How has Access to your Money Being?

Article: Maxwell Adombila Akalaare

Gone are the days when banking was the sole preserve of the priviledged few and the mentioned of a bank was nearly synonymous to money.
In those days, the conditions of opening an account with the then few banks in the system were so cumbersome that only a few people could afford to satisfy them. These conditions ranged from Gh¢100 or more as minimum first time deposit, submission of paid water and eletricity bills for at least the last two months to four passport sized photographs as well as other pertinent and difficult to fulfill requirements and procedures.
The few Ghanains who could satisfy these demands were either businessmen and women or the gainfully employed who were assurred of walking briskly to the banks after every month, atleast fffor some coins.
Some banks at the time were highly prided for their cost of banking. To those banks, banking with them meant belonging to a particular class (a prestigious class among the banking class).
But that was not to continue for long as the banking in the country soon evolved giving birth to numerous banks that are earger and zealous to serve the unwillling public.
As many Ghanaians embraced the ideals of saving with the banks rather than keeping their money under their pillows or even with the popular ‘susu collectors’, keen competition among banks for these customers also emerged.
But this keen competition meant a relaxing of some of the achaic and cumbersome banking proceedures and demands from the then few banks in the system.
And that actually happened. Most banks reduced their minimum initial deposts with some making it possible to eeven open an account without a pesewa deposted, no passport, no bills; just your particulars, after which your portrait is taken using a digital camera and you are told to come the next week or two for your account number plus your Automated Teller Machine (ATM) card.
The evolution further dilusioned the prestige that was attached to the then few banking class.
But agreeing to save with the banks and having easy and conveniet access to that same money are two different things as far as banking in Ghana is concern. to be continued