Ghanaian agricultural bank ADB attains international standard on information security management

Image source: Pentestmag

GHANA – Ghana’s leading commercial bank with focus on Agriculture, ADB has received the International Organisation for Standardisation (ISO) 27001; 2013 Certification, on how to manage information security.

The attainment of the certification follows a rigorous assessment process by accredited certification body PECB Group based in Canada since 2019.

ADVERT

According to reports by Ghana News Agency, the certification serves as a testament that the bank is committed to ensuring that customer information is secured and protected and elevate information security risks.

“The certification is a validation of our ability to provide adequate security for customer information and assure our valued customers that their information is safe, sound and secured with the bank.”

Managing Director ADB, Dr. John Kofi Mensah

It applies to all core banking processes, people, and technology systems at the bank and is in line with global standards and Bank of Ghana’s directives on data protection.

“The certification is a validation of our ability to provide adequate security for customer information and assure our valued customers that their information is safe, sound and secured with the bank,” said Managing Director of the Bank, Dr. John Kofi Mensah.

According to the Managing Director, the certification aligns with the aim of the board, management and staff to make ADB, the people’s bank especially in the area of agribusiness.

Due to high risk of cyberattacks, customers were drawn to banks who could provide information security, confidentiality and integrity thus ISO 27001 giving ADB a competitive advantage.

“We do not only have secure management and information systems but we are also compliant and also have better processes complimented by skilled staff to deliver excellent services to our customers” the Managing Director highlighted.

The bank in its third quarter financial results has showed a doubled year-on-year profit of GHS60 million (US$10.3m) as compared to GHS30 million (US$5.15m) of same period last year.

According to the financial statement of the period ending September 2020, the bank’s interest income grew by 25%, promoted by return from investments in risk free instruments.

However, its fees and commissions dropped due to a large expense on the profitability account.

In terms of the balance sheet, ADB’s customer deposits increased from GHS3.1 billion (US$532m) in September 2019 to GHS3.7 billion (US$635m) at the end of September 2020, whilst loans and advances went up by almost GHS500 million (US$85.8m) to GHS1.8 billion (US$309m) in the nine months of 2020.

Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.