Equatorial Guinea: Banking services offering expands at fast pace

Jul 05, 2011

Equatorial Guinea banks are currently launching new services to increase the level of access to financial firms in the country.

Equatorial Guinea banks are currently launching new services to increase the level of access to financial firms in the country.

Info Plus Gabon newspaper spoke to Bruno Massez, Chief Executive Officer of SGBGE bank, about the group's latest efforts.

"Several Equatoguineans do not have a bank account and several private sector workers are paid in cash," he said.

The bank recently opened a branch in the oil port of Luba and plans to open a new outlet in Bata next August, with a view to attract businesses.

It has also made efforts in the electronic money sector, with the development of the ATM network and the distribution of debit cards. On top of Visa and MasterCard, SGBGE will soon accept the Chinese card CUP, the news source added.

Furthermore, several Guinean banks will introduce Visa international cards and SGBGE bank will offer two of them by the end of the year: the Classic and the Gold.

It was also revealed last week that Al Barid Bank will offer a new service in partnership with MoneyGram International in Morocco.

This
will be
an international money transfer service called International MoneyGram, which will be offered through 1,800 Al Barid Bank branches.