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01.03.2012 Business & Finance

First National Savings and Loans Company to become Universal Bank

First National Savings and Loans Company to become Universal Bank
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Bawku (UE), Feb. 29, GNA - The First National Savings and Loans Company LTD is to become a Universal Bank to serve all Ghanaians like other commercial banks, says it's Chief Executive Officer, Dr Paa Kwesi Nduom.

Dr Nduom gave the assurance when he inaugurated the 47th branch of the bank at Bawku in the Upper East Region on Tuesday.

He said the bank had submitted papers to the Bank of Ghana to transform itself into a universal bank.

He said the bank is also very credible since it works with groups of companies including Gold Coast Security, Cocoa Nut Grove Hotel, and York Properties.

The financial entity has branches in United States and will soon be extending its services to Liberia.

Dr Nduom said the bank had created a Diaspora Account, through which people abroad could send monies to their relatives in Ghana.

The Credit Manager, Mr Jacob Gaikpah, said within a period of five years the bank had disbursed loans totalling GHȼ 65 Million to clients.

“In less than a year here in Bawku we have granted loans totaling GHȼ 2 million to our customers. By the end of the year we intend to expand our loans portfolio to GHȼ 150 million thereby making credit available to many more Ghanaians.”

The deposit product of the Company include current accounts, savings accounts, fixed deposits accounts, and 'Susu' accounts while loan products include payroll based lending, commercial loans, microfinance loans, farm based loans and many other services.


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