Claims in certain circles that the Finance Minister, Ken Ofori Atta played a pivotal role in the collapse of the seven indigenous banks, solely to drive people to rather in invest in his Bank, Data Bank are totally false and can best be described as mere political fabrications.
CEO of Data Bank Group Kojo Addae – Mensah tells Takoradi Base Empire FM’s Nana Adjoa Entsuah-Hagan that the claim is even a non-starter since the commercial banks are not competition to Data Bank but rather partners Data bank, “the commercial banks are not Data Bank’s competition they are partners, what this means rather is I have lost some partners, and I must say that some of the collapsed banks were our partners, it beats my mind when people try to bring politics into a very serious matter when we are trying to build an indigenous firm that will be a legacy for everybody.”
He further explained that the Finance minister has absolutely nothing to do with the collapse saying “ it’s really baffles me when I hear some of the stories that come out, it’s a non starter to even think that the finance minister would attempt to do anything and I don’t want to veer into politics because they don’t even no the relationship Data Bank has with some of the owners of these banks, but be it as it may no traffic is coming to me, any traffic coming to me is as a result of our hard work and toil..”
The Databank Group CEO was answering questions in line with matters arising over what the group describes as misinterpretation of Data Bank’s relationship with GCB’s takeover of Data Bank’s the UT and Capital Bank in August 2018.
Mr Addae –Mensah indicated that per Data Bank’s nature of operations strictly as an investment Bank it can only partner with traditional banks to make tractions simpler and easier for its clients, even though we have bank attached to our name we do not engage in daily deposits and withdrawals and other obvious transaction undertaking by the traditional banks.
Hence Data Bank’s relationship with GCB is solely a partnership for customers to do deposits and other relegated transactions with Data Bank though GCB.
He explained that “just when we announced our partnership with GCB, we had several calls from customers who felt we were subsued into GCB as were UT and capital banks.”
He advised that in the face of the seeming turmoil in the financial sector people should still feel free to save their monies but ensure due diligence by asking questions and researching on the competence of the finiacl companies before they do business with them rather than falling on advice or views from of friends and other non expert especially when they want to invest their monies.
“be mindful of rates promised on investment, you should not be greedy, greed doest take you anywhere, to be become a successful investor and financially independent, it takes time you have to have patient and build it slowly, go to the regulator, ask the regulator if this company is if this company is of good standing, if they are filing their returns on time? Are they filing accurate returns, things like that before you start working or dealing with any investment firm”.