Deposits increase at GN Savings as local & regional banking enjoys success

Management of GN Savings says customer confidence is gradually being renewed in them due to the successes the company has been recording in recent times.

According to the Chief Executive Officer of the company, Issah Adam, the recent successes can be attributed to the measures the financial institution has put in place to ensure that customers of the company are served better.

According to Mr Adam, the difficulties GN Savings encountered as a result of the recent banking crisis demanded that they reviewed operations of the company and adopt measures that will secure the interest of depositors. This he says, necessitated the introduction of the LRB (Local, Regional Banking) concept in December 2018 which he says has chalked considerable success bringing life to most of their banking halls dotted around the country.

To him, LRB is simply a means to serve people better while the shareholders of the financial institution made efforts to inject more capital into the business to address the liquidity challenges they are currently facing.

"Today, we want you to know about the strategy we have adopted to guarantee unlimited withdrawals of your deposits when the need arises. We call it LRB (Local, Regional Banking). Since we started LRB, in November 2018, we have chalked some successes. LRB assures those who bring new deposits, get unrestricted access to their funds."

"If a customer brings GH¢1,000 on Monday, they can come back on Tuesday and withdraw some or all of it. They can ask us to send part of the money to another branch in a different region and get the money there. It is working for traders, lawyers, students, companies with customers spread throughout the country and others. This has resulted in strengthening some of our branches, making them relatively liquid. It is bringing back customer confidence step by step, one person at a time," he said.

With the new LRB concept, Mr Adam is challenging Ghanaians especially the market women who were doing business with the company in the recent past simply because GN Savings provided convenience to come and give it a try.

"We highly recommend this to everyone. Come and give this a trial. And enjoy safety and convenience. It remains a fact that GN Savings is the only licensed financial institution in many towns across Ghana".

He used the opportunity to thank the Ghanaian banking public for their patience during the difficult days and promised that going forward, he was going to focus on customer driven-initiatives that will ensure that whoever that saves at GN Savings and Loans leave their banking halls fully satisfied with the services rendered them.

With close to 300 locations dotted across the length and breadth of the country, GN Savings provides the safest means of transferring money as one can deposit money in Accra and readily have it available in other locations. This, some market women say have drastically reduced losses during highway robberies and other thefts while on the road to the market centres.