Although local banks in Ghana are folding up, Mauritius Commercial Bank sees the West African country as its next gold mine
Mauritius Commercial bank plans to expand its African presence into countries in the sub saharan region especially Ghana,Chief Executive Officer Alain Law Min said in an interview with Business Insider Sub Saharan Africa.
“You will see us open in some countries we are not in, in the sub saharan Africa region you will be hearing about some of that stuff,” Alain told BISSA on the sidelines of the Africa CEO Forum meeting in Abidjan.
The bank whose operating income rose by 6.1% to reach $105 million for the last quarter of 2017 is targeting Ghana and Cote D’Ivoire, two countries which the CEO believes hold great potential for their business.
The bank has 45 percent market share in Mauritius.
On the back of local banks folding up in Ghana, the CEO advised local financial institutions to focus on products made to suit specific needs of clients.
Mauritius Commercial Bank (MCB) is licensed by the Bank of Mauritius,the country’s central bank and the nation’s banking regulator.
MCB has been investing in tech since the early 80s. In those days the initial focus was on operational efficiency but now the bank is leveraging on tech to enhance customers’ interaction with the bank and to improve the customer’s experiences.
Alain told BI SSA that his bank offers a multi-channel experience with ATMs, branches, bank kiosks, mobile app, SMS banking, customer contact centre and internet banking.
“In fact, we’ve had internet banking now for the past 15 to 20 years and a customer base of 130,000”.
“Recently we introduced our mobile banking app called Juice which has had a phenomenal uptake of more than 100,000 users. It introduces a number of interesting features like cardless ATM withdrawal, connecting with Visa Direct worldwide and the latest feature ,the first of its kind in Africa – is to link the account with PayPal,” he added.