First Atlantic Bank

What First Atlantic Bank does

First Atlantic Bank PLC is a Ghanaian universal bank founded in 1995 (originally as a merchant bank, transitioning to a universal bank in 2011) and headquartered at Atlantic Place, Ridge West, Accra. The bank serves retail consumers, SMEs, corporates, and high-net-worth individuals through three primary segments: Personal Banking (Atlantic current, savings, target, and youth accounts; personal and salary loans), Corporate & SME Banking (corporate current accounts, Atlantic Flex Business, trade facilities, vehicle asset finance, POS), and Prestige/Private Banking (Purple Plus, Purple Plus Extra, Purple Auto Loan, Purple Plus Mortgage, and Private Wealth Management). It operates 39 branches across Ghana, including in Accra metro, Kumasi, Takoradi, Tamale, Tarkwa, Techiman, Tema, and Suame, supported by wholly-owned subsidiaries First Atlantic Asset Management and First Atlantic Brokerage.

The bank's technology stack comprises a multi-channel digital platform: the FAB Mobile App (iOS/Android), retail and Corporate Internet Banking, USSD banking on *442#, 4G-enabled POS terminals, the Momo Portal for merchant mobile money collection, the USSD Extension (*442*1#), and the Digipay web payment gateway for e-commerce and corporate collections. Fintech partnerships with Onafriq (card-to-wallet interoperability) and MobileMoney Ltd/MTN Ghana (merchant and agent services) integrate the bank into Ghana's 68M-account mobile money ecosystem, while statutory integrations with GRA and SSNIT enable tax and social security payments via Corporate Internet Banking. The platform is certified to ISO/IEC 27001:2022, PCI DSS, and ISO 22301. The bank has won Digital Bank of the Year at the Ghana Fintech Awards for two consecutive years (2023 and 2024).

The revenue model is a classic commercial bank construct: Net Interest Income from personal, auto, mortgage, SME, trade, and corporate lending offset by interest on deposits (GH₵663M in 2023) is the dominant stream, supplemented by Net Commission and Fees (GH₵124M in 2023, up 30% YoY) from account maintenance, electronic transactions, wire transfers, trade finance, card interchange, and wealth management fees. Distribution combines sales-led branch operations, digital self-serve (mobile, internet banking, USSD), fintech channel partnerships for merchant acquisition, and POS networks. The bank listed on the Ghana Stock Exchange on December 19, 2025, raising GH₵786M in an oversubscribed IPO, and has disclosed regional expansion plans into Liberia and Sierra Leone.

Name

First Atlantic Bank

Legal name

First Atlantic Bank PLC

Website

https://firstatlanticbank.com.gh

Company type

Public

Founded year

1995

Operating status

Ipo

Headcount range

501–1,000 employees

Short description

First Atlantic Bank PLC is a Ghanaian universal bank serving retail, SME, corporate, and high-net-worth clients through 39 branches and a multi-channel digital platform (mobile app, USSD, POS, internet banking, Digipay), with core revenue from net interest income and fees; listed on the Ghana Stock Exchange in December 2025.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

National Commercial Banks (6021), Commercial Banks, Nec (6029)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), SME Trade Finance & Working Capital (LCs, Guarantees, Receivables) (FSABABAF), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

Keywords

• Retail banking services
• Corporate banking
• Digital banking platforms
• Trade finance services
• Private wealth management

Headquarters

HQ city

Accra

HQ country

Ghana

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Interest income earned on loan portfolio (personal loans, auto loans, mortgages, SME credit facilities, corporate lending) offset by interest paid on customer deposits. Primary revenue driver for a commercial bank.
2. Net Commission and Fees: Fees and commissions from transaction services including account maintenance, electronic banking transactions, wire transfers, trade finance, and forex services. Reported at GH¢124 million in 2023, up 30% year-over-year.
3. Digital Banking Services: Revenue from digital platforms including POS terminal services, mobile money merchant services, prepaid card programs, and web payment gateway (Digipay) transactions.
4. Trade Finance: Income from trade facilities including bid bonds, letter of credits, invoice discounting, import/export financing, and other trade-related services.
5. Card Services: Revenue from issuance and interchange on debit cards (Visa, Mastercard), credit cards (Visa Infinite, Platinum, Classic), and prepaid cards across personal, corporate, and prestige segments.
6. Private Banking & Wealth Management: Fee-based wealth management and investment services for high-net-worth individuals through the Private Banking (Purple Plus) and Private Wealth Management desks, with portfolio management and fixed-income investments.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels9 records

