How to open an investment account at Databank - Step by step guide

Setting up an account for investing in Ghana can be overwhelming. That's why FAQ At Ghanaian Institutions has assembled a few step-by-step guides to assist you in the process. We're going to concentrate on the Databank Money Market Fund (MFund) account for this how-to.

With only a few easy steps, you will begin to develop your investment future.

What you will need to take with you to the bank

A lot of institutions in Ghana do not allow customers to signup for their services online. You will rather have to make a trip to the institution’s office, work with their staff to fill a registration form. The completed form is then populated into the institution’s database and then the customer is provided online access to their account as an option.

Before you make the trip to your nearest Databank branch in your Bentley, a Troski or Okada (this is a judgment-free zone), make sure you have the following details at hand. We don’t want you to make a fruitless journey. Don’t say we did not warn you.

• A valid national ID (Passport, Driver's license, Voter's ID, Ghana Card or SSNIT Card)

• 1 Passport Picture

• Proof of address (Utility bill)

• Initial investment amount

Databank provides Information about MFund on their website.

IMAGE SOURCE: AUTHOR SCREENSHOT OF DATABANK SITE

Databank charges no fees to open or retain an investment account, but there is a mandatory charge on all mutual funds; either front load (on deposits) or exit load (on withdrawals) as stated in their terms and conditions below. A minimum of GHC 50 is needed to open a Money Market Fund (MFund).

IMAGE SOURCE: AUTHOR SCREENSHOT OF DATABANK T&C

Working with the databank staff to fill the application form

Once you are at the bank, you will work with a Databank staff to fill the application form. The staff will ask for basic personal information such as your full legal name as shown on your passport or National Identification card, email address, street address, and so on. If applicable, the staff will ask for your employment details.

IMAGE SOURCE: AUTHOR SCREENSHOT OF DATABANK MUTUAL FUND APPLICATION FORM

Having access to your account online

The staff will ask a few more questions to help set up your account online. It's worth noting that Databank account settings are among the easiest and most straightforward to set up. Other investment accounts aren't inherently difficult to set up, but Databank's is one of the easiest.

Review the filled application form

You're almost done. Review the filled application form to ensure your personal information, the account you want, your job information is accurate. Sign and date the form if everything looks good.

Funding the account

You've successfully opened the account! Hopefully, you didn’t make the trip twice because

you ignored the checklist in What you will need to take with you to the bank. You can fund your account using your bank account details or via another investment account. Within 5 business days, you will receive instructions on how to access your account online via email. Voila, you are all set!