A new bank of Nigerian origin has begun operations in the country following its granting of a universal banking licence by the Bank of Ghana.

Energy Bank is the fifth bank in the country with Nigerian roots after Zenith, UBA, Guaranty Trust and Access. Its entry brings to 27 the total number of banks in the country.

The bank is majority owned by the NICON and Global Fleet of Nigeria and has shareholder funds in excess of GH¢60 million.

Managing director of Energy Bank Ghana, Sam Ayininuola, said the bank will lead the way with competence and skills to make it a first choice in the country's emerging oil and gas business. The bank also plans to diversify into other areas such as fast-moving consumer goods, real estate and services.

According to Ayininuola, the bank will use advanced technology and competence to scale off the stiff competition in the industry. He explained that the use of state-of-the-art electronic banking platforms and skills would help to meet the needs and aspirations of the Ghanaian customer.