Core offering

First Atlantic Bank PLC provides full-scale commercial banking services in Ghana across retail (Personal Banking), corporate/SME (Corporate Banking), and high-net-worth (Prestige Banking) segments. Its offering spans deposit accounts, consumer and SME loans, trade finance instruments, debit/credit/prepaid cards under Visa and Mastercard, private wealth management, and a digital banking suite comprising mobile app, internet banking, USSD, POS, Momo Portal, and the Digipay payment gateway, distributed through 39 branches and digital self-serve channels.

Product overview

First Atlantic Bank PLC is a full-scale commercial bank in Ghana offering a comprehensive banking platform with three main customer segments: Personal Banking (retail), Corporate Banking, and Prestige Banking (private banking for mass affluent and high-net-worth individuals). The bank's product portfolio spans core deposit accounts (current accounts, savings accounts, target accounts, youth savings), digital banking channels (mobile app, internet banking, USSD, POS terminals, payment gateways), card products (VISA and Mastercard debit, prepaid, credit, and premium cards), loan products (personal loans, auto loans, mortgages, trade facilities, SME financing), and wealth management services. The bank emphasizes digital innovation with its 'Purple Experience' branding, offering seamless and professional banking through both physical branch network and digital channels. The bank listed on the Ghana Stock Exchange in December 2025 following an oversubscribed IPO raising GHS 786 million.

Differentiator

Problem solved

Functional benefit

Brands

• Purple Plus: A hybrid account for private banking customers offering personalized lifestyle, wealth management and advisory services.
• Purple Plus Extra
• Atlantic Experience

