1st National Launches 5th Anniversary

Dr Papa Kwesi Nduom

One of Ghana’s fastest growing financial institutions, First National Savings and Loans (FNSL), has launched its 5th anniversary celebration with the prime objective of becoming a universal bank in the nearest possible time.

After five years of existence, the company can boast of 42 branches nationwide which are spread across the 10 regions of the country with 39 of them fully-networked to ensure flexible transactions by its numerous customers.

The ceremony, which was held in Accra, brought together respected industry players including the newly-appointed Executive Secretary of the Ghana Security Exchange Commission (GSEC), Adu Anane Antwi, Board Chairman of FNSL, Dr. Papa Kwesi Nduom, as well as a representative of the Deputy Governor of the Bank of Ghana (BoG), Franklin Belnye.

In an address, the General Manager of FNSL, Charles Otoo, noted that while helping to develop the Ghanaian entrepreneurial sector his outfit within a period of five years has made banking “easy” and “convenient” for millions of Ghanaians.

He said with the kind of products and services rendered by his outfit, customers would be guaranteed of excellent banking practices, as every aspect of their work is approached with the highest standards of integrity.

“Our products include current accounts, savings account, fixed deposit account and Susu account. We also offer service such as payroll based lending, commercial loans, microfinance and farmer based loans,” Mr. Otoo stated.

For his part, Dr. Nduom expressed gratitude to Bank of Ghana (BoG) for what he described as “productive relationship” that existed between FNSL and the Central Bank.

“We are in business because the Bank of Ghana has licensed our company to service the needs of the millions of people who are unbanked and those without access to banking services in the country,” he said.

Dr. Nduom pledged the company’s continued adherence to the guidelines and regulations of the Central Bank, stressing that FNSL would operate “strictly within the boundaries set by BoG.”

The board chairman continued that as a solely owned Ghanaian company, it would maintain a strong social enterprise culture, with the singular aim of helping to improve the standard of living of Ghanaians by building a foundation for entrepreneurship through access to finance.

While encouraging the working staff to work assiduously to improve upon the company’s successes over the years, Dr. Nduom disclosed that FNSL is the only savings and loans company in the country currently operating in all the three northern regions.

“FNSL is the only financial institution of its type providing financial services in the three northern regions of Ghana. And we are proud to be in areas others consider to be hardship territories,” he added.

Dr. Nduom noted that over the period the company has shown innovation and expertise in the development of products to serve its customers.

“We have financial services such as Wo Daakye that allows you to save as little as 50 pesewas at a time and it offers 12% interest after six months,” he explained.

Against that background, he disclosed that the board of directors in their next annual general meeting would attempt to open its books to admit new shareholders to raise the capital needed to become a universal bank.

The Deputy Governor of BoG, Millison Narh, whose speech was read on his behalf, cautioned savings and loans organisations against the zeal to open more branches.

This, he stated, comes with numerous challenges.

He advised management of FNSL to strengthen the capacity of its workers in the company’s strive to become a universal bank.

“The board and management should also be much concern of the decision to become a full-bank very soon because it also comes with its own problems and challenges if you do not have adequate and competent working staff,” Mr. Narh indicated.