FIRST ALLIED BANK OPENS IN MANKESSIM

By Lisa Bogler


The opening of a second branch in Central Region demonstrates the commitment of First Allied to support the micro enterprise sector in this region. 

After the opening of First Allied Loans and Savings Limited in Cape Coast at the Coronation junction on February 25th, the company returns to the Central Region with a second branch. Having registered tremendous growth and a great level of patronage in this district, the management of First Allied feels confident enough for a new start in Mankessim, bringing the number of branches nationwide to eighteen. Since its establishment in 1996, the company has worked hard to offer convenient access to efficient, innovative and responsive financial services to the micro and small scale entrepreneur. 

As Nana Yaw Odro, Board Chairman, points out, the year 2010 was a difficult year for the financial sector with many challenges. The world‘s economy is weakened and recent events such as the earthquake in Japan and the roaring oil prices do not help in coping with these difficulties. The risk of loan losses due to the inability of customers to pay back their loans is an even greater risk for the micro enterprise sector. Nevertheless, First Allied sticks to their dedication to support especially this sector with the much needed credit to help grow their businesses, living their motto: „We lend a helping hand.“ 

In practice this is demonstrated by the company‘s offerings of high interest yielding savings accounts, current accounts, Susu accounts and fixed deposits. Nana Yaw Odro is proud to state that First Allied is the only such financial institution in Ghana which does not charge costs on current account operations or other hidden charges.

Holding on to the company‘s vision to „become a leader in the provision of quality financial services to the micro and small enterprise sector in Ghana“, First Allied experiences growing customer confidence. The customer base of over 92.000 is rising. At the end of March 2011, deposits hit GHC 57 million with an asset base of GHC 80.7 million and a shareholder value of over GHC 12 million.

Rev. Frederick France, guest of honour, who has been associated with First Allied since its beginnings, emphasises how impressed he is by the company‘s gains in the past 15 years.   With a well-deserved reputation as a friend of the SME sector, First Allied is counted among the best 100 companies in Ghana today. From 2004 to 2009, the institution received the gold awards at the Ashanti financial excellence awards and earned another gold award at the First Ghana Business & Financial Services Awards in 2008.

The confidence of First Allied Savings & Loans is well perceptible at the opening of the Mankessim Branch on the morning of April 29th. The musical interlude of a group of the Centre for national culture in the Central Region, their dancing and drumming, underline this enthusiasm. The positive outlook is even strengthened by the many new customers who fill the bank‘s shining new building to open accounts only shortly after the cutting of the tape by Rev. Frederick France. With this new branch, First Allied can show once more their commitment to the micro enterprise sector in Central Region.