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ENTREPRENEURSHIP

Savings and Loans Companies in Ghana

Savings and Loans Companies in Ghana

There are currently about 25 savings and loans companies in Ghana. Savings and loan companies provide a secure and flexible way to save money. If you are looking for a way to manage your income as a small business owner, a government worker seeking a loan or investing your money, your best bet could be a savings and loans company.

How many savings and loan companies are in Ghana?

There are 25 registered companies listed by bank of Ghana

Do savings and loans still exist?

Yes

Read Best Banks in Ghana

Savings and Loans Companies in Ghana

ABii National Savings and Loans Ltd

ABii National is a Savings and Loans Company founded in 2011 and licensed under the Non- Bank Financial Institutions Law, 2008, (Act 774) to provide financial services to the public.

As a financial institution supervised by Bank of Ghana, it is authorized to take deposits from the general public and institutions, give out loans and offer other financial services like any other bank. ABii National however undertakes clearing, direct foreign transfers and other forms of international trade through our partnering banks.

Adehyeman Savings and Loans Company Ltd.

Adehyeman Savings and Loans Company Ltd. (Adehyeman) was licensed by the Bank of Ghana on 11th January 2005 under the Non-Bank Financial Institutions Law (PNDCL 328) as a Non-Bank Financial Institution (NBFI). Consequently, the company has the legal and regulatory mandate to receive deposits and as well offer loan products.

Today, Adehyeman has 6 branches scattered all over Accra, Kumasi and Swedru maintaining a focus on individuals, groups, small and medium scale enterprises within our catchment zones.

Advans Ghana Savings and Loans Ltd.

As the Ghanaian economy evolves, Advans Ghana continues to update its products and services to meet customers’ new financial requirements. The dynamism of the company has over the years attracted young and motivated employees. Today, there are more than 650 welcoming staff members ready to serve you in the 18 Advans Ghana offices.

Asa Savings and Loans Company Limited

Savings and Loans Companies in Ghana

Assurance Savings and Loans Ltd

Assurance Savings and Loans Company Ltd has been consistent in building a differentiating brand through its superior services and irresistible customer support. As a customer-centered institution, Assurance Savings and Loans cherishes the service of providing broad range of accessible financial solutions to its customers in a timely manner and at optimum convenience.

Best Point Savings and Loans Ltd

Best Point Savings and Loans Ltd (BPSL) is a wholly owned Ghanaian Company incorporated under the Companies Act 1963 (Act 179) on September 4th 2012. It was originally incorporated as Lucky Savings and Loans Limited but had the name changed on January 29th, 2013. It was issued with a Certificate to Commence Business on October 8th 2013.The sole business of BPSL is the provision of savings and loans services.

Bond Savings and Loans Ltd

As a Savings and Loans Company licensed and supervised by Bank of Ghana, it is an establishment authorized to collect deposits and give loans like any other bank. Bond specializes in delivering an array financing solutions that best serves the exact needs of the client.

Bayport Savings and Loans Plc

Bayport Savings and Loans Ghana opened for business in 2003. It was the second Bayport Savings and Loans operation.

Guided by an experienced board and a talented management team, Bayport Ghana has come to understand the needs and attitudes that drive the Ghanaian people’s relationship with credit. As a result, it is one of the country’s leading credit providers with a presence in each of the regional capitals.

Direct Savings and Loans Limited

Direct Savings and Loans Ltd is an indigenous second tier banking institution, licensed by the Bank of Ghana. Until 6th June, 2017, the company operated as Express Capital Microfinance Ltd which was incorporated on 19th June 2012, and in operation since July 2012. The Company’s business is to provide banking services to micro, small and medium enterprises (MSMEs), traders and market women, salaried workers and the self-employed.

Equity Savings and Loans Ltd.

Equity Savings & Loans (ESL) is a limited liability company registered at the Registrar General’s Department. They are licensed by the Bank of Ghana to operate as a Savings and Loans Company in Ghana. Equity is one of the strongest and fastest-growing companies in the Ghanaian financial industry.

