Payday Loans: Some Helpful Tips

Payday loans are short term loans that help you meet your financial needs. Usually, people go to a bank to get this type of loan when they are in an emergency and need financial support. However, the catch is that if you fail to return the loan amount, you will have to bear a heavy amount of interest, which is, sometimes, 200% of the principal amount. So, If you have to pay your loan back on time, you may need some help. Failing to pay back the loan on time may create more problems for you down the road. Given below are 5 tips to help you with this. Read on to know more.

1. Consider your needs

Before you apply for a payday loan, we suggest that determine your needs first. Once you have understood your needs, you should not borrow more than what you need. Smaller amounts are easy to pay back than larger ones. Therefore, you should borrow the smallest amount possible to meet your needs. After all, your purpose to apply for the loan was to deal with an emergency. It’s not a good idea to opt for this option to buy something you want, such as a smartphone or camera.

2. Use what you need

Once you have got the loan, use as much amount as you need. For instance, if you borrowed $2,000, say, and you spent $1,000 to meet your needs, don’t spend the rest of the money on something you don’t need. Instead, you should put that money aside for repayment of the loan.

3. Set your priority

If you want to payback your payday loan, we suggest that you commit to the task. What you need to do is make you payments on time no matter what. If possible, you should get money from other sources to pay back the loan. For instance, you can sell something you don’t need on eBay, volunteer for a few days or work overtime. So, you may want to set your priorities should you want the bank to accept your application.

4. Electronic withdrawal

You can prevent payment delays if you let your lender withdraw funds from your account. This can cost you a lot of money. If this option is not feasible, you may have to repay the amount the expiry of due date. Failing to pay the loan on time will incur penalties and fees. However, you may want to keep in mind that online lenders require you to give them authorization for fund transfer.

5. Emergencies

It is a good idea not to take a payday loan unless you have an emergency. These short terms loans are designed in order to help people deal with unexpected situations and circumstances. So, they can be used for the purpose of covering emergency expenses.

Therefore, if you are habitual of taking out payday loans for ongoing situations and impulse purchases, you will find yourself in a lot of trouble down the road. These loans are not granted to help people buy the new model of their favorite smartphone.

As a matter of fact, your first priority should be to pay off your payday loan as soon as possible. This is the most important thing that you may want to keep in mind when applying for this loan. This will help you prevent things from making worse in the future.

Long story short, if you have been in trouble, we suggest that you borrow funds from your friends, relatives or colleagues. Payday loans should be your last resort when you have no other option to consider. Hopefully, these tips will help you make the best choice.

Always prepare before you make a choice. There is so much info about wearebrandality at https://www.wearebrandality.com

7 Things to Consider When Applying for a Payday Loan

If you are going through tough circumstances, payday loans may sound a tempting option to you. But if you are not an experienced person, we suggest that you consider this option after a lot of thinking. Since these loans feature a very high interest rate, they shouldn’t be taken unless you have no other option. Below are 7 tips that may help you make an informed decision.

Financial charges

The amount of loan you will get is a lot lower than what is written on the check. The reason is that finance charges are deducted from the amount, so you will need to write a check plus these charges. Not doing so will result in a higher rate of financial charges that you will have to pay. Most people get into even bigger trouble when they fail to pay the principal amount along with interest. So, make sure you know how much you are getting and how much you will need to pay back down the road.

Paying back

If you don’t have enough funds in your account to pay back the loan, you may try other options. For instance, you may renew the loan amount or consider taking out another payday loan. But keep in mind that this new loan will have its own financial charges and extra fees. And the extra fees are actually incur because of late payment of the amount of loan.

State Regulations

In each state, regulations are different for payday loans. Usually, the term limit is not more than 30 days. The problem is that lenders often issue loans that feature a longer term limit. In this case, you are at the lender’s mercy, which is a situation you may not be willing to go through.

Cash crunches

As said earlier, the purpose of a payday loan is to deal with a temporary financial crisis, and we have to pay back the loan as soon as we are out of the financial trouble to avoid high interest and fees.

