First Allied Savings & Loans records 42% growth in deposits

The First Allied Savings and Loans Limited realized over 42 per cent growth in deposits last year with an impressive performance in supporting the micro enterprise sector.

At a time when the credit portfolio of the entire banking sector grew by barely 10 per cent, First Allied’s credit to the micro enterprise sector was more than GH¢30 million, representing a 28.5% growth over the level of support given in 2009. This has been described in banking circles as “a significant milestone”.

The Board Chairman of First Allied Savings and Loans Limited, Nana Yaw Oduro, who made this known at the opening of the 17th branch of the company in Cape Coast on Friday, stated that it was the passion of First Allied to support small and medium enterprises with the much needed credit to grow their businesses.

He said Allied hoped to become a leader in the provision of quality financial services to the micro and small scale enterprise sector in Ghana and said its mission was to offer convenient access to efficient, innovative and responsive financial services to micro and small scale entrepreneurs on a sustainable basis.

Nana Oduro said within 15 years, Allied had established 17 branches offering wide-range products including travel credit, commercial loan and clearance loan to suit every financial need.

He, however, noted with regret that bad examples of self-styled micro-finance institutions that mushroomed and disappeared overnight, were eroding the confidence of the general public in the banking sector and stressed that First Allied was a credible financial institution with an active customer base of almost 95,000.

The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems, Reverend Frederick France, said access to credit was crucial for the survival of every business, particularly in a developing economy like Ghana where most businesses were small and medium.

He said First Allied was a strong force to reckon with in the non-bank financial sector, citing an end of year deposit of over GH¢52 million, a credit portfolio of over GH¢30 million and an asset base of nearly GH¢74 million.

Rev. France commended the company for the remarkable reputation it had earned as a friend of the SMEs and assured businesses in the Cape Coast Metropolis of the safety of their deposits, saying it was among the best 100 companies in the country.

He said since its inception in 1996, First Allied had received several awards as testimonies of its business values and the satisfaction of its customers.

He advised customers to be diligent and loyal in paying loans granted by banks and savings companies since banking thrived on trust and customer loyalty.

Source: GNA