Graphic Business News

First Ghana opens new agency branch

By: Lucy Mensah
Ms Ekua Eguakun, Deputy Managing Director of FGSL (2nd right) with other staff at the launch
Ms Ekua Eguakun, Deputy Managing Director of FGSL (2nd right) with other staff at the launch

First Ghana Savings and Loans (FGSL) has opened its agency office at the Neoplan Station at the Kwame Nkrumah Circle in Accra.

This brings the total number of its branch network to 11 in the country.

At the opening of the agency branch, the Deputy Managing Director (MD) of FGSL, Ms Ekua Eguakun, said the new branch was to help extend financial services to many Ghanaians as it contributed to efforts to deepen financial inclusion in the country.

“Our agenda is to enhance access to financial services by bringing our services to the doorstep of our clients. This explains our mission here within the Neoplan Station yard,” she said.

She said the company chose the place due to the fact that it would have a customer base interested in savings and loans products.

 She noted that the financial service industry was very competitive, so the company was ready to offer products that would meet the needs of its customers.

Ready for capital requirement

Ms Eguakun also noted that the recapitalisation for savings and loans was likely to increase by about 100 per cent next year, and the company was ready to meet the requirement.

She said the current capital requirement of GH¢15 million would be reviewed although the Bank of Ghana had not made any pronouncement yet.

“I know the capital requirement of savings and loans will go up so we are ready and capable to meet that requirement irrespective of the amount involved,” she stated.


The deputy MD said the company had a range of products, including personal finance loans, current and savings account, small and medium enterprises loans, auto loans and remittance services.

“With an advancement in technology, we are into mobile banking where customers can send money to their savings or current accounts through registered mobile money,’’ she added.

She said recently, savings and loans had been tagged with bad records but they had not experienced any of such things yet.

She said since the establishment of the institution in 1956, they had been operating with good service standards and trained staff. Currently, the institution has 11 branches across the country with about 105 staff members. She also added that the institution was ready to support all government initiatives in the financial market.