Products and services

• Atlantic Individual Current Account Non-interest bearing demand deposit account enabling individual customers to handle day-to-day banking transactions, available in singular or joint formats for shared expenses.
• Atlantic Save Account Plain vanilla savings product offering customers an avenue to build reserve funds for future use.
• Atlantic Flex Individual Hybrid interest-bearing current and savings account targeted at individuals with high credit turnover and high transactional needs.
• Atlantic Target Account Savings account designed for individuals to build funds over a specific period to meet goals such as weddings, school fees, holidays, or medical expenses.
• Atlantic Young Saver Instant access savings account operated by parents/guardians on behalf of children below 18 years to nurture saving habits.
• Atlantic Corporate Current Account Non-interest bearing demand deposit account (DDA) for corporate organisations, SMEs, and businesses where funds deposited are payable on demand.
• Atlantic Flex Business Savings product designed to attract deposits from businesses with high credit turnover and high transactional needs, aimed at growing the bank's deposit base.
• Atlantic Business Savings Account High-yielding savings account designed to build up funds for business entities, limited liability companies, firms, or informal bodies.
• FAB Mobile App Mobile banking application enabling customers to perform financial transactions remotely via smartphone or tablet, providing secure access to banking services anytime and anywhere.
• Internet Banking Self-service online banking platform for individuals and sole proprietors enabling bank transfers, mobile money payments, prepaid card loading, and statutory payments.
• Corporate Internet Banking Seamless online platform for retail and corporate institutions enabling transfers to other banks and mobile money wallets, prepaid card loading, GRA and SSNIT payments, and FX transfer requests.
• USSD Banking (*442#) Banking service accessible on any feature phone by dialling *442#, providing essential banking functions without internet connectivity.
• Momo Portal FAB Mobile Money Merchant Platform enabling merchants to receive mobile money payments from all networks easily and at lower cost, streamlining collections for businesses.
• USSD Merchant Extension USSD merchant extension platform allowing businesses to receive mobile money payments directly into their bank accounts using the *442*1# code.
• Digipay Web Payment Gateway Internet-based payment gateway and payment link solution enabling secure online payments for e-commerce platforms, fintechs, airlines, schools, and other businesses.
• POS Terminal Service 4G-enabled point-of-sale terminals accepting mobile money, contactless cards, and traditional payments with real-time monitoring and flexible settlement options.
• Visa Debit Card Internationally accepted Visa debit cards providing secure, convenient access to funds for everyday payments locally and globally.
• Visa Prepaid Card Reloadable GHS or USD-denominated prepaid cards not linked to bank accounts, used for travel, expense management, fuel cards, or as alternatives to bank accounts.
• Visa Platinum Card Premium debit card designed for customers who travel frequently and transact in foreign currency, offering superior convenience and exclusive lifestyle benefits.
• Mastercard Debit Card Internationally accepted debit cards from Mastercard providing secure access to funds for everyday payments.
• Mastercard World Premium debit card designed for customers seeking elevated lifestyle and security benefits with global access for high-value transactions.
• Mastercard Prepaid Reloadable USD-denominated prepaid card not linked to bank accounts, used for travel, expense management, and other purposes.
• Visa Corporate T&E Corporate debit cards to help businesses manage travel, accommodation, and entertainment expenses efficiently.
• Visa Credit Card Credit cards providing consumers with temporary overdrafts, cash advances, and 24/7 access to funds, available in Classic, Platinum, and Infinite variants.
• Visa Infinite Credit Card Ultimate financial status symbol card conveying prestige and access to Visa global customer assistance, concierge services, and luxurious packages.
• Purple Plus Account Hybrid account for private banking customers (mass affluent) offering personalised lifestyle, wealth management, and advisory services.
• Purple Plus Extra Hybrid account for HNI and UHNI customers offering exclusive services and personalised lifestyle, wealth management, and advisory services.
• Private Wealth Management Financial and investment services providing dynamic portfolio management with funds invested in highly liquid money market and fixed-income assets at competitive interest rates.
• Salary Advance Salary advance loan for employees of blue-chip companies approved by the Bank with regular salaries who need financial assistance before salary due dates.
• Personal Loan (Long Term) Credit facilities for permanent salaried workers including government employees such as doctors, judges, lecturers, teachers, and nurses to finance personal needs.
• Atlantic Hi-life Asset Finance Asset finance loan for employees of approved companies to part-finance acquisition of personal assets and household appliances with installment payments.
• GreenDrive Auto Loan Auto loan targeting positioning the Bank as a leader in the emerging green/electric vehicle financing market.
• Judiciary Service Loan Personal loans or gratuity discounting for Justices of the Superior Courts of Judicature in Ghana.
• Vehicle Asset Finance Medium-term asset finance loan for SME customers who need vehicles to support operational activities, with the Bank financing 80% of the asset cost.
• Purple Auto Loan Credit facility for the Bank's Prestige Banking customers for the acquisition of cars, designed to deepen the Bank's play in the niche market.
• Purple Plus Mortgage Credit available to Private Banking customers for the acquisition of residential properties through outright purchase or equity release.
• Atlantic Traders Facility Short-term working capital support for SME traders and service providers who operate viable businesses with daily deposits but may not have preferred collateral.
• Atlantic Traders Facility for Importers Short-term working capital finance for importers of Fast Moving Consumer Goods who do not have daily cashflows.
• Bid Bonds Guarantee enabling construction, procurement, and service contractors to bid for contracts by providing security to the contracting party.
• Invoice Discounting Facility Credit facilities against confirmed invoices issued by Bank-approved names, facilitating export trade and providing liquidity to exporters.
• Advance Payment Guarantee Bank guarantee given to customers to secure cash mobilization for the execution of contracts.
• Cash Backed Facilities Credit facilities secured by customer's cash holdings, providing access to funds while maintaining collateral.
• Remittance Services Service enabling customers to receive money from family and friends around the world quickly, securely, and conveniently.
• Micro Loans for Mobile Money Agents Digital credit facility designed for Mobile Money agents to enhance customer experience and improve financial accessibility.