So, it is not a good idea to be tempted by the “roll over” trend or you may have to pay a huge sum at the end.

Financial position

Usually, these loans are for borrowers with lower incomes as they can’t afford to borrow from other sources. Here, it is important to keep in mind that lenders don’t usually take into account the financial position of those who are applying for the loan. So, you have to think harder before opting for this option.

Automatic rollover

You need to be aware that there are some loan sites that tend to rollover the loan amount automatically. And then there are sites that have some contractual agreements that state that you, the borrower, do not have any right to file for bankruptcy or file a lawsuit against the lender.

Approval

A great characteristic of payday loans is that they are easy to get, meaning the approval process is quite easier than other types of loans. So, most borrowers find them quite tempting, but you should be careful and only opt for this option if you have no other choice left.

You may say that opting for a payday loan is a good idea to deal with a temporary financial crisis, but a hasty decision may get you in a bigger trouble. If you don’t be careful enough, you may end up in a vicious circle of debt. Therefore, it’s better to pay back the loan as soon as you get your hands on some extra cash. Hopefully, keeping these tips in mind, you will take this decision.

How to Transfer Your SBI Savings Account From One Branch to Another Online

If you have a savings account with the State Bank of India (SBI) and want to transfer it to another branch, you can do so online within a week and that too without any charges involved. You don’t even need to visit your bank branch to perform formalities as through internet you can perform all formalities from anywhere in India.

If you want to transfer your SBI savings account to a different branch, below we have listed the process on how to do it online. But before that let’s understand a few prerequisites that must be fulfilled to successfully transfer your account to another branch.

Things to know before you start with the transfer process

Below is the list of things that you must know before you proceed to transfer your SBI savings account online:

• The option to transfer your SBI bank account online is available only for savings accounts.
• The SBI accounts that are inoperative or KYC (know-your-customer) deficient do not qualify for this facility.
• Another important prerequisite to start with the SBI savings account transfer online process is that the account holder’s mobile number must be registered with the bank.
• The account holder must also have the access to SBI Net Banking facility.
• Before starting the account transfer process online, be ready with the branch code to which you wish to transfer the SBI savings account to.
• You may even call SBI customer care to get the information.

Process to Transfer SBI Savings Account to another Branch Online

• Go to http://www.onlinesbi.com.
• Select ‘Personal Banking’.
• Login to your Net Banking account with your username and password.
• On the top panel, select ‘e-services’ tab.
• Select ‘Transfer of savings account’.

Now you’ll be directed to another page, which will display your account details such as bank account number and bank branch name. It will display all your SBI savings accounts (if you have more than one).

• Select the savings account that you wish to transfer to another branch.
• Enter the branch code where you wish to transfer your account.
• Verify the account transfer details using both existing and new branch codes.
• Click on the ‘Confirm’ button.
• An OTP will be generated and sent to your registered mobile number.
• Enter the OTP received on your mobile number
• Click on the ‘Confirm’ button.

The process completes with a message ‘Your branch transfer request has been successfully registered’.

Note:

• If you have only one account or if you want to transfer all your accounts from one branch to another, the CIF (Customer Information File) must be necessarily transferred to the new branch. Your CIF includes details of all your bank accounts.

• After the process, your account number and CIF will remain the same but your bank’s IFSC code will change as it is branch specific. Before the account transfer, if you have given your bank’s the IFSC code to other financial institutions such as mutual funds or the Income Tax Department then you will have to update them of the new code once it has been changed. It is important to inform the concerned financial institutions about the branch code change so that they can revise their existing ECS and other standing instructions.

• Transfer of a SBI savings account from one branch to another may take a week’s time. Once the transfer has completed, you will be able to see the new branch name after entering in your Net Banking account.

Online Bill Pay and Its Benefits

For every one of us, there are several bills that are paid on a monthly basis. The list includes rent or mortgage, electricity, credit cards, cell phone, internet and cable, among others.

