Capital Bank
Capital Bank was a Ghanaian private commercial bank that evolved from a microfinance business before its banking license was revoked for insolvency in 2017.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Capital Bank was a Ghanaian private financial institution that developed from a microfinance business into a savings-and-loans company and, ultimately, a privately owned national commercial bank. It was founded by William Ato Essien on 29 October 2009 as a microfinance company. As its deposit base and assets expanded, the business moved into the regulated savings-and-loans sector under the name First Capital Plus Savings and Loans Company. It later pursued a universal banking license, received a provisional license in July 2012, and was granted a full license by the Bank of Ghana on 4 December 2013. Following the full license, the institution operated as First Capital Plus Bank and adopted the Capital Bank name in 2015. The bank positioned itself as an indigenous Ghanaian institution serving retail and commercial customers. Its activities included deposits, withdrawals, savings products, lending, and financial advice. In 2011 it introduced SpeedBanking, a cash-deposit service intended to allow customers to make deposits through mobile phones without visiting a branch. The initiative reflected the bank's attempt to combine conventional branch banking with more convenient technology-enabled access. Capital Bank expanded rapidly during its years as a savings-and-loans company and commercial bank. By 2013 it reportedly had 15 branches across five regions and employed 355 people. Its growth also made it a visible participant in Ghana's financial-services market. The institution pursued consumer and household banking, savings and deposits, and broader commercial banking services. It had 18 operational branches by December 2015 and was headquartered at Capital Plaza on Spintex Road in Accra. The brand also invested in public visibility and national sponsorship. In February 2014 it became headline sponsor of the Ghana Premier League under a five-year agreement with the Ghana Football Association. The sponsorship gave the bank prominent exposure across Ghanaian football at a time when the league had been without a title sponsor for several months. Capital Bank also received industry recognition, including awards associated with non-bank financial services, company performance, growth, household and retail banking, and savings and deposits. Capital Bank's expansion ended during Ghana's banking crisis. On 14 August 2017, the Bank of Ghana announced that it had revoked the bank's license because of insolvency. The regulator approved a change of control that transferred the institution to Ghana Commercial Bank, now known as GCB Bank. Capital Bank therefore ceased operating as an independent licensed bank. Its collapse became part of the wider Ghanaian banking-sector crisis and prompted criminal proceedings involving founder William Ato Essien and three others over allegations that approximately 100 million Ghanaian cedis of the bank's assets had been misappropriated. The available reference material does not establish a final court outcome, so the proceedings should not be treated as a concluded conviction.
History
Capital Bank began on 29 October 2009, when William Ato Essien established the business as a microfinance company in Ghana. Its expanding deposits and assets enabled it to transition into a savings-and-loans company called First Capital Plus Savings and Loans Company. This initial phase established the institution's focus on deposits, lending, and financial services for Ghanaian customers. The business grew substantially over the following years. In 2011 it launched SpeedBanking, a mobile-oriented cash-deposit service designed to let customers deposit money into their accounts without physically visiting a branch. The product was an early expression of the institution's effort to improve convenience and broaden access beyond traditional branch transactions. First Capital Plus pursued expansion into full commercial banking. It received a provisional universal banking license in July 2012 and, after the provisional period, obtained a full banking license on 4 December 2013. The institution then operated as First Capital Plus Bank. By 2013 it had built a network of 15 branches in five Ghanaian regions and employed 355 people. Its later branch network reached 18 locations by December 2015, with the headquarters located at Capital Plaza on Spintex Road in Accra. The bank rebranded as Capital Bank in 2015. Under the new identity it continued to offer mainstream banking services, including deposits, withdrawals, savings, loans, retail and household banking, commercial services, and financial advice. The bank's growth strategy combined physical distribution with customer-facing technology and public marketing. Its most prominent promotional activity was a five-year headline sponsorship of the Ghana Premier League, agreed with the Ghana Football Association in February 2014. The sponsorship increased the institution's national visibility and associated the brand with one of Ghana's most widely followed sports competitions. Capital Bank received recognition in Ghana's financial and business-awards environment. Reference material identifies awards for non-bank financial institution performance, ranking among the Ghana Club 100 companies, and later recognition for growth, household and retail banking, and savings and deposits. These awards reflected the institution's rapid expansion and market visibility before its collapse. The bank's independent history ended during Ghana's banking crisis. On 14 August 2017, the Bank of Ghana announced the revocation of Capital Bank's license on grounds of insolvency. The regulator approved a change of control in favor of Ghana Commercial Bank, which took over the institution. Capital Bank consequently became a defunct independent banking brand rather than a continuing Ghanaian commercial bank. The failure also generated criminal and regulatory controversy. Founder William Ato Essien and three others were charged over alleged misappropriation of approximately 100 million Ghanaian cedis in bank assets. The available source identifies the charges but does not provide a final adjudication, and the allegation should therefore be described as a legal proceeding rather than as an established final finding.
