GN Bank/Savings completed the six-month transition from universal bank to Savings and loans at the end of June, under the supervision of the Bank of Ghana.
Products and services have been changed and a lot of restructuring has happened to ensure concentration on financial inclusion and strengthening the field operations.
Some of the problems encountered last year have been solved. Others are being addressed. For example, workers’ salaries that were locked up have been released throughout the country. Selected branches are back to delivering remittance/money transfer services successfully.
We have introduced a concept we call LRB (Local/Regional Banking) using a Community Banking approach to make sure we work closely with the communities in which we are located. With this, new deposits made can be withdrawn without any restrictions.
This has attracted old and new customers to actively transact business with us through new deposits. This new system is working and many individuals and companies who run national operations are transferring funds successfully from one town/region to another.
One Community generated GHS2.2 million of new deposits in July. In many towns, we remain the only licensed financial institution to serve the needs of the people.
For the rest of the year, our attention will be on raising funds to unlock customer funds from “old deposits” (deposits made prior to this year).
Our national retail footprint has enabled the company to find credible potential partners who when cleared by the Bank of Ghana, will invest new money. Existing shareholders have also pledged to put in new money to provide liquidity by the end of the year.
Our consistent interactions with our loan customers is yielding positive results. What we collect is sent to our branches to meet customer needs.