From military lieutenant to general merchant and then bank manager, the path to entrepreneurship for Ghana’s UT Bank CEO Prince Kofi Amoabeng has not been an ordinary one.
UT Bank CEO Prince Kofi Amoabeng
When Amoabeng graduated from university in he was not sure in which direction to take his career. “I saw an advert for entrance into the military. And I thought, wait a minute, free accommodation, three square meals a day, uniforms and everything provided plus a salary.”
Although he was not sure at first it took just seven months in the army for Amoabeng to fall in love with it, wooed by the discipline and structure. When an opportunity arose to complete his professional accounting qualifications in the UK on a scholarship awarded by the Ministry of Defence, he took it, later returning to Ghana.
In Ghana fell into a state of turmoil following a coup d’état and Amoabeng decided it was time to leave the army. Inspired by his businessman neighbour he took to buying and selling a whole manner of products and commodities. Among many things he sold air conditioning units, floor and wall tiles, clothing, imported wine and was involved in saw milling.
At one stage
The UT Story: Humble Beginnings
"And because of my outspokenness, I tended to have unnecessary enemies, most of whom I am not even aware of."
"But I am stubborn by nature. I do not settle for traditions, not when there are better ways of doing things. I ask, "Why not?"
"Unfortunately, my disdain for such an appalling behaviour of bootlicking, coupled with my unabashed outspokenness and the unorthodox manner by which I run Unique Trust, meant that I was on an inexorable collision course with the regulatory authority, whose personnel wished to impose themselves on our company like an officious school headmaster controlling young adults."
"Religion and chieftaincy have done tremendous good for our people in the past and continue to do so, but at the same time, they provided a safe haven for plain thieves and fraudsters cloaked in religious and chieftaincy robes. Somehow, we seem to suspend good judgement and common sense when dealing with such individuals. And therein lies our folly!"
"If you have a
THE UT STORY: HUMBLE BEGINNINGS VOL.1
Product Description
How does a retired army captain who failed to obtain a million cedi (about $20,) loan from the banks set up a successful finance house and cause such a monumental paradigm shift in the lending culture of a country?
Captain Prince Kofi Amoabeng (Rtd) defied the odds to found Unique Trust Financial Services Limited which was later rebranded to UT Financial Services Limited and which metamorphosed into a bank (UT Bank) under the UT Holdings umbrella together with subsidiaries in Germany, South Africa and Nigeria.
In this first instalment of a series of memoirs, PK, as he was affectionately called by his fiercely loyal and dedicated team, shares an inspiring, in-depth, no-holds-barred, behind the scenes, unabashed account of how and what made UT a household name and impacted so many lives.
Written with George Bentum Essiaw, a tenacious, talented writer and filmmaker, ‘The UT story: Humble Beginnings” is replete with profound lessons in entrepreneurship and leadership, employing an effective mixture of orthodox and unorthodox methods grounded firmly in time-tested military principles. Whatever your background or occupatio
I went into business by default -Prince Kofi Amoabeng tells his story
Entrepreneurship can be a tough and long journey for many people and while some may get lucky and succeed the first time, others have to keep trying until they succeed.
It is, therefore, imperative that young entrepreneurs get the opportunity to listen and learn from seasoned business people who have walked the journey of entrepreneurship.
It is for this reason that the Springboard, Your Virtual University, a radio programme on Joy FM, has embarked on a new series, “The Executive Hotline”, which allows young people to engage with chief executive officers, captains of industry and heads of institutions.
Making an appearance on the show, Co-founder and former Chief Executive Officer of the erstwhile UT Bank, Mr Prince Kofi Amoabeng, unpacked his entrepreneurship journey; how he got into the military, how he went into business by default, how he was moved by passion to start UT bank, and how some people close to him betrayed him by taking some decisions that hurt the bank.
He said after university, he had no idea of where his life was heading and resorted to drinking and night life.
“My life was not
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