First National to begin full banking operations

First National, one of the biggest savings and loans company in the country has announced its intention to become a  universal bank by the end of the year.

 The acting General Manager, Mr Komevor K.D. Tettegah who announced this said the company had been able to raise the GH¢60 million capital as required by the Bank of Ghana and was expecting the Central Bank to grant  the license to enable it to begin operations.

Speaking at the company’s annual customer appreciation and family day in Accra, he said the company intended to operate like other banks as well as attain a clearing license  to clear deposited cheques directly instead of doing it through Merchant Bank.

He was also optimistic that by attaining such status the company would be able to operate beyond the country’s borders as well as open more branches outside Ghana.

“At the moment we have been able to raise the minimum capital base requirement, and expecting the Bank of Ghana to give us the license to operate latest by the end of the year,” he said.

He also added that the company was to open two new branches in Sekondi and Nsawam to enhance its services throughout the regions.

Commenting on the event, he said it was an opportunity for the company to reward its best customers and also offer its staff the opportunity to interact with both their families and customers.

“Most of our staff spend their time in the office and as such was the company’s policy to hold this event every year for staff and their families as well as customers to meet and interact as well as have fun,” he added.

He said similar events had been held in the other regions, while the latest one being held in Accra is for the Greater Accra and the Volta regions.

Twenty- one customers were awarded this year based on their deposits, responses to credit facilities and the way their accounts were generally handled.

1st National is a Ghanaian owned savings and loans company based in Accra with networked branches all over the country with a clientele base of 180,000 customers.

Mr Tettegah also noted that the company operates on one area network which gives its clients the opportunity to deposit as well obtain their loans at any branch of the company in the country.