First Allied opens branch in Techiman

Techiman, March 1, GNA - Rev Frederick France, Head of the banking supervision department of the Bank of Ghana, has said provision of quality products and services was essential for success in marketing. He emphasized the need to satisfy the growing needs of the market without compromising standards.

Rev. France was speaking at the opening of the Techiman branch of the First Allied Savings and Loans Limited, a limited liability company licensed by the central bank to accept deposits from the public and to provide credit services to businesses and consumers.

He urged the company to impact positively in the area despite the keen competition with the presence of banking giants in the country. "With maximum commitment and dedication of management and staff, the targets and objectives embedded in the company's business plan can be achieved."

Rev. France referred to the central bank's redenomination exercise and implored all banks and non-banking financial institutions to join in educating the public not to panic but to help make the exercise a success.

Rev. France said the central bank was putting in place measures to ensure the smooth transition, sanity and soundness in the banking credit systems as provided by law and called for the co-operation of all stakeholders.

Mr. Prince Yaw Donyina, the Municipal Chief Executive, called on the company to extend its operations to the rural areas and inculcate in the people the habit of savings to promote agro processing industries. He called for the beefing up of security in Techiman to stem armed robberies and other criminal activities and commended the company for employing the bulk of its work force from the area.

Mr. Philip Yaw Amakye, Managing Director, said FASL that started operations in September 1996, had 141,471 billion cedis deposits with 98,039 customers in Ashanti and Brong-Ahafo regions. He said the company as at January this year had given out loans up to 213 billion cedis, while the net fixed assets stood at 11.2 billion cedis, with shareholders fund amounting to 20,908,386 cedis.

Mr. J.E. Essandoh, Relations and Marketing Manager, said as at January 31 this year the company had employed more than 226 workers and had given out loans ranging between 10 million and 450 million cedis to customers.

Oseadeeyo Akumfi Ameyaw 1V, Omanhene of Techiman Traditional Area who presided, commended the bank for its commitment to creating employment in Techiman.