Golden Link Savings & Loans Ltd

The company has a clientele base of over ten thousand persons living in Ghana who use the platform to collect their transmitted funds from the following Money Transfer Operators: Unity Group in the UK, the Netherlands, Germany, Ireland and the United States, Money Express (Senegal), and Western Union International.

The GOLDEN LINK currently operates from three locations in Ghana:

  • Tesano, Accra, (Head Office)
  • Circle, Accra, (Near the Overhead Bridge)
  • Adum, Kumasi (Next to GRA)

Golden Pride Savings and Loans Ltd

Golden Pride is a Savings and Loans institution licensed under the Non-Bank Financial Institutions Act 2008, Act 774 and Golden Pride Savings and Loans Limited (GPSL) is 100% owned by Ghana Mineworkers’ Union (GMWU) of Trade Union Congress (TUC).

Izwe Savings and Loans Ltd.

Izwe is a financial solutions company primarily offering personal loans to the government and selected parastatal employees, secured lending products to individuals and SMEs, as well as fixed-term investments, savings and transactional accounts for both businesses and individuals.

Jins Savings and Loans Ltd.

Letshego Savings and Loans Plc

Multi Credit Savings & Loans Co.

Ltd.

Multi Credit Savings and Loans Ltd is a savings and loan banking entity fully licensed by the Bank of Ghana to accept deposits and grant loans and offer other credit facilities to customers.
The bank has been in operation since 1999, formerly trading as Garden City Savings and Loans Ltd.
They have 52 branches across the country still growing!

Opportunity International Savings and Loans Co. Ltd

Opportunity International Savings and Loans Limited, (Opportunity International) is a leading savings and loans institution in Ghana. Opportunity International is at the forefront of delivering transformational financial services to help transform the lives of clients. It was licensed by the Bank of Ghana in June 2004. Opportunity International Savings and Loans Limited is a subsidiary of Opportunity International – A global institution dedicated to helping clients transform out of poverty.

Pacific Savings & Loans Co. Ltd

PSL Company was established to provide an alternative low cost access of choice to the unbanked public that had hitherto lacked access and attention from the traditional banks. It is thus expected to mobilize idle or surplus funds and channel these funds to deficit holders to promote economic activities. PSL is thus to engage in the ordinary business of banking through the mobilization of deposits and investing these funds through its customers to support viable and profitable economic ventures and activities.

Pan – African Savings and Loans Company Limited

Pan-African is recognized for excellence as a leading Savings and Loans institution in Ghana.
Within the 11 years of operation, the Pan-African Savings and Loans Company Ltd has successfully delivered innovative products and services to the market and has won several awards, including: Best Microfinance Project/Institution of the year – 2011 (African Bankers’ Award), Innovative use of Technology – 2011 (Hanson Wade Awards), Member of Ghana Club 100 (GC100) 2015 edition and Financial Inclusion in Africa 2016 for the Ecobank Microfinance Team.

Progress Savings and Loans Limited

The company has its head office at the Zion House, Shiashie Road, East Legon. Its first branch is located at the ground floor of the Zion house.

 services provided to clients include:

· Business Advisory Services 
· Business Planning
· Financial Planning
· Stock Management and
· Cash Flow Forecasts 

Savings and Loans Companies in Ghana

Services Integrity Savings and Loans Ltd.

Services Integrity Savings & Loans Ltd serves the public and business community with special focus on the Officers, Men and Civilian Employees of the Ghana Armed Forces (GAF) and their immediate families.

SIC Life Savings and Loans Ltd.

SIC Life S & L is a wholly owned subsidiary of SIC Life Company Limited, one of Ghana’s leading Life Insurance Company. In the short to medium term, the strategic priority of the company is to become a highly profitable non-bank financial institution that is able to deliver sustainable returns to our shareholders by offering high quality and innovative products and services with competitive interest.

