Objectives

CIB’s long term objective as stated by its mission and vision statements - to develop fully the professional potential of persons engaged in the practice of banking and financial services by enhancing their knowledge and skills through education and training and recognising with appropriate qualifications those who achieve the required standards. In other words, The Institute’s long-term goal is to become the market leader in its area of operations and the standard by which other professional training institutes in the industry will measure performance.

The overall long term objectives of the institute are as follows:

  1. To establish and maintain world class standards of education and experience for persons engaged in the practice of banking or entering upon a course for the study of banking;
  2.  To adopt any lawful means conducive to the maintenance of a high standard of professional skills amongst persons engaged in the practice of banking;
  3. To undertake, supervise and encourage education in all matters relevant to the advancement of knowledge of the principles and practice of banking of persons who are engaged in or likely to be engaged in such practice;
  4. To maintain and publish such register of members with particular professional or practical experience in banking or any aspect thereof as the Institute shall think fit and to prescribe minimum requirements for inclusion in such a register;
  5. To hold and supervise examinations and award certificates, diplomas, prizes or scholarships, either alone or jointly with other educational or professional bodies;
  6. To prepare and print criteria for the teaching of banking and its application;
  7. To maintain a library, and to publish or to arrange for the publication of a journal relating to banking matters;
  8. To confer, consult, communicate or cooperate with any other professional or educational institution, society, association of  body with a view to the pursuit of common objects in banking and related subjects and to represent the banking profession both nationally and internationally;
  9. To enable and encourage all persons engaged in banking to meet and correspond in order to facilitate the exchange of ideas and information on the practice, teaching and use of banking;
  10. To commission, promote, publish, distribute, deal in and sell and to promote the production, publication, distribution and sale of all kinds of books, documents, pamphlets, brochures and other literature on banking and allied subjects;
  11.  To foster and maintain high level of professional integrity, discipline and etiquette;
  12. To maintain close consultation with the government on matters relating to banking and finance.

However, within the short to medium term covering this planned period, CIB (GH) intends to achieve the following objectives:

Increase Membership of The Institute – The Council is seeking to reorganize and expand the institute’s operations in this planned period. An objective of this planned period is to increase the number of individual members in response to an expansion of the financial services sector. In addition, The Institute aims at attracting young graduates and students wishing to work in the financial services sector which is seen as the most attractive sector for employment in the country. Banking has evolved into a global business that provides a wide range of financial services and as a result, CIB seeks to broaden its scope beyond its traditional roots to embrace the wider financial services community. CIB now aims to be the centre of excellence in the theory and practice of banking and financial services.

Expand Continuous Professional Development Programmes – due to an increase and expansion of financial institutions, the need for professionalism and highly developed skills and competencies for the provision of financial services cannot be over emphasized. In view of this, CIB intends to restructure and expand its continuous professional development programmes to meet the current needs of the financial services sector. This life-long tool benefits the professional, customer, employer, professional association and society as a whole and is particularly relevant during periods of rapid technological and occupational change like that happening in Ghana currently.

Enhancing the Secretariat – the Secretariat will be enhanced through adequate financial, logistical and human resourcing to ensure efficient and effective delivery of services.

Banking Terms

•E-Banking involves services offered by Banks to their private and business customers using computerized support to record, process and transport data automatically or without vouchers. 

EXCEPTIONS TO BANK’S DUTY OF SECRECY

  1. Under the Anti-Money Laundering and Terrorist Financing Law, the Bank is obliged to report even strong suspicious of unlawful activities on an account to the Financial Intelligence Centre.
  2. The Borrowers and Lenders Act also permit the Bank to disclose details of non-performing customers accounts to designated outfits prescribed by the Central Banks.
•What is E-Banking:
•An automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.
•What is E-Banking:
•An automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.
•What is E-Banking:
•An automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.
•What is E-Banking:
•An automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.
•1. Cost reduction in banking services due to mass usage – cheaper and convenient
•2. Less reliance on physical branch networks for service delivery – released capital that would otherwise be tied up in brick and mortar
•3. Around the clock usage of systems – 24/7
•4. Worldwide application of some e-banking products and services
•5. Less use of cheques and paper-based instruments (environmental concerns eased).

SECONDARY MARKET

The trading of existing securities issued by companies and government organisations in order to raise long-term funds is termed secondary market activity.

These activities are carried out on a Stock Exchange.  Trading of existing securities on the Stock Exchange therefore, constitutes secondary market activities.  

