“Rebuilding GN Savings Is a National Duty” — Dr. Nduom Vows Swift Return After Court Victory

Founder of Groupe Nduom, Dr Papa Kwesi Nduom, says the rebuilding of GN Savings and Loans Company Limited is not just a corporate obligation but a “national duty” to restore financial inclusion and support businesses across Ghana.

He explained that the collapse of the institution created a major vacuum, especially in underserved communities where traders, farmers and small businesses relied heavily on GN Savings for accessible banking services.

“Our financial institution is not ordinary. It is a necessary ingredient for national economic development. It’s not just a bank,” he said.

“We didn’t build ourselves to become the richest or the biggest. Our purpose, mission and geographic spread are unique. Its absence has created a vacuum no financial institution has been able to fill.”

Dr Nduom addressed journalists in Accra following the unanimous Court of Appeal ruling that quashed the Bank of Ghana’s 2019 revocation of GN Savings’ licence. The court ordered the central bank to restore the licence and directed the receiver to hand over all assets and management to shareholders.

He said the company would fully comply with the ruling and had already begun preparations to reopen branches nationwide.

Recounting the institution’s journey, Dr Nduom said planning began in 1997 under the name First National Savings and Loans. After nine years of regulatory processes, the company finally secured its licence in 2006. By 2018, GN Savings had expanded to 300 branches and served over 1.2 million customers, with operations reaching communities such as Paga, Tumu, Walewale, Gushegu, Wedana and Dzemeni.

At its peak, the company directly employed more than 2,000 workers, with total employment—including security and service providers—reaching 3,500.

As part of the reopening plan, Dr Nduom said former employees, landlords and community members had already expressed readiness to support the comeback. The company intends to resume operations with 10 branches, beginning with Elmina, followed by Asylum Down in Accra and others where there are no property disputes.

He added that GN Savings is engaging universal banks to facilitate cheque clearing, mobile money services and remittances as part of a renewed digital banking strategy.

—Graphic Online