Savings and Loans Companies in Ghana

Sinapi Aba Savings and Loans Company Ltd

Sinapi Aba Savings and Loans is a new company born out of Sinapi Aba Trust. It is a Non-Banking Financial Institution licensed under the Non-Bank Financial institutions Act 2008(Act 774), authorized to carry on the business of Savings and Loans on the 28th of March, 2013 in Ghana. All loan and savings activities that were previously managed by the Trust are new under the care of the savings and loans company. Sinapi Aba Savings and Loans offer a variety of loan and savings products.

The Seed Funds Savings and Loans Ltd

Utrak Savings and Loans Ltd

After establishing a strong presence in the hire purchase industry, UTRAK financial services now UTRAK Savings and Loans Limited applied for a license from Bank of Ghana to operate a Financial company under financial institution (Non-Banking) Law (PNDC 328) of 1993. 

ENTREPRENEURSHIP

5 Ways To Plan Your Finances In Your 20s

Elon Musk net worth

Navigating the murky waters of financial planning in your 20s is no easy task. With the economy perennially in a state of flux and debt on the rise, maintaining a healthy financial life has proven to be even more challenging. We spoke to some finance gurus and experts to glean from them the following that could throw ideas and provide some relief:

Read Top 10 Richest Men in Africa

  1. Save. This money is not for immediate use, it isn’t even for foreseeable use. This money is for the long-term, and can be diversified through a number of different investments and unit trusts. These banking faculties ensure that the money you’re putting away is reaching its maximum potential and will serve you well, when the need for it arises. The amount being saved will depend on monthly income and expenses. Increasing this as you progress to each stage of life is recommended and will serve you well when the time comes to reap these rewards.
  2. Budget. Keep track of your monthly expenses and reduce frivolous spending. A detailed review of your expenses in a month can help determine the money you need to cover it. After all essential expenses such as rent or loan repayments, the cost for essential items such as food and toiletries should be calculated next. The last to follow is optional expenses such as eating out or luxury spend. In doing this, it ensures all the important factors are covered while leaving room for the occasional splurge.
  3. Emergency funds. Life can be unpredictable. With this come unforeseen costs. To prepare for this, experts recommend creating an emergency fund. This fund is an accumulation of money that is put away to access should the need arise. It can be used on an unexpected medical emergency or sudden job loss. The creation of this ensures that debt is not incurred and long-term savings are spared. It should be placed in a bank account that is quick and easy to access so the funds are available immediately should you need it.
  4. Assets. Acquiring assets such as vehicles or property is an important investment into the future. Using the finance options available also has its benefits. Creating a positive credit score is important for anyone especially later on in life when business loans may be needed or when opening accounts. While vehicles depreciate quicker, these are assets that can be kept for years at a time and can be used as collateral for a better model when the opportunity arises. Property is also an investment and does not depreciate.
  5. Retirement funds. Time waits for no man and age catches up with us all. This is why saving for retirement is something that should be started as early as possible. Everyone wants to age comfortably. To do this, it means taking the initiative while you’re young. Over and above the pension or preservation fund being accumulated through your job, setting up a retirement annuity is also highly recommended. This ensures that either a lump sum or monthly stipend is received ensuring that you age in style.

Read How Aliko Dangote became the richest man in Africa

Being in your 20s can be exhilarating and terrifying all at once. The events of your 20s are a significant factor in how you approach the rest of your life. The one thing you want to make sure is that your finances are in order. Debt globally is the highest that it has ever been, and the economy is in recession. Preparing now makes sure that you weather the storm. With calmer seas, you’ll reap the rewards instead of being stranded with no lifeline. Let your finances be one of the things you do well in your 20s.

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ENTREPRENEURSHIP

The Key Strategy to Buying Stocks in 2021

how to buy stocks

For investors looking to grow their portfolios these days, here is a hard truth: You have limited options.

