Union Savings and Loans has been issued a provisional banking license by the Bank of Ghana.
The development paves way for Union Savings and loans to begin operations as a universal bank.
Citi Business News has gathered the license was issued in December 2015.
Ghana will now have 30 universal banks from the 29 recorded last year.
Union savings and loan will now have to meet the 120 million cedis minimum capital to operate a universal bank as against the 15 million cedis for a savings and loan company.
Citi Business News has learnt Union Savings and Loans hopes to begin operations as a universal bank by June 2016.
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By: Norvan Acquah – Hayford/citifmonline.com/Ghana