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UT starts Nigeria operations

By Kofi Ahovi
UT Financial Services Limited (UTFSL), arguably one of Ghana’s most successful non-bank financial companies has finally entered into the Nigeria business arena, West Africa’s most populous nation.
After growing and expanding since its inception in 1997 to cover almost all of southern, the middle part of Ghana, the company is ready to meet the needs of the people of Nigeria with its services and products which help to improve the lives of people.
UT Nigeria started operations in May this year and is currently running ahead of schedule.
It has a portfolio of US%1.4million and a client base of 40 to 50 in this short period of operation. However it staff strength stands at 13 made up of half Ghanaians and half Nigerians.
Speaking to the Director of Operation of (UTFSL), Budu Koomson he asserted that “Our outlook is Nigeria is very bright”.
Koomson assured that the company will break even by the end of the third quarter of this year.
He attributor the greatest challenge of venturing into Nigeria as licensing procedure. The Central Bank of Nigeria (CBN) has two offices separately in Lagos and Abuja whiles its registrar general department is also in Abuja so officials of UT had to trek between the two states.
UT Financial already has an office in Germany that because it is difficult to get a license to operate as a non-bank financial institution in Germany, the company is operating a prototype office there, which is serving Ghanaian residents in that country.
UT has intensions to set up in the UK and the US by 2010.
Koomson hinted that the company may open a branch of the UT Bank in Nigeria in the near future, but due to the sizes of the various bank there it may consider partnership.

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