Equity Savings And Loans Limited Inaugurated

Equity Savings and Loans Limited has been sanctioned to operate in the Tier two fraternity of financial service provision by the Central Bank to offer top-notch products and services that will increase investments in the financial sector.

Speaking at an event to lunch the facility in Accra, the Board Chairman of Equity Savings and Loans Limited, Mr. Samuel Owusu Manu said Equity will offer a seamless service and make prudent investment decisions aimed at ensuring preservation of capital and at the same time maximize investment yield.

Being recognized one of the ten most prominent non-bank microfinance institutions in Ghana by the Bank of Ghana (BoG), he noted that the company will continue to invest in IT infrastructure to improve on their service delivery to their customers.

Mr. Owusu Manu added that with an initial capitalization of Ghc18.3 million which is over and above the minimum capital for savings and loans companies in Ghana, their ultimate goal is to cutting edge solutions to financial investments in order to achieve the status to become a universal bank within the shortest possible time.

He indicated that they will establish their footprints in six regions in the next two years and spread their tentacles across all the 10 regions in the next four years.

The Board Chairman posited that they will continue to steer the company on the path of growth and prosperity.

He intimated that their aim is to create more job opportunities which will improve the health of the economy and also the living standards of people in the country.

According to him, they will continue to be a law abiding institution and adhere to all regulatory directives and standards.

Mr. Owusu Manu emphasized that they are mindful of the events that happened in the industry which as a result some entities lost their entire life savings and others painfully lost their lives for example in the case of the DKM saga and many others who failed to follow regulatory standards.

Drawing lessons from that, the Board Chairman said they will implement corporate policies, operate effective and efficient control systems that will encourage transparent corporate governance and avoid potential conflict of interest and promote ethical business practices.

He stressed that Equity will fulfill their Corporate Social Responsibilities and support activities that are geared towards improving the livelihood of the communities in which they operate.

“We need the support of all our strategic partners, especially our customers, regulators, partner banks and all of you gathered here this morning in order to make this happen,” he stated.

The Chief Operating Officer of Equity Savings and Loans Limited, Isaac K. Arthur indicated that since the license was granted in July 2016, the customer base of the company has increased from 3000 to over 6000 as at 31^st March, 2017.

He added that deposit base of the company increased from Ghc7 million to over Ghc25 million with the loan book increasing from over Ghc2 million over the same period.

Mr. Isaac K. Arthur noted that the unique aspect about the company mostly is partnering customers to grow by distinguishing itself in four thematic areas such products, technology, human resource and well experienced customer service.

He stated that Equity joins the Savings and Loans fraternity which consist of over 37 companies, with 32 being members of Ghana Association of Savings and Loans Company (CHASALC) of which Equity is a member.