The financial services industry in Ghana was for a long time dominated by western banking practices and procedures which could not meet the needs of SMEs as a result of the cumbersome processes. This was because training in banking was deeply rooted in the western syllabus and hence the western way of financial practices. Also in Ghana, the 1990s were characterised by bleakness in the banking and finance industry. Banks were failing in their core activity of making loans accessible to the informal business sector.
This story however changed when in 1997, through the rare partnership of two men, the financial services landscape in Ghana experienced a radical revolution with the establishment of UT Financial Services. For the first time in Ghana an indigenous son defied all banking norms and demystified access to loans to the ordinary man and woman. In addition to providing accessibility, UT broke the jinx that governed the disbursement of loans such as having to wait for several weeks, sometimes months in order to receive whatever loans one had applied for.
UT Financial Services Ltd (formerly Unique Trust Financial Services) is the leading non bank financial institution in Ghana specialising in loans and investment. The company has for the past decade committed itself to serving the needs of indigenous traders and business entities not being catered for by the traditional banks through simple, fast and a very efficient business model. This resonates with the desire of the shareholders to create an entity set apart by its nonpareil standards of integrity in dealing with clients and stakeholders.
In the words of Moky Makura, the prolific TV presenter, producer, writer, actress and businesswoman: “what seems to make UT so successful is the company’s strategy of applying African solutions to an African environment. Commercial Banks in Ghana have tended to apply western standards when they lend money looking for things like collateral, business plans and fixed business addresses. But like much of the rest of Africa, well over 70 percent of Ghana’s business takes place in the informal sector; so UT threw out the rule book.”
The initial focus of UT was centered on servicing the “unbanked” informal sector, but over the past few years, UT’s services have extended to cover the formal sector and providing stop gap loans and trade financing to SMEs.
What sets UT apart in the financial services market is the solid business structure and flexibility that allows for tailoring products to meet the specific needs of clients hence the tag line “they say no, we say why not”.
The core business is to provide credit for businesses and individuals to expand their business, import and export financing and social loans for salaried workers and take care of other social needs. In addition to this, the company has a high yielding investment instrument which provides clients with carefully selected investment products that balance risk with robust reward.
UT’s vision is “to be recognised as Africa’s leading provider of unique financial solutions”.
In all dealings, UT is dedicated to providing timely and effective financial assistance to the customer.
The company which started with a staff of four in a one room office in the Central Business District of Accra now boasts a diverse and highly skilled workforce of about 600 spread over 20 branches in Ghana.
Performance highlights
Under the dynamic leadership of the visionary CEO, Prince Kofi Amoabeng, (described by the media as the “Prince of Corporate Ghana), UT has won a number of awards. UT has been awarded the 5th Best Company, 2nd Best Financial and Indigenous Business for 2008 as well the Best Non-Bank Financial Institution for four consecutive years (2003, 2004, 2005 and 2008) by the Ghana Investment Promotion Centre (GIPC) in its Club 100 rankings which represent the top 100 companies in Ghana. In 2006 the company was recognised as the Best Financial Institution and 2nd Best Overall Company in Ghana. In the same year the CEO received the Marketing Man of the Year Award by the Chartered Institute of Marketing (CIMG). During the celebration of Ghana’s 50th anniversary in 2007, UT won a Gold Award for its contribution to the Social and Economic Development of Ghana.
In March 2008, UT won the second Most Respected Company, while the CEO won the most Respected CEO in the maiden edition of Ghana’s Most Respected CEO and Company Awards organised by PricewaterhouseCoopers.
CSR
Wealth creation at UT Financial Services is not just about how much profit we make, but also how much we are able to impact on the community in which we operate. Our social responsibility therefore is about being responsive to the needs of our people and contributing significantly to the social and economic development of the disadvantaged in society.
Apart from prompt and timely payment of corporate and income tax, we also make significant donations and sponsorships to the under-privileged sectors of society.
We have been committed to improving health, education and the social wellbeing of the ordinary and under privileged in society. UT has over the past four years spent five percent of our profit before tax on our social responsibility. UT has a unique Yuletide outreach programme where the chairman of the board leads a team of staff volunteers to distribute food parcels to the street children and homeless on Christmas day.
UT makes donations to the Ghana Society for the Blind, Ghana Heart Foundation, Hope for Kids and the Ghana National Trust Fund among other charities.
UT today
From humble beginnings as a privately owned company in Ghana, UT in 2008 evolved into a publicly owned company with shares listed and actively traded on the Ghana Stock Exchange, in one of the most successful IPOs to date in Ghana. The IPO was recently awarded the 2nd Best in Africa by the New York Stock Exchange.
– UT Financial Services has over the past two years opened branches in other countries in line with its vision of having a presence in five countries outside Ghana by 2010 – UT is taking an African brand global.
– UT Financial Services (Germany): In 2008, UT started operations in Hamburg, Germany as UT Logistics GmbH. The major products being offered were acquisition and registration of land, building supervision and as well providing travel assistance to Ghanaians in the diaspora.
– UT Financial Services (Nigeria): At the beginning of 2009, UT obtained a license to operate and replicate its services in Nigeria, thus serving the needs of indigenous traders or business entities not being catered for by the traditional banks, by providing stop gap loans and trade financing to SMEs.
UT Holdings
Apart from UT Financial Services the UT Group comprises of the following
operating companies:
UT Logistics : UT Logistics is the trading and logistics arm of UT Holdings. The company undertakes clearing and warehousing business activities. UT Logistics, in addition, trades in soft commodities and provides collateral management services.
They are also into freight forwarding and clearing of goods.
UT Bank : A recent acquisition majority shares in BPI Bank Ghana Ltd gave birth
to UT Bank which operates as a licensed universal banking institution offering a
suite of banking products and services to customers.
UT Properties: This company offers real estate services such as valuations and funding options. It offers advisory and consulting services aimed at acquisition, development and management of land and real estate in Ghana.
UT Collections: This is the debt collection subsidiary of UT Holdings and specialises in the collection, management and recovery of debt. The company provides innovative and professional debt collection services and receivable solutions across a broad spectrum of industries.
