1st National Savings & Loan to deepen savings culture in Ghana

First National Savings and Loans (FNSL), one of the fast growing financial institutions in the country, has introduced a micro savings product dubbed “Wo Daakye,” to wit “Your Future,” to encourage savings among Ghanaians who fall within the low income earning group.

Wo Daakye is aimed at providing a secure, easy way for traders, students, farmers and micro-small-medium scale enterprises to save at their work places.

The management says the decision to adopt the Wo Daakye product was as result of the realisation that most Ghanaians do not have savings accounts, and that the traditional, universal banks had not been able to encourage the ordinary Ghanaian to develop a savings habit.

To facilitate the scheme, the management of the bank has put in place hardworking Field Cashiers, whose duty is to visit clients who operate the scheme on a day-to-day basis, to collect funds for deposit.

With that, traders or shop owners who do not want to leave their goods to go to a financial institution for fear of losing sales, have the easiest chance of making use of the field cashiers to save.

With the intervention, many who do not have any savings to fall on in their times of need, or when they retire, are encouraged to save, in order to forestall any eventuality.

The solution to these problems, in the estimation of the FNSL, lies in their Wo Daakye product.

It has been designed to save people who operate the “Wo Daakye” scheme, the time to make deposits in any of the First National branches across the country.

The scheme allows a minimum of 50 pesewas, or any amount above this, as a daily savings deposit.

It also requires a minimum contribution period of six months, before withdrawals could be made.

The six month savings period also attracts an interest of 15%.

In addition to this, the FNSL has also designed the scheme in such a way that people who operate it can apply for loan facilities.

People who open accounts with the scheme are immediately given First National Daily Micro Savings Book -”Wo Daakye” Passbook.