Region and country of operations: Africa, Ghana
Jurisdiction of registration: Ghana
Business sector: Bank
Date of agreement (month/year): 8/2018
Finnfund’s financing: USD 15,000,000
Size of project/financing: USD 15,000,000
Environmental and social category: FI-B
CAL Bank was founded in 1990 to be a merchant bank serving corporate clients. In 2004 CAL Bank received Universal Banking License by the Central Bank of Ghana and currently serves corporate, public sector, small and medium-sized enterprises (SMEs) and retail clients through 26 branches and over 100 ATMs across Ghana. CAL Bank has worked together with Development Finance Institutions since its inception implementing good Corporate Governance practices and aiming to grow its local presence and market share while simultaneously taking care of its profitability. CAL Bank is actively developing mobile and digital banking services to improve financial inclusion and utilization of banking products and services in Ghana. Finnfund’s loan will enable CAL Bank to provide longer maturity loans to clients than usually is the case in the Ghanaian market.
Main development impact
Main development impact is estimated to be created indirectly through the Corporate and SME clients of CAL Bank who are able to expand their activities and employ new employees through the financing provided. Finnfund’s loan will enable CAL Bank to provide longer maturity loans to clients than usually is the case in the Ghanaian market. CAL Bank supports financial inclusion by developing new mobile and digital banking services and by implementing agency banking model, which brings financial services also to the rural areas.