The Deputy Management Director -Finance, Administration and Credit Administration at Prudential Bank, Mr. Stephen A. Asare has stated that the abolishment of the 17.5% VAT/NHIL on Financial Services is stimulating financial transactions in the bank.
According to him the abolishment is a great relief to customers adding that, it has also increased the rate of business between the bank and it customers.
“Customers complained when it was introduced. The abolishing of the 17.5% is a great relief to our customers and it has helped them improve on the kind of business they do with the bank, the benefit it gives to us is that, the money they would have actually paid to the government are left with the bank for the bank to trade with it which is also of a benefit. “
Mr.Stephen A. Asare said this in an interview with Kasapa FM during a ceremony to open the Koforidua Branch of the Bank.
He said Prudential Bank is committed to help stimulate economic growth of the Eastern region by providing the needed financial climate support to businesses and customers in the region.
The bank has announced that very soon it will launch visa-card to facilitate financial transaction of customers in Ghana.
According to the bank, it strictly observes Customer Identification Policy, dubbed “Know Your Customer” ensuring that data of customers is well captured to establish real identity of any customer who transacts business with the bank.
“There is something in the bank we call ‘Know Your Customer, that is why when you come to open account, you have to provide a lot of information about where you are and your identification. The identification of a customer is very very important because somebody can go and take a Fake ID and just get his picture on it and if you do not make sure that you have done the necessary due diligent it is these things that lead to fraud but in our case we have ensured that we observe strictly ‘know your customer’ procedures which bank of Ghana has brought onboard” He said.
The Criminal Investigations Department of the Police Service recently arrested two members of a syndicate producing fake voters ID card for sale.
It follows a Starr News exposé about the activities of the syndicate which operates at Abeka Lapaz in Accra under the guise of providing printing and photocopying services. Fake Voters ID cards are used by fraudsters to engage in array of fraudulent activities.
Mr. Asare however urged customers to sign up to mobile alert and MobiWise products of the bank to monitor transactions and regulate their accounts regardless of their location.
Speaking on other fraudulent concerns by the Public, Mr. Stephen Asare, said unlike most Microfinance Companies in Ghana which are running unsustainable businesses with juicy interest rate hence the widespread financial scams, Prudential bank offers genuine business with varied financial packages for the benefit of Customers.