Most people pay an amount in double digits. It is natural that at times, one of these bills slips their mind so they have to pay the late payment fee. A 2016 survey by a financial firm reveals that more than 1/3 of customers or 35% of respondents paid late in the past year, and 65% were charged with a late fee.

Most banks and credit companies that offer online bill payment make it easier to manage and pay bills to avoid extra fees. Besides paying bills from the convenience of their computer at any time, people can save on stamp costs and the trouble of traveling all the way to a mailbox.

It is not something new to pay bills online since it is done by a vast majority of Americans. However, most of them do it with the use of different websites and providers. So, there is a possibility of missing a payment.

As an alternative, wouldn’t it be better to receive and pay bills via the bank with just one list in one place? Think of how this could simplify matters.

How the System Works

This is just plain and simple. The individual logs in to his bank account, then goes to the online bill pay platform. He chooses the bill provider and keys in the account number corresponding to each bill, then authorizes his bank to send the payment for him.

The bank can send the payments electronically or by a paper check in order for the individual to pay bills online, even though the biller does not have such an arrangement. He may either select a one-time payment or arrange a recurring one. Usually, he can choose to pay the whole balance, the minimum due or just a certain amount.

Aside from paying companies like electricity or Internet providers online, the bank can also send payments to individuals – like, for example, a landlord, to eliminate the need for a checkbook.

Setting up

Thought the initial setup is not that fast, it can save time and problems later on. These are the things needed to be done:

Bring together all bills, account numbers and addresses to where payments will be mailed.
Key in the information of each company into the online bill play platform of the bank.
Choose the date when payment will be sent.
Choose between one-time payment or recurring.
Set reminders of each bill’s due date.
Most service providers and sellers provide the option of getting an electronic bill. Whenever an e-bill is available, the bank will often alert the individual. He can then choose whether to let the statement be sent to his online bill pay center or inbox/mailbox. E-bills usually take effect in a number of billing cycles.

Reasons to Use it

Online bill payment helps people manage their bills and be reminded of due dates. It is easier for them to see the flow of their money, making sure that there are sufficient funds to cover every payment. This is difficult to do if paying through several websites.

Do You Really Need a College Degree?

My wife and I have college degrees. My daughter has a college degree. My son has a college degree and is a college professor. However, I do not think a college degree is the only option for landing a very well paying job.

Many believe in order to get a high paying job, you must have a college degree. That is simply not true and certainly not automatic. The reality is millions of Americans currently owe student loans. The numbers continue to escalate, and it generally takes a person many, many years to pay off those loans.

The Stats Are Staggering!

Here’s a quote from an article I recently read:

“You’ve probably heard the statistics: Americans owe over $1.45 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.”

Years ago, while working for CBS radio (where my college degree meant nothing), I talked with numerous interns who were currently in college. I always asked them what their major was, and what they planned on doing after graduation. Sadly, by their answers, I was convinced most of them should have never even entered college.

The mantra, “college degree means a good, high paying job,” has caused many people to acquire massive debt. And after graduation, far too many end up in a job that is not the high paying job they thought they would have. They then spend years and years trying to pay back their college loans.

There Is Another Option

A few weeks ago I heard a man on the radio relate how he had no college degree, but was making a very good six figure income. He didn’t wear a suit and tie and sit in a cozy cubicle inside a fancy and impressive office building. He was an elevator repairman.

He explained how some people at those fancy and impressive office buildings often mistook him for the janitor, or some other non-office type of worker. It didn’t matter to him what anyone else thought. He shared that when he gets home each night, he doesn’t stress about money, and has no college loans to pay off.

There are numerous six figure jobs that do not require a college degree. Yes, they involve training, but the cost of the training is a fraction of four year college tuition. What type of jobs?

“Network managers and IT managers employed by companies have stable, 9 to 5 jobs with good salaries, benefits, and retirement accounts. Salaries for IT managers range between $53,477 and $125,101.

