Capital Bank (Ghana)

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Capital Bank Ghana Limited
IndustryPrivate banking,
Retail Banking,
Asset management,
Investment banking,
Financial Services
Founded2009; 10 years ago (2009)
Key people
William Ato Essien
Mensa Otabil
Rev. Fizgerald Odonkor
ProductsPrivate banking,
Asset management,
Investment banking,
Speed banking, Speedpay
Total assetsUS$140 million; 2013
GHS:286.80+ million; 2013
Number of employees

Capital Bank (previously First Capital Plus Bank) was an indigenous private national development and commercial Ghanaian bank.[2] It was one of the private national development and commercial banks licensed by Bank of Ghana, the national banking regulator.[3][4] On August 14, 2017, the bank of Ghana announced it had revoked its license. The bank was taken over subsequently by GCB Bank.


Capital Bank was founded by William Ato Essien on 29 October 2009 as a microfinance company.[5][6] As the assets of the company grew, it became a Savings and Loans Company known as First Capital Plus Saving and Loans Company.[2] In 2010 the microfinance grew its deposit base to 36.06 million cedis and total asset size of 47.18 million cedis.[3][7] In 2013 First Capital Plus Bank had deposit base of 211.11 million cedis and total assets of 286.80million cedis.[7] The Bank of Ghana states that FCP has a market share of 16% of the advances of savings and loans companies and 19% of the sector total assets. The Bank currently employs 355 and has 15 branches covering five regions.The company grew its base deposit and assets from its inception till 2013 when it applied and was awarded a provisional universal banking license in July, 2012. After the six month provisional period, the bank was given a full license on 4 December 2013 and became officially known as First Capital Plus Bank.[3][7] The firm later re-branded to Capital Bank in 2015.[8]

The Central Bank of Ghana issued a press release on August 14, 2017 announcing the revocation of the license of Capital Bank (another bank, UT Bank also had its license revoked). The statement further mentioned that control of Capital Bank had been approved for another bank, the Ghana Commercial Bank.[9]


The bank offered mainstream banking services which include cash deposits and withdrawals, savings and loans and financial advise consultation.[10] In 2011 it introduced a cash deposit service known as SpeedBanking. The service allows bank customers to deposit cash into their bank accounts at their convenience through their mobile phones without physically being present in any bank branch.[11]

Board of directors[edit]

  • Mensa Otabil was Chairman; Rev. Fitzgerald Odonkor was Chief Executive Officer, William Ato Essien (Founder), Mr. Kofi Kwakwa (Director), Mrs. Frances Adu-Mante (Director), Alhaji Amadu Montia (Director)[12]


Capital Bank its headquarters at the Capital Plaza on the Spintex Road. adjacent Papaye Fast food.[3] The bank as at December 2015 has eighteen operational branches in regions across Ghana[2][3]


Ghana Premier League Logo

On 4 February 2014, Capital Bank became the headline sponsor of the Ghana Premier League.[13] This sponsorship agreement between the bank and the Ghana Football Association is a five-year deal worth ten million dollars.[14] The deal was hailed by Elvis Afriyie Ankrah, Minister of Youth and Sports of Ghana and was considered timely as the Ghanaian league had been without a title sponsor for over four months. The bank per the agreement will pay the Ghana Football Association two million dollars per year until 2019.[15] The first payment of five hundred thousand dollars was made on 5 February 2014.[16]



  1. ^ "Capital Bank Executive Management".
  2. ^ a b c "About us". mboadi. Retrieved 31 January 2017.
  3. ^ a b c d e "First Capital Plus begins commercial banking operations". Retrieved 5 February 2014.
  4. ^ List of Licensed Commercial Banks In Ghana Archived 14 November 2012 at the Wayback Machine
  5. ^ "First Capital Plus". Retrieved 5 February 2014.
  6. ^ "First Capital Plus Savings and Loans now a bank". Retrieved 5 February 2014.
  7. ^ a b c "First Capital Plus to start universal banking". Retrieved 5 February 2014.
  8. ^ "First-Capital Plus rebrands to Capital Bank".
  9. ^ "GCB Bank takes over UT and Capital Banks". Ghana Business News. 14 August 2017. Retrieved 17 August 2017.
  10. ^ "Products and services". Retrieved 5 February 2014.
  11. ^ "First Capital Plus". Retrieved 5 February 2014.
  12. ^ "Capital Bank: Board of Director". Retrieved 31 January 2017.
  13. ^ "First Capital Plus rescues Premier League with $10million sponsorship". Retrieved 5 February 2014.
  14. ^ "Sports Minister hails First Capital Plus Bank for sponsoring Premier League". Retrieved 5 February 2014.
  15. ^ "First Capital Plus Bank signs up for $10m as league sponsor". Archived from the original on 9 February 2014. Retrieved 5 February 2014.
  16. ^ "First Capital Plus makes first payment to Ghana League". 5 December 2013. Archived from the original on 6 February 2014. Retrieved 5 February 2014.