting has largely dwelt on corporate, multi-nationals and large enterprises to the neglect of small to medium enterprises (SMEs) as well as micro enterprises making them an unexplored group popularly referred to as the ?The Missing Middle?.

He stated that ?as a leading bank with a large footprint in sub-Saharan Africa, Ecobank?s strategic link with BEIGE Capital has enhanced to a large extent BEIGE Capital?s reach to SMEs and other micro enterprises.

Mr Osew-Kwatia explained that ?as an organization it is wise to recognize and associate with strong partners and establish integrity, which is hugely significant in building that relationship.?

?It is profitable to work together to achieve objectives that are mutually beneficial,? he added.

By Solomon Ofori

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