Ghana Home Loans (GHL), the nation’s leading mortgage finance provider, has received all the requisite approval from the Bank of Ghana (BoG) to commence operations as a universal bank.

The mortgage specialist shall be renamed GHL Bank and will be the foremost bank for wealth creation.

Since its launch in 2006, Ghana Home Loans has dominated and transformed the home loans industry, systematically addressing the key systemic challenges that had hitherto rendered the mortgage product almost non-existent.

Ghana Home Loans now offers a full suite of products, including Home Purchase, Home Construction and Land Purchase mortgages.

The company also offers related products and services such as insurance, money transfer and remittances, as well as property sales, lettings and title registration.

Ghana Home Loans has placed the country on the international finance map by sourcing over USD $170mm in long-term funding from a formidable list of financial institutions such as OPIC, FMO, IFC, Proparco, DEG, EBID, Ghana International Bank, Abraaj and Shelter Afrique.

Furthermore in 2016, the company launched a USD $100 million mortgage-linked Medium Term Note programme, listed on the Ghana Stock Exchange, the first of its kind in the country.

GHL Bank would build on this impressive foundation to deliver a truly unique experience to its clients, including a comprehensive range of personal, private and business banking products.

Commenting on the transformation, Dominic Adu, CEO of GHL Bank, remarked that “as a universal bank, we aim to offer all-inclusive solutions to meet the increasing and diverse needs of our customers. This is an exciting time at GHL, as we prepare to revolutionise banking in Ghana.”

Mr Adu added that “I will like to take this opportunity to welcome our new Board Chairman, Albert Essien, a veteran of the banking industry. He has played a key role in our transformation process from a mortgage specialist to a universal bank. Mr Essien brings on board a wealth of industry experience acquired over three decades in banking.”

GHL Bank will commence operations by the end of 2017.