Business News of 2014-07-04

Mine workers to establish own bank

The management of Golden Pride Savings and Loans Limited, a financial institution set up by the Ghana Mine Workers Union, has within a year of existence mobilised a total deposit of GHC13.7 million.

With a customer base of 7,981, the company has five branches in three regions and plans are far advanced to add two more regions by the end of August this year.

Golden Pride Savings and Loans Ltd has branches in Tarkwa, Accra and Obuasi and would soon open new branches in Kumasi and Sunyani.

The Managing Director of the institution, Mr Johnson Boadi Asamoah, who mentioned this at a customers’ durbar on Wednesday, said the company was working assiduously to become a fully fledged universal banking institution in the very near future.

That, he said, was premised on the successes the financial institution had chalked up in the relative short time of its existence.

He said though, “we have been in existence for just one year, our work so far indicate, that this is achievable.”

Mr Asamoah attributed the success of the company to its unique customer service delivery which he said was comparable to none and could be attested to by all its customers, and added, “all financial institutions offer the same service and products but the difference lies in the quality of service delivery.”

He said as part of its plans to make life easier for its customers, the company would soon be introducing Automated Teller Machine cards which would be hooked up to the Ghana Link platform to enable customers to access their money everywhere in the country.

He allayed the fears of the customers that the temporary closure of the mines at Obuasi would affect the company.

Though set up by the mine workers, Mr Asamoah said the company was a business on its own with a customer base which went beyond the mine workers and in areas where there were no mining activities.

He assured its customers of the safety of their deposits.

The durbar was organised by the company to thank the customers for their loyalty in doing business with them over the year and also for the customers to assess their performance and tell them some of the challenges facing them.

It was also to enable the company to devise means of meeting the demands of the customers and build a lasting relationship with its clientele.