Quantifiable outcome

• 1373% increase in profit before tax to GH¢323 million in 2023
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature7 records

Partnerships

Two partnerships are on record, tiered core.

• MobileMoney Ltd (MTN Ghana)coreTechnology or Integration · 22 December 2025MobileMoney Ltd, a subsidiary of MTN Ghana, organized an awards ceremony honoring 22 fintech stakeholders including First Atlantic Bank for partnership and service excellence. The partnership enables collaboration across banks, technology providers, mobile money agents, and merchants, and was recognized at a ceremony attended by the Bank of Ghana. The collaboration supports digital lending frameworks, open banking, and mobile money interoperability.
• OnafriqcoreTechnology or Integration · 6 August 2025Onafriq, Africa's largest digital payments network, launched card-to-wallet transfer functionality in Ghana enabled through partnerships with First Atlantic Bank and Agricultural Development Bank. The feature allows users to move funds between prepaid cards and mobile money wallets. The capability was enabled by Onafriq's 2023 acquisition of Global Technology Partners, which enabled card interoperability. The launch taps into Ghana's 68 million registered mobile money accounts and 24 million active users.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• GCB Bank PLC: Ghana's largest state-owned commercial bank with the country's widest branch network and full retail, SME, and corporate banking franchise — directly competes with FAB across all three customer segments and offers the most apples-to-apples comparison for a Ghanaian universal bank.
• Ecobank Ghana PLC: Subsidiary of the pan-African Ecobank Group, offering universal banking across retail, SME, and corporate segments with strong digital and trade-finance capabilities — directly comparable to FAB's product mix and customer segmentation.
• CalBank PLC: Ghanaian universal bank listed on the GSE with strong corporate, SME, and retail banking franchise including digital channels — closest like-for-like peer to FAB given similar size, public listing, and segment coverage.
• Republic Bank (formerly HFC Bank Ghana): Ghanaian universal bank owned by Republic Financial Holdings of Trinidad — comparable mid-tier peer to FAB with retail, mortgage, and corporate banking focus in Ghana.
• Guaranty Trust Bank (GTBank) Ghana: Ghanaian subsidiary of Guaranty Trust Holding Company with strong digital and retail banking franchise — directly comparable to FAB on customer segmentation and digital-led growth strategy.

Broad incumbents

• Standard Chartered Bank Ghana PLC: Subsidiary of a global universal bank with strong corporate, trade finance, and prestige banking presence in Ghana — comparable to FAB on product breadth and prestige segment but at significantly larger scale.
• Absa Bank Ghana PLC: Ghanaian subsidiary of Absa Group offering retail, SME, corporate, and wealth management with strong digital channels — overlapping with FAB on segment coverage and digital strategy, though at larger scale and with broader pan-African backing.
• Stanbic Bank Ghana: Standard Bank Group subsidiary offering universal banking including corporate, investment, and transactional banking — comparable to FAB on product breadth and digital agenda, but with materially larger balance sheet and corporate franchise.
• United Bank for Africa (UBA) Ghana: Pan-African bank with a Ghana franchise offering retail, SME, and corporate banking plus extensive digital remittance and card products — overlaps with FAB on customer segments and cross-border digital capabilities.

Regional players

• Agricultural Development Bank of Ghana: Ghanaian state-owned development-focused bank also partnered with Onafriq for card-to-wallet transfers — comparable to FAB on Ghana market focus, digital partnership strategy, and domestic retail/SME lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/firstatlanticgh
• Facebookfacebook.com/firstatlanticbank
• LinkedInlinkedin.com/company/first-atlantic-bank-ghana
• Instagraminstagram.com/firstatlanticgh

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First Atlantic Bank