The Ghana Association of Savings and Loans Companies (GHASALC) points to a persistent rise in Non-Performing Loans (NPLs), attributing it to public sector workers who borrow funds, default on payments, and leave the country. The Executive Secretary of the association, Tweneboah Koduah Boakye, emphasized that this situation was posing significant operational challenges for savings and

The Ghana Association of Savings and Loans Companies (GHASALC) has attributed the consistent increase in Non-Performing Loans (NPL) to public sector workers who take loans, refuse to pay and travel outside the country. The Executive Secretary of the association, Tweneboah Koduah Boakye said the situation is causing difficult operational challenges to savings and loans companies.

Financial services players have launched an initiative to educate and empower Ghanaians with financial knowledge and information. Known as Financial Literacy and Education Campaign (FLEC), it is being undertaken in collaboration with the German development cooperation (GIZ) and spearheaded by the Ministry of Finance (MoF), the Bank of Ghana (BoG), the Ghana Microfinance Institutions Network

The Savings and Loans (S&L) sector should take steps to leverage emerging technologies to modernise their business models to meet the fast-changing needs of their customers, Second Deputy Governor of the Bank of Ghana (BoG), Mrs Elsie Addo Awadzi, has said. That, she said, was important to help the sector to remain relevant to the

The Ghana Association of Savings and Loans Companies (GHASALC) has held its 12th Annual General Meeting (AGM) in Accra under the theme “Driving Financial Inclusion through Digitilization: Role of Savings and Loans Companies.” Mr. Kwame Owusu-Boateng, Board Chairman of GHASALC, stated that the association at its AGM last year met to deliberate on the theme

The Ghana Association of Savings and Loans Companies (GHASLC) has expressed concern about the cost of verification equipment in linking Ghana Card to customers bank accounts. Its Executive Secretary, Tweneboah Kodua Boakye, therefore wants the authorities, particularly the Bank of Ghana to listen to members’ concerns as they work towards full compliance. “A key concern

Savings and Loans industry critical to Ghanaian economy S&L companies disbursed a total of GH¢3.4 billion in net loans for Q1 2022 Code of Ethics and Professional Conduct key for S&L industry Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has underscored the importance of the Savings and Loans industry to the

The Bank of Ghana has pledge to continue to monitor the rapid evolution of risks in the digital financial services ecosystem and recalibrate rules and supervisory approaches and tools to help mitigate them. It will also ensure that regulated institutions effectively manage the risks that their businesses and actions or inactions pose to the entire

Deputy Governor of the Bank of Ghana (BoG), Elsie Awadzi, has said many Savings and Loans Companies that collapsed in 2019 had flouted key regulations before their licences were eventually revoked. According to her, many of these companies were given licences when the requisite due diligence had not been conducted. “Many of these companies were

The Ghana Association of Savings and Loans Company is happy with moves by government to make full payments of the funds owed customers of defunct Microfinance companies, 23 Savings and Loans firms and Finance Houses. According to the group, this has come at an opportune time where the relief they have been seeking as a