Growing customer base of banks with inward remittances: a case study of Energy Bank Ghana Limited

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September, 2015
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This study investigated remittances and how it could help increase the customer base of banks. It adopted the case study design with purposive sampling of the Head of Operations of Energy Bank and systematic sampling of 100 remittees who had received remittance in the last two years. Questionnaires and unstructured interview were the main instruments of data collection. This study revealed that the active population between the ages of 18 years and 45 years received the most remittances. These were mostly the unemployed and the self-employed. The study also found that the bank did not have any special products and services in place to transform these remittees into account holding customers. Among the recommendations of the study was that Energy bank should introduce special products and services that are tailored to the needs of the remittees. Also, remittees were advised to save part of their remittances with the banks to meet unforeseen contingencies and also to be able to meet the loan requirements of the bank.
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Master of Business Administration (Finance Option)