BANK’S DUTY OF SECRECY

  • The Bank’s duty of secrecy and confidentiality is central to the maintenance of confidence in the financial system.  According to the Banking Act 2004 there are a number of situations under which the Bank’s duty of secrecy is suspended.
  • The following are exceptions to the secrecy rule in Ghana.

 

FINANCIAL MARKETS

Financial Markets in Ghana are classified into two broad areas namely:

  1. The Capital Market
  2. The Money Market

The Money Market is essentially a market for short term funds, i.e. sale and purchase of securities with a maturity of less than one year; with the Commercial Banks, Central Bank and Discount Houses being the major players.

•The risks and challenges associated with I.T. are also applicable to E-Banking.  The peculiar risks of e-banking are accentuated by the internet where customers and fraudsters can operate the systems from any part of the globe-outside the reach of the financial institution and remain largely anonymous.
•To be continued
 

E-Banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the internet

 

 

 

EXCEPTIONS TO BANK’S DUTY OF SECRECY

  1. Where the customer has given his express or implied consent for the disclosure for example by inviting a third party to apply to the Bank for a banker’s reference.
  2. Where the Bank of Ghana requires, disclosure for example when a particular bank customer is under investigation by the Bank of Ghana.  

 

DUTIES OF A CUSTOMER

  1.  To pay reasonable interest and commission and other charges for banking services
  2. To inform the Bank of any known forgeries on the account – Greenwood Vrs. Martins Bank Ltd. (1933).
  3. To repay any overdraft on demand.

 

•1 Enormous risk challenges e.g. breach of systems, PINS and ID instruments (cloning)
•2. Requirement for effective back-up systems and controls
•3. Fraudsters evolving new schemes to outwit controls in e-banking facilities
•4. Anonymity of some applications fostering the commission of crimes around the globe e.g. internet-based payments

CAPITAL MARKET

This is a market for relatively long term funding.  Active players in this domain are the Stock Exchange, the Pension Funds and the Mortgage Institutions.  The major characteristics of this market are;

  1. Long-Term Funding, usually over one year
  2. Debt and Equity are traded
  3. Focuses on Secondary Market
  4. Higher Returns
  5. Higher Risks

EXCEPTIONS TO BANK’S DUTY OF SECRECY

  1. Where there is a public duty to disclose, for example if the Bank is aware that the customer’s transactions are damaging to the national interest (such as trading with the enemy in time of war) or e.g. when the Bank knows of a fraud involving the customer being investigated.
  2. When the interest of the Bank requires disclosure, e.g. when filing a WRIT in court against the customer, especially for the recovery of unpaid loans or charges

PRIMARY MARKET

  • Deals in new securities and also involves conventional lending and borrowing activities (on a secured or unsecured basis)
  • Issues short-term securities bought or sold for immediate delivery
  • Exchange of funds for financial claim
  • Funds raised through Initial Purchase Orders (IPOs) and goes directly to the Company whose shares have been floated. 

 

•E-Banking involves services offered by Banks to their private and business customers using computerized support to record, process and transport data automatically or without vouchers.
 
 
 
 
 

 

•The risks and challenges associated with I.T. are also applicable to E-Banking.  The peculiar risks of e-banking are accentuated by the internet where customers and fraudsters can operate the systems from any part of the globe-outside the reach of the financial institution and remain largely anonymous.
 

DUTIES OF A CUSTOMER

  1. To exercise reasonable care when drawing his cheques, to help prevent alteration, fraud and forgery so that the bank will not be misled-London Joint Stock Bank Vrs. Mac-Millan and Arthur (1918).
  2. To go to his bankers when he requires payment. It is not incumbent on the Bank to seek out the customer.

 

EXCEPTIONS TO BANK’S DUTY OF SECRECY

  1. Where a law or court of competent jurisdiction requires disclosure for example; if a customer’s bank account is the subject of a dispute at the Court.
  2.  In Ghana, under the laws establishing the SFO (now EOCO), and the Narcotics Control Act, the Bank is obliged to disclose information about a customer’s account where warranted by these institutions.  The request must be in writing and addressed to the Bank.

 

E-Banking includes the systems that enable financial institution customers, individuals or businesses, to access accounts, transact business, or obtain information on financial products and services through a public or private network, including the internet

 

 

Get in touch

  • East Legon on the Trinity College Road
  • 0302 541 309 / 0302 541 308
  • 0302 541 614
  • info@cibgh.org