FirstBank Ghana will shift its operations toward branchless and digital banking. Managing Director and Chief Executive Officer Victor Yaw Asante announced this strategic pivot on Saturday, January 24, 2026. He spoke after the FirstBank Ghana 2026 Health Walk in Accra. The event marked the bank's 30th anniversary in Ghana.

Strategic Shift to Digital Banking

Victor Yaw Asante said changing customer behavior will shape the bank's next growth phase. FirstBank Ghana will reduce its physical branch network. It will invest heavily in digital platforms instead. The bank aims to serve more customers through mobile apps and online services. This move follows broader trends in Ghana's banking sector.

Ghana's banking industry has seen rapid digital adoption. The Bank of Ghana reported 34.2 million mobile money accounts in 2024. That figure represents 78% of the adult population. Digital transactions reached GHS 1.2 trillion (USD 95 billion) in 2024. FirstBank Ghana wants to capture more of this growing market.

Why It Matters

This shift matters for Ghana's financial landscape. FirstBank Ghana is a subsidiary of Nigeria's First Bank of Nigeria. It operates 45 branches across Ghana. The bank serves corporate clients, SMEs, and retail customers. Its digital transformation could pressure competitors to accelerate their own plans.

Ghana's banking sector faces regulatory changes. The Bank of Ghana requires banks to maintain a minimum capital of GHS 400 million (USD 32 million). Digital banking reduces operational costs. It helps banks meet capital requirements while expanding reach. FirstBank Ghana's move signals confidence in Ghana's digital infrastructure.

Mobile network operators drive financial inclusion. MTN Ghana's MoMo service has 12.4 million active users. AirtelTigo and Vodafone Cash also have millions of users. Banks must partner with these platforms or build competitive alternatives. FirstBank Ghana will likely pursue both strategies.

Implementation Timeline and Costs

FirstBank Ghana has not disclosed specific investment figures. Industry analysts estimate digital transformation costs between GHS 50-100 million (USD 4-8 million) for mid-sized banks. The bank will need approvals from the Bank of Ghana and the National Communications Authority. These permits ensure compliance with financial and data protection laws.

The transition will occur over 18-24 months. FirstBank Ghana may close 15-20 branches initially. It will retrain staff for digital roles. The bank must also upgrade its cybersecurity systems. Ghana's Data Protection Commission requires strict safeguards for customer information.

What Businesses Should Watch

Businesses should monitor FirstBank Ghana's new digital products. The bank may launch enhanced SME lending platforms. It could introduce instant corporate payment solutions. Competitors like GCB Bank, Ecobank Ghana, and Standard Chartered Bank Ghana will respond. They might accelerate their digital offerings too.

Regulatory developments will shape the sector. The Bank of Ghana is drafting new digital banking guidelines. These rules will affect licensing and operational standards. Businesses should engage with policymakers through the Ghana Association of Bankers.

technology partnerships will be crucial. FirstBank Ghana may collaborate with fintech companies like Zeepay or ExpressPay. Such alliances can expand service capabilities quickly. Businesses should assess how these partnerships affect banking costs and efficiency.

Customer adoption rates will determine success. Ghana's internet penetration reached 53% in 2024. Smartphone ownership is growing but uneven. FirstBank Ghana must design services for both high-end and entry-level users. Businesses should track customer feedback and usage data.

Broader Market Context

Ghana's economy grew 3.8% in 2024. The banking sector remains resilient despite inflation challenges. Digital banking supports financial inclusion goals. The government aims to increase formal financial access to 85% by 2027. FirstBank Ghana's strategy aligns with this national objective.

Other banks are also investing digitally. CalBank launched its 2Ced mobile banking platform in 2023. Fidelity Bank expanded its digital loan products. The competition will benefit consumers through better services and lower fees. Businesses should compare offerings across multiple banks.

International examples provide lessons. Kenya's Equity Bank reduced branches while growing digitally. It now serves 80% of customers through mobile channels. FirstBank Ghana can adapt similar models for the Ghanaian market. The key is balancing innovation with regulatory compliance.

Future Outlook

FirstBank Ghana's 30th anniversary marks a turning point. The bank celebrates past achievements while embracing digital futures. Victor Yaw Asante leads this transformation. His team must execute carefully to maintain customer trust.

The bank's parent company, First Bank of Nigeria, supports the strategy. It has undergone its own digital overhaul in recent years. This experience can guide the Ghanaian subsidiary. Shared technology platforms may reduce development costs.

Ghana's banking sector will continue evolving. Digital transactions will become the norm. Banks that adapt quickly will gain market share. FirstBank Ghana aims to be a leader in this new era. Its success depends on execution quality and customer response.

Businesses should prepare for more digital financial services. They need robust online banking capabilities. They should train staff on digital tools. They must also monitor cybersecurity threats. FirstBank Ghana's journey offers a case study in industry transformation.