UT Bank introduces ‘Bank on Wheels’

THE 2011 Bank of the Year, UT Bank, has unveiled its new innovation, dubbed: ‘UT Bank on Wheels’, a mobile branch of the bank to provide full banking services to clients.

The service, which is the first of its kind in the banking industry in the country, is a mobile branch equipped with communications and technology systems to offer real time online banking services to the public.

Key features include an automated teller machine (ATM), two teller service points, a customer service area, state of the art telecommunications system, a television for viewing the bank’s messages and the ability to offer service from remote locations.

Unveiling the new product at the bank’s annual general meeting, the deputy Managing Director of UT Bank, Mrs Pearl Essua-Mensah said, the innovation was in line with UT’s vision of re-defining banking and bringing it to the doorstep of the people.

The UT Bank on Wheels would provide services such as cash payments and withdrawal, current accounts and savings accounts opening, international money transfers, foreign cash deposits and withdrawals, E-zwich, ATM and other retail banking services.

She said, “the essence of the implementation of the bank on wheels is to effectively and efficiently reach out to this segment of the bankable population by taking banking to their doorstep.”

Mrs Esua- Mensah indicated that the van would provide convenience, reduced turn-around time, accessibility and security for the markets, secondary and tertiary institutions.

“Customers do not have to leave their shops or businesses for a long period of time to conduct business in brick and mortar branches. The ‘Bank on Wheels’ enables them to conduct their transactions close to their business,” she said.

Meanwhile, the bank posted a profit before tax of GH¢26.7 million for the 2012 financial year as against GH¢17.3 million recorded in 2011.

It also grew its total assets by 38.5 per cent to GH¢987 million. Its non-performing loans reduced from 13.9 per cent in 2011 to 11.9 per cent in 2012.

The Chief Executive Officer of UT Bank, Mr Prince Kofi Amoabeng said, the bank’s income grew by 32.6 per cent from 2011 to GH¢105 million in 2012.

He said shareholder’s funds increased by 109.8 per cent from GH¢61 million to GH¢128 million in 2012.

The bank declared a dividend of GH¢ 0.02 per share.