Union Savings And Loans Now In Ashaiman

Union Savings and Loans have officially opened a new branch in Ashaiman. The company recently commissioned its headquarters at Dzorwulu in Accra and have plans to open four more branches, comprising of two in Accra (Dome and Dzorwulu), and one each in Kumasi (Angloga junction) and Takoradi. Addressing the gathering at the Managing Director of Union, Philip Oti Mensah also announced that the company recorded a 400% growth in its profitability. According to him Union Savings and Loans have grown its loan portfolio by more than 200% to GHC 15 million, adequately financed by its deposit portfolio of over 17 million. �Our total assets have grown by 70% this year to 23 million, thus improving our market share significantly,�� he added. The MD of the company noted that the approvals for the branch expansion was testimony of the confidence the Bank of Ghana (BOG) had reposed in Union�s integrity and ability to expand and serve more Ghanaians with its innovative, down to earth and exceptional service. At a time when virtually all the banks in the country are largely chasing a few large scale companies and individuals with very high net worth, Union has shown commitment towards ensuring financial inclusion by introducing products and services designed to give small-scale sector and the unbanked a taste of mainstream banking services. He recalled the bank�s vision to be among the top three Savings and Loans companies in Ghana by 2015, saying that on the path to achieve that vision, Union had so far grown its loan portfolio by more than 200% to GHC15million, adequately financed by its deposit portfolio of over GHC17million. Minister of State in charge of Financial and Allied Institutions Fiifi Fiavi Kwetey who did the official opening stated in his speech that Ghana needs a drastic change in our financial institutions. �As I have said on many platforms, I strongly believe that a paradigm shift in the system of banking from the current approach where all banks chase a few clients to a development oriented system where everyone is given the opportunity to open, run a bank account, and undertake various transactions - ultimately leading to total financial inclusion will be key to realising Ghana�s development goals. This is because with an �all inclusive� approach, the massive liquidity outside the banking system can be mobilized and channelled to entrepreneurial endeavours, leading to more jobs and more value creation across the country. Let me add that the Government of Ghana has shown strong commitment to financial sector development, in particular with the Cabinets approval of the Financial Sector Strategic Plan (FINSSP) which aims at broadening and deepening the financial sector�, the Minister stated. Union had earlier announced that it looked forward to transiting from a very successful Savings and Loans company to a fully-fledged bank by 2017 and the MD said with the way the company is progressing, that vision is well within reach. Among the special guest at the function were; Deputy Greater Accra Regional Minister, Mr. Isaac Nii Djanmah Vanderpuye, The chairman of the board of Directors, a representative from Bank of Ghana among others.