- 2017
Banking license revoked
[1]The Bank of Ghana revoked Capital Bank's license after determining that the institution was insolvent; Ghana Commercial Bank took control.
- 2015
First Capital Plus rebrands as Capital Bank
[1]The bank adopted the Capital Bank name as part of its commercial-banking identity.
- 2014
Ghana Premier League sponsorship announced
[1]Capital Bank became headline sponsor of the Ghana Premier League through an agreement with the Ghana Football Association.
- 2013
Full banking license granted
[1]The institution received its full banking license on 4 December 2013 and became First Capital Plus Bank.
- 2012
Provisional universal banking license awarded
[1]First Capital Plus received a provisional universal banking license in July 2012.
- 2011
SpeedBanking introduced
[1]The institution launched a mobile-enabled cash-deposit service intended to reduce the need for customers to visit branches.
- 2009
Founded as a microfinance company
[1]William Ato Essien founded the institution on 29 October 2009 as a microfinance business.
Products and positioning
An indigenous Ghanaian private bank focused on retail, household, savings, deposits, lending, and commercial banking, with an emphasis on expanding access through branches and mobile-enabled services.
Retail banking
Savings and deposit accounts
Capital Bank offered conventional deposit and savings services for retail and other customers. These services formed part of the institution's core business from its earlier savings-and-loans phase through its period as a licensed commercial bank.
Lending
Loans
Lending was one of the bank's principal financial activities. The institution provided savings-and-loans and broader banking services as it expanded into universal banking, although the available reference does not specify individual loan products or eligibility terms.
Digital banking · 2011
SpeedBanking
Introduced in 2011, SpeedBanking was a mobile-enabled cash-deposit service. It was designed to let customers deposit money into their accounts without being physically present at a bank branch, linking the bank's conventional deposit infrastructure with mobile access.
Controversies
2017
Insolvency and license revocation
The Bank of Ghana revoked Capital Bank's banking license on 14 August 2017, citing insolvency. Ghana Commercial Bank subsequently took control of the institution.
2017
Charges over alleged asset misappropriation
Founder William Ato Essien and three others were charged over allegations involving the misappropriation of approximately 100 million Ghanaian cedis in Capital Bank assets. The supplied reference does not establish the final outcome of the proceedings.
Marketing campaigns
- 2014Ghana Premier League headline sponsorship
Ghana
Capital Bank became the headline sponsor of the Ghana Premier League through a five-year agreement with the Ghana Football Association. The partnership gave the bank prominent national exposure through Ghanaian football.
Outcome. The sponsorship ended as an ongoing Capital Bank activity when the bank's license was revoked in 2017.
Brand decisions
2017
Regulatory takeover following insolvencyOtherBackground
The Bank of Ghana stated that Capital Bank was insolvent during Ghana's banking crisis.
Action taken
The regulator revoked the bank's license and approved a change of control in favor of Ghana Commercial Bank.
Aftermath
Capital Bank ceased to operate as an independent licensed bank.
2015
Rebrand from First Capital Plus Bank to Capital BankStrategyBackground
After evolving from a microfinance company into a licensed universal bank, the institution sought a shorter and more marketable identity for its commercial-banking operations.
Action taken
The bank adopted the Capital Bank name in 2015.
Aftermath
The rebranded bank continued operating in Ghana until its license was revoked in 2017.
Recent events
- 2014
Capital Bank becomes headline sponsor of the Ghana Premier League[1]
Campaign
Capital Bank entered a headline sponsorship agreement with the Ghana Football Association, giving the bank naming and promotional visibility around the national premier football competition.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/capital-bank · Editorial policy · How profiles are compiled