Ghana Armed Forces inaugurate Savings and Loans Company

By Kwamina Tandoh, GNA
Accra, Dec. 4, GNA - The Ghana Armed Forces (GAF) has inaugurated the Services Integrity Savings and Loans Company (SIS&L) in Accra to cater for the economic well-being of officers, civilian employees, the public and the business community.

In particular, GAF personnel would benefit from the internally generated funds from the company in terms of Mortgages, SME financing, Fallen Heroes Fund, Pension and Provident Fund Schemes, Insurance Policies and Employment Generation among other things

The SIS&L is a decisive step being taken by the GAF into the banking industry with the view to nurturing the company into a fully-fledged bank in and would have branches in all Garrisons of the GAF across the country to serve its purpose.

Addressing the gathering, Dr Abdul-Nashiru Issahaku, the Governor of the Bank of Ghana (BOG) said, the Savings and Loans sector contributed 14.4 per cent of the banking industry's total assets as at the end of September 2016 and was poised to grow further as the BoG continued to receive applications from prospective institutions.

He said presently, there were 29 licensed Savings and Loans companies and urged the GAF to ride on the back of innovations and the technology to gain a foot hold in the market.

He entreated them to scale up the Credit underwriting standards and risk management systems to ward off any potential risk.

'Weakness in corporate governance still remains a challenge in the non-bank financial institution sector and I am confident that the level of discipline that the Armed Forces is noted for would be brought to bear on the operations of SIS&L,' he said.

He urged the Board of SIS&L to be assertive and exercise strong oversight responsibility on the management.

Air Marshal Samson-Oje, the Chief of the Defence Staff said the company aimed to position itself eventually as the Bank of choice with the best, secured and most reliable services that would help its customers and businesses realise the full potential.

He said the new banking scheme on the block shall seek to attain the highest standard of customer service, accountability and confidentiality.

Air Marshal Samson-Oje said the company was poised to operate with the unquestionable commitment and dedication to the interest of its customers.

'What this means is that your businesses and investments are secured and save with this company', said and urged other security agencies, the public, public servants as well as the business community to trust the company with their investments.'

Caption
Air Marshal Samson-Oje been assisted by Dr Abdul-Nashiru Issahaku to cut the ribbon to inaugurate the company.

Air Marshal Samson-Oje said the company was poised to operate with the unquestionable commitment and dedication to the interest of its customers.

'What this means is that your businesses and investments are secured and save with this company', said and urged other security agencies, the public, public servants as well as the business community to trust the company with their investments.'

GNA