…As commercial banks fight for space
By Cecil MENSAH
The asphalting of the Labone road in the plush Cantonments area of Accra about two years ago appears to have turned the stretch into a hub for banking activities.
The cluster of banks occupying the stretch provide services such as banking and Automated Teller Machines (ATMs) service.
The stretch of road leads from the Labone School junction through the Free Zones Board (FZB) area to the 37 Military Hospital area.
The current fight over space by the commercial banks has led to property owners making a fortune over night as the banks approach to lease their properties.
Business Day can report that since the road that lead from the Labone Junction area was asphalted by the previous National Democratic Congress (NDC) government banking business has been booming in the area.
Currently, Business Day can report the presence of United Bank for Africa (UBA), ECOBank, United Merchant Bank (UMB), Home Finance Company Bank (HFC), Zenith Bank, Stanbic Bank, Access Bank, Guarantee Trust Bank (GT), Cal Bank, and Capital Bank.
However, Barclays Bank has mounted its Automated Teller Machine (ATM) at a vantage point behind the wall of Osu Children’s Home.
Investigations by Business Day indicate that not only has the banking sector boom but transport operators are also cashing in as more and more people troop to the area to transact their banking business.
A driver told Business Day that since the banks started fighting over space in the area, business has been different.
Hitherto, it took long to get passengers from the Junction to 37 Military Hospital and its environs.
“Now, we spend little time scouting for passengers because of the operation of the banks in the area, Kweku Badu said.
He added that previously business in the area during the weekend was bad but now customers come to access the various ATMs operated by the banks.
He said before they have to wait long hours for their vehicles to get full but with the advent of the banks on the street business has boomed.
Business Day can report that there is likelihood more banks will emerged as massive construction is ongoing along the road.
Interestingly, an ultra-modern office complex is being built for rent just by the private residence of the Finance Minister, Ken Ofori-Atta, in the area.
The Business Day’s attempt to speak with some of the branch managers of the banks along the road proved futile as they were unwilling to tell the motivation behind their setting up in the area.
Business Day is reliably informed UBA closed its branch along the George Walker Bush N1 Highway and relocated it to the Labone area a couple of years ago.
