1st National signs loan agreement with Goodwell

Business News of Friday, 18 January 2013

Source: B&FT

First National

The First National Savings and Loans (FNSL) has signed a convertible US$2-million loan agreement with Netherland-based, Goodwell Micro Development Company.

The loan facility will allow FNSL to expand credit facilities and other forms of services which it offers to its customers and the unbanked in the country.

Speaking at the signing ceremony on Thursday in Accra, the Chief Executive Officer (CEO) of FNSL, Mr. Patrick Annumel, said the loan facility will help his company to attain its target of reaching out to over one million customers by 2014.

He went on to add that the facility will also strengthen the relationship and bring mutual benefits to FNSL and Goodwell Micro Development Company.

He seized the opportunity to thank the facilitators, JCS Investments Limited, for their role in facilitating the loan deal.

A partner at Goodwell, Els Boerhof explained that her company’s willingness to partner FNSL stemmed from their shared vision to make banking available to the average man on the street.

Goodwell West Africa Microfinance Development Company (GWAMDC) is a specialised wholesale microfinance equity fund launched in 2009 to provide affordable financial services by investing in entrepreneurial microfinance institutions across Ghana and Nigera.

According to the company, the fund has a target capital of 40million Euros and presently has committed capital of 16.2 million Euros. The fund aims to maximuse value through superior risk-adjusted social and financial returns, by focussing on scalability, efficiency and leverage.

For her part, the CEO of JCL Investment, Patricia Sarfo, was optimistic that the deal will help the two institutions- FNSL and (Goodwell Micro Development Company) promote rural investment in the country.