Union Savings opens Takoradi branch
Union Savings and Loans Company has opened a new branch in Takoradi to inject more capital into the operations of small and medium scale enterprises in the metropolis to enable them to take full advantage of the growing economy of the metropolis.
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At a ceremony to inaugurate the offices of the Takoradi branch of the company, the Managing Director, Mr Philip Oti-Mensah, said the move was also to help to generally improve the lives of the people in the area.
He noted that Union was one of the oldest savings and loans companies in Ghana, having operated in the financial sector for the past 24 years. “You can, therefore, count on us as a long-term partner,” he said.
Mr Oti-Mensah said Ghana currently has 27 banks, 22 savings and loans companies, 29 finance houses, about 140 rural banks and almost 600 microfinance companies, and pointed out that some of those financial institutions had recently faced challenges meeting depositors’ withdrawals, “Thus reducing the confidence of the public in the banking sector.”
He, therefore, charged members of the public to be vigilant and help the Bank of Ghana (BoG) to weed out illegal financial institutions saying, “If you identify any suspicious or unregistered financial institution, please report to the BoG so that collectively, we can sanitise the banking and financial service sector.”
He assured customers and prospective clients of the company’s commitment to helping them to improve their businesses and lives in general, stressing that with an equity value of about 45 per cent above the requirement of the BoG, the company was solidly grounded to do genuine business with the people.
According to the managing director, the company also had qualified personnel who would continually create innovative, technology-based and tailored products and services to exceed clients’ expectations.
Speaking on behalf of the Head of the Banking Supervision Department of the BoG, an assistant director at the department, Mr Boyd Donkor, said the BoG had recently increased the paid-up capital of non-bank financial institutions (NBFIs) to GH¢15 million.
The Chairman of the Board of Directors of Union Savings and Loans Company, Mr Baba Issah, said the company aimed at becoming “one of the top three savings and loans companies in the country by 2015 and “a dominant universal bank by 2017”. He added that with the company’s many years of experience, it was a reliable financial partner for individuals and businesses.
A representative of the Metropolitan Chief Executive of the Sekondi-Takoradi Metropolitan Assembly (STMA), Mr Samuel Yirenkyi Appiah, charged Union to be a good corporate institution by paying its taxes regularly and on time.
The manageress of the new branch, Ms Ivy Adjorkor Adjei, pledged Union’s support for individuals and businesses in the metropolis but stressed the need for customers who took loans to repay within the scheduled credit period to enable the company to extend loan services to others.