Depending upon the city of residence, court reporters can earn between $29,995 and $104,000.

Salaries for construction managers range from $41,562 to $130,845.

Salaries for fire chiefs range from $42,096 to $119,250.

Air traffic controllers command large salaries, up to $158,966 on average.

Plumbers’ salaries can soar as high as $103,731 and beyond, depending on specialties and training.

Radiation therapists must have a two-year associate’s degree, or a certificate in radiation therapy, but they don’t need a four-year college degree. Radiation therapists can earn as much as $116,000 a year.”

Let The High Schoolers Know!

I’m not at all against getting a college degree. It is definitely the absolute right and necessary path for some, but not for all. It’s really heartbreaking to see millions carrying so much student loan debt, and still not earning the salary they thought they would because of their college degree.

God expects us to be wise about our finances. In the U.S., student loan debt is 1.4 trillion dollars, and credit card debt is 764 billion dollars. It would seem there is a great lack of understanding regarding money.

Other options besides college should be explained in detail to high schoolers. In addition, our youngsters really need sound biblically based information about money. I highly recommend Roger Braker’s book, Poverty Vs Wealth as a good place to start.

And, if you have debt, I also highly recommend the many tools offered by Dave Ramsey, including Financial Peace University.

I’ve been in debt before, and thankfully, except for my mortgage, I’m debt free. Anyone in debt knows it’s not freedom; it’s enslaving. Learning about money and finances, and applying sound biblical principles will pay huge dividends, financially and mentally.

How Tally Confirms Its Top Position Over The Years

Tally, as an organisation, has gone through a roller coaster ride- right from being a start-up to a market leader, to seeing a meltdown in product pricing. It has several future goals and the main one is to become a 5,000 crore company in the near future. Bharat Goenka, the founder of Tally Solutions – India’s largest company in the accounting software domain has great ambitions. The company intends to surpass $2 billion in revenues by the completion of FY 16-17 at a growth rate that might make other start-ups to think.

Growing twenty times in few years’ time might come across as an unreasonable dream; however, the ambition to do so is perhaps more of a product of Tally’s unrealised ambitions than a statement of overconfidence. After a long road dented with struggle, success and then some huge mistakes, Tally seems to have discovered itself and sees no reason why it shouldn’t take the open road ahead in an alarming speed. The company’s founder seems to be clear on his priorities for the company this time around. According to him it’s quite easy to make money but not that simple to create an impact and if the company succeeds in doing so, it’s natural that the money will flow in.

Tally’s flagship software, ERP 9, is widely considered the best accounting package available to businesses today. Its ease of use and capability to impart real time information access, thus allowing up-to-date cash flow analysis and offering capability to better understand the numbers behind a business on an ongoing basis are what make Tally unique in India. Today, its product has an 80% market share and as per Mr Goenka, manual book keeping is the only competition. Though financial accounting is a global product, it’s extremely unique for every market.

According to experts, the accounting standard and rules in India are quite different and they change very fast as well. One of the biggest benefits Tally possesses is the understanding of the regulatory environment in the country and the fact that they update their products with great frequency. The other big benefit for Tally ERP is its strong network of partners, who actually go and sell their products in the market. Expert opine that for any global company to succeed in India, wherein lot of small businesses require to have individuals coming and selling and getting their products installed, this is a tough act to follow.

Going Forward

Tally primarily sells its products under two brands; Tally and Shoper. The company has introduced its latest version Tally ERP 9 that has been extremely successful. Going forward, it has also identified an area of opportunity, majorly ‘supply chain visibility’; looking to harness its wide reach to offer the last mile connectivity to small and mid-sized organisations.

For Tally to go past the growing completion and hit the aimed $2 billion mark, it needs to get back to the things that made it successful in the first place, which is innovation and unmatched work ethics.

