First National Savings and Loans Company inaugurated

Yendi (N/R), Jan 19, GNA - The Yendi branch of the First National Savings and Loans Company Limited (NSLCL) has been inaugurated at Yendi in the Northern Region. In his inaugural address, the Yendi Municipal Chief Executive (MCE), Mr Walvis Hudu, said the current global economic challenges and the numerous developmental needs of the people make it difficult for government alone to satisfy all the nation's aspirations. It is in the light of this that collaboration between government and the private sector organizations like the First National Savings and Loans Company Limited is welcome,he said. He stated that one major problem that accounts for the unacceptable levels of poverty in the North is the lack of access to credit. According to the MCE, it has been established that micro credit is a critical anti-poverty tool and a means for promoting self-employment, and that it can build the capacity of local business and promote growth and stability of small and medium sized enterprises and eventually reduce poverty.

Mr Hudu said it was therefore heartwarming that such interventions from the private sector existed to complement the efforts of government to provide financial support to a large segment of the Municipality's residents who find it difficult to access loans and credit from financial institutions like the Commercial Banks because of the strict financial regime they operate.

The Tamale Branch Manager of the Company, Mr Mohammed Hashim Abdullah, said NSLCL is a banking institution licensed by the Bank of Ghana. He said the Bank started with three branches in Accra, Kumasi and Tamale, and now has a current network of 25 branches located in all the 10 Regions of the country. Mr Abdullah stated that the objective of the Company is to offer its clients total financial security with group services including insurance, investment advisory, savings and loans, among others.