Izwe Loans, a non-bank financial institution, is at the last stages of obtaining a savings and loans licence from the Bank of Ghana (BoG), its Managing Director, Mr Raymond K. Bismarck, has announced.
He said “all the needed documents have been filed, with the necessary approvals given”.
“We expect to start operating fully as a savings and loans company at the beginning of this year,” he stated.
The Managing Director announced this when the company took its turn at the Facts Behind the Figures series organised by the Ghana Stock Exchange (GSE) in Accra.
Mr Bismarck further stated that it intended to operate its Savings and Loans Company differently from what was currently on the financial market in the country.
He also disclosed that the company had obtained an insurance intermediary licence and had started rolling out a life insurance product to its customers.
The managing director said the company would roll onto the market a credit life insurance product for its cherished customers.
The Director of Izwe Africa, Mr Dave Fichardt, said the company eliminated all forex losses in 2015 and that had increased its interest margins.
In view of the increase in profit margins, the company’s fees and commission income for the period under review increased and credit loss expenses had been relatively stable.
As of September 2015, he said, Izwe Loans had grown a loan book of more than GH¢120.5 million and a retail deposit base of over GH¢60 million.
For his part, the Managing Director of the GSE, Mr Kofi Yamoah, commended Izwe Loans for its initiative on online applications for its customers through the call centre.
Source: Graphic