Riyaz Tamboli is a Director at Antraweb Technologies Pvt. Ltd, a leading provider of Tally ERP 9 Software and support. Antraweb is a Master Tally Solutions’ partner with over 20 years of experience in providing Tally services including integration, customization, providing mobile apps, add-ons and more. His knowledge and experience has been instrumental in developing customized solutions for various businesses. Organizations can benefit from implementing Tally ERP 9 for their business and can download it from website.

How to Be Free From a Poverty Mental Stronghold

Financial three step plans, money making formulas and sowing and reaping scriptures can all be well and good, but if you have a poverty stronghold lodged and hidden in your mind, you may never enter your earthly wealthy place. If you feel you might have a poverty mental stronghold keeping you from your earthly wealthy place and you want to be set free, then this article is for you.

Gary was a Christian who had been taught in church that it was good to worship and serve God, but to have an abundance of “things” was not acceptable. The “prosperity message” was taboo. However, he eventually discovered that according to God’s Word, financial prosperity was the Christian’s inheritance and we are blessed to be a blessing.

“Beloved, I wish above all things that thou mayest prosper and be in good health, even as thy soul prospereth” (3 John 2).

So Gary began to implement all the prosperity truths he had learned, but instead of getting out of debt and enjoying the abundant life, he continued to flounder financially and stayed in debt. Fortunately, one day the Lord revealed to him the problem. All the earlier teaching on how it was wrong to seek prosperity had become a poverty stronghold in his mind that kept him out of his God-ordained wealthy place. The Lord revealed to him how to destroy that stronghold with God’s mighty powerful weapon, the Word of God.

“Is not my word like as a fire? saith the Lord; and like a hammer that breaketh the rock in pieces” (Jeremiah 23:29)?

The Lord’s instructions were simple. To destroy the stronghold of poverty in his mind, he was to speak three scriptures out loud four hours a day until they dropped down into his heart and became reality. This would set him free from the stronghold of poverty holding back his God-given prosperity. Here are the three prosperity scriptures the Lord instructed him to speak out loud:

“The young lions do lack, and suffer hunger: but they that seek the Lord shall not want any good thing” (Psalm 34:10). “For ye know the grace of our Lord Jesus Christ, that, though he was rich, yet for your sakes he became poor, that ye through his poverty might be rich” (2 Corinthians 8:9). “But my God shall supply all your need according to his riches in glory by Christ Jesus” (Philippians 4:19).

Am I saying you must spend four hours a day speaking out loud these promises to destroy any poverty stronghold you might have? No. How much time you spend a day declaring these prosperity promises is up to you. But I will say this, the more time you spend doing it, the quicker the results.

I suggest starting out with fifteen minutes a day and increase it to one half hour or more. Gary said that within three weeks he noticed a difference in his life and eventually he was free from the poverty stronghold that held him captive. He got a revelation that God was his source and not his job, the government or anything else.

And by the way, this three scripture formula will work for any area of your life: healing, confidence, deliverance from some sinful bondage, weight-loss or whatever. Just find three scriptures that cover your problem and away you go.

Once you discover you can be free from a poverty mental stronghold, it’s time for you to understand God’s economic system which is the key to financial independence where the cost of an item is not a problem because you’re loaded. Click on “Blessed to Be a Blessing” below.

Financial Skills – Writing Checks & Paying Bills

I was surprised when I asked parents to tell me the life skills they wish their kids knew, and there was a resounding request for a few topics:

How to open a bank account
How to budget & balance accounts
How to write checks and pay bills
And how to start saving for retirement
It seems some of the things we take for granted are, as a result, missing from what we teach kids.
In the last article, we focused on budgeting & balancing accounts. We even looked at games and contests you could set up for your kids. This article is the third article in the four-part series and will look at how to teach kids to write checks and pay bills.

Paying Bills

I was a bit surprised when several parents recently reported they had teens that were going to pay a bill by sending cash. I guess the obvious isn’t so obvious.

Paying bills is often done online, so it’s important to teach kids how to protect their identity online and store their login information where it can’t be stolen or accessed.

