Don’t panic, we are still strong – Savings & Loans Association

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The Ghana Association of Savings and Loans Companies is assuring clients and the general public that the sector is still robust despite recent issues facing the financial sector.

A statement from the association to the media admitted to challenges with some Savings and Loans Companies.

But it is confident such issues should be resolved soon as most of the companies are stable and ready to serve customer needs.

The Savings and Loans industry has been one of the worst hit regarding panic withdrawals and inability to meet clients’ needs regarding requests for matured investments.

Some have impressed on the Bank of Ghana to quicken processes to recapitalize the industry as it has done for the banks to sanitise the financial sector.

The Governor of the Bank of Ghana, Dr. Ernest Addison at the recent Monetary Policy Committee (MPC) meeting disclosed that the regulator will soon begin cleansing the Savings and Loans sector as it works to restore confidence.

The statement also indicated that the Association of Savings and Loans Companies is closely working to the central bank to achieve the core mandate which is to ‘bring good and reliable banking services to Ghanaians’.

It added, ‘For nearly 30 years, the Savings and Loans sector has been serving the Micro, Small and Medium Enterprises (MSMEs). We have been taking higher risks for our customers and have been at the helm of economic development with innovative and tailored banking services.’

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