However, there are still quite a few companies that don’t offer online payments, and the only way to pay their bills is via check in the mail.

All kids should know why you NEVER send cash, and how to write a check specifically for paying a bill. For example: putting your account number and any other required details in the memo.

This brings us to the next topic: writing checks.

Writing Checks

When I was 12 years old, I went to outdoor ed. Oddly enough, part of the experience was that we could only write checks to buy goodies there, and our parents put a certain amount in our accounts so that we would also have to budget and balance our register.

Most of the kids were nervous! They weren’t sure how to fill out a check, and it was a great learning experience. I remember being nervous because we were required to fill out the amount in cursive, and I had trouble fitting it into the space.

These days, many kids never even think about writing checks because there are so many other means of transacting much more common; however, I’ve still found myself in need of checks for bills, paying contractors, and even helping me out of a pinch when I’ve forgotten my wallet.

Additionally, in my previous articles, I’ve expressed the dangers of using and relying on a debit card.

So how do you get your kids to learn how to write checks, and why would they care?

Getting Kids Involved

The best and most interactive way to teach kids to work a checkbook is to come up with a reason for them to write checks.

Here’s how it’s done:

Give your kids an old checkbook, play checkbook, or make your own (complete with a register). Then tell them in order to get certain things around the house, they’ll need to write checks. For example, to use their electronic device, there’s a rental fee that requires them to write you a check.

In addition, you can also give them a budget for the month to help them balance and budget their spending. You should balance a separate register so you can compare at the end of the month for accuracy.

Kids absolutely love this game.

Here are a few things you can charge for:

Using electronic devices
Watching TV (by the hour)
Special snacks or treats
Bicycle rental fee
Getting out of a chore (limited usage)
At the end of the month, if your kids keep a positive balance they get a prize. If you have more than one kid, whoever is the most accurate in balancing their register can also get a prize.
A variation is to cut off the privileges if they run out of money. Some think this is harsh, but it does mimic the real world.

Writing checks is simple, and most kids love to learn because they feel more like an adult in the process.

In the next article, we’ll discuss how to start saving for retirement. It could make the difference of over $200,000!

Dirty Money and Religious Compliance?

It’s everywhere and in every life because money rules the world. It is at the heart of the World Order and it began because of a desperate need for power and control. It continues along the same path as those seeking more than others are caught in a web of deceit that waylays anything standing above them. So who is to blame and why is religion its best friend?

Like anything that threatens life on earth money was meant to create giants. It was done under the guidance and direction of the Great Creator. While seemingly contradictory one should consider how the world changed because of it and that there is no other conclusion.

Primitive hominids may appear as little more than animals and that only by a freak of nature did we emerge as a superior species. There is more to it, however, as it was the will of God?

Evolution shows that homo sapiens existed 400,000 to 600,000 years ago, which is debatable as evidence to the contrary may yet turn up. The earliest evidence of a voice box was found in a boy’s skull from that time.

With sophisticated communication available to them the path to destruction was in play. Ideas were passed along and worked on to improve circumstances. Thoughts quickly changed lifestyles to further separate humans from other animals.

Over billions of years, the earth changed from an uninhabitable planet into one that supports life. When humans emerged it was a world of beauty shared with other species.

By the time man’s thinking produced the written word so much was already in place. Among the assets was the golden calf, the forerunner of money. The Old Testament claims that worship of it so angered God that the stone on which the 10 commandments were written was smashed.

Whether true or not the worship of wealth, in the form of gold, is the mainstay of the World Order. It gained importance through the colour of the sun. Kings as ‘suns’ of the sun and the ‘son’ of God gained their power by that deceit.

Constantine, emperor of Rome, who established the Catholic Church in 325 AD to unify the nations over which he ruled is the Second Beast. He introduced the financial system by which money creates power and wealth. His religion continues to control the World Order while forgiving criminals and creating poverty.

He is called 666. “And that no man might buy or sell, save he that had the mark of the beast, or the name of the beast, or the number of his name.” Revelation 13:12-18

Only the Spirit, the Great Creator, could predict what is happening. Everything fits a plan to end the world as we know it. God determined that the robbers would prevail to complete its destruction and the demise of all life.

“The tabernacles of robbers prosper, and those who provoke God are secure; into whose hands God bringeth abundantly.” Job 12:6

Following my reincarnation and with a link to the Spirit and, therefore, the real God, my goal was to search out the truth and the reason why robbers prosper. Research proves it is the two beasts, the sun, responsible for gold’s value, and Constantine whose religion enforces it, that overrides the Spirit.

Those so focused on wealth creation take from the earth whatever converts into money. It is destroying the world and all life. It was foretold of thousands of years ago, proving it is the will of God, and humans are powerless to stop it.

When Ghana’s Central Bank Cracked the Whip Amidst An Unstable Sector With Too Many Banks

Ghana’s Central Bank continues in its effort to sanitize the banking sector. Notably, among some obvious sanctions it has carried out has been the mandatory takeover of two private-owned banks: Capital bank and UT bank back by the state-own Ghana Commercial Bank under the authorization of the Bank of Ghana in 2017. Other activities have been carried out by Ghana’s Central Bank yet, the sector still needs some stability. Currently, Ghana’s banking sector is unstable though its prospect looks good in the not too distant future should major regulations and activities are carried out by the Central bank.

The sector still nursing it wounds over last year sanctions on the 2 banks, yet another bank has experienced the central bank direct sanctions, thus, Unibank, (It was adjudged the 6th best performing company in Ghana at the Ghana Club 100 awards in 2017). Currently, the country`s Central Bank has announced that as at 20th, March 2017, it has mandated and authorized the Management of Unibank, ( privately owned bank) be dissolved and taken over by KPMG. Interestingly!

Now, Bank of Ghana itself needs some house cleaning. It is very unacceptable to superintend over a sector from which a player is adjudged 6th best only for it to be said to have been withholding some important data. The Central Bank, however, has its defense for the action against Unibank that the bank has persistently maintained capital adequacy level ratio close to zero which agreeably could practically mean Unibank is insolvent. Reports from the Central bank stated that it directed Unibank to desist from granting any additional new loans to customers, however, the Bank failed to comply with the directive and continued granting new loans. Also, Unibank was directed to desist from incurring any additional capital expenditures which they (Unibank) didn’t adhere to thereby, breaching section 105 of Act 930.

Admittedly, Unibank has been a creative bank if one should observe their banking activities over the years from a distance, as such, the Central bank and KPMG guide to the bank should be one that will not dissolve their positive employee-customer culture which is readily seen to be “vibrating” among their customers and bank. Unibank has some very loyal customers, with large numbers being traders. Bank of Ghana, therefore, should guide Unibank, taking into consideration the brand that exists and finding the obvious ways to revive the bank.

Having said this, the number of Universal banks is way too many for Ghana. The number should be capped as having close to 40 banks for a population of 26 million is obviously much. What needs to be done is to build the capacity of existing banks to “branch out” to customers. This can be done in two ways: expanding physical infrastructure to reaching closer to customers and expanding digital (Online/Mobile banking) infrastructure. Already existing banks should be keen on improving their service experience, getting closer to people, expanding digital means of banking and improving on banking security.

Making it clear, however, I am not in any way against the registration of banks, In fact, my position is the direct opposite as I am not oblivious of the importance of financial services to individuals and the economy as a whole. My position will pass for the opposite. My views clearly are that instead of registering new banks that with some of them operates a few branches with no superior services or infrastructures, it would be better to resource existing banks to improve their capabilities.

Finally, some of these financial institutions will have to consider merging should there be any possibility of staying profitable in business and serving customers at standards as the sector begins to become more competitive in the coming years and also especially now that the minimum capital requirement has been increased by the Central Bank to 400 million Ghana Cedis for banks, which will take effect from December 2018.