In this extended era of low rates, average interest on savings accounts is close to zero. Fixed income is not much better, with 10-year Treasurys offering well below 1%.

That’s not even enough to keep up with annual inflation, let alone grow your savings for a comfortable retirement. That leaves one primary weapon in your arsenal: Equities, or shares in publicly-traded companies.

The stock market

There is more risk involved with buying stocks than with bonds or other investments, but there is also more potential return. Looking through a long-term lens of many decades, stocks are a smart place to be – returning an average of 9.2% a year over the last 140 years, according to data from Goldman Sachs.

Compound that return over many decades of your working life, and you can see why stocks are a core component of most portfolios. They not only offer potential share-price appreciation, but income generation as well, if they provide a dividend (a regular payment to shareholders).

Using a simple growth calculator at Investor.gov, if a young saver chips in $500 monthly and enjoys 7% compounded stock returns over 40 years, that adds up to an impressive $1.2 million.

“With stocks there is a greater potential for reward, which is why they are a core part of most investors’ portfolios,” says Michael Kealy, an education coach with brokerage TD Ameritrade in Salt Lake City. “Historically they have provided returns north of other asset classes. There is more risk on the table – but there are ways to offset that risk.”

How to buy stocks:

Stocks for beginners:

Here are three steps to start buying stocks:

1. Decide between a mutual fund and individual stocks

2. Decide which stocks to own

3. Selling stocks: Consider taxes and risks

1. Funds vs Stocks

So where does a new investor begin in buying individual stocks? If your primary savings vehicle is a company 401(k), you will typically be presented with a menu of mutual funds, which are baskets of large numbers of stocks. (The exception to that rule is stock in your own company, which may indeed be offered within that plan.)

For most investors, mutual funds are the wiser path, since they offer more diversification and less risk. But if you are interested in buying shares in individual stocks, you can certainly do that elsewhere — in traditional or Roth IRAs, for instance, which are retirement accounts that let you select from a wider universe of investment options.

Stock brokers

Or you can trade stocks in a regular taxable brokerage account, at popular online brokers like TD Ameritrade, Merrill Edge, E*Trade or Schwab. Many investors these days are even gravitating towards apps like Robinhood, which appeal to the mobile and tech-savvy mindset of younger savers.

Every brokerage offers its own educational tools, which new investors should take full advantage of.

“Whatever platform you are using, there will be a comprehensive set of research to help you make the most informed decision possible,” says Aron Levine, Bank of America’s President of Preferred and Consumer Banking and Investments. “You have to educate yourself, because you don’t want to pick stocks based on the latest rumor in the news or what you heard in the hallways.”

How to buy stocks online

Before selecting a brokerage, do your due diligence and look into fee structures, like how much they charge you to make a trade. It could be zero — in other words commission-free — at some online brokers, or it could be a modest amount like $15 or $20.

Just keep in mind that if there are fees associated with trading, frequent buying and selling will eat into your overall returns. Even if those costs seem small at first, they can add up in a big way: In fact one well-known study found that frequent traders underperformed the broader market by 6.5%, largely because of trading costs.

Part of that market lagging is that individual investors are just not skilled at successfully timing the market. We react emotionally instead of rationally, buying when stock prices are too high and selling when they are too low. So for most investors, a Warren Buffett-like buy-and-hold strategy is usually the better way to go: Purchase shares in a company you believe in, at a reasonable price, and then leave it alone and watch it grow.

2. How to pick the right stocks

How do you go about deciding which shares to buy? That’s the million-dollar question, and an inherently personal one, to which no one can give you the answer. But two typical schools of investing thought are “growth” versus “value.”

Growth stocks tend to look more expensive when compared to their current earnings, but their future potential as an expanding business justifies the higher price. Think of prominent technology companies, which have typically looked very pricey in recent decades, but have grown by leaps and bounds – and rewarded investors handsomely.

“How much growth is anticipated, should be one of your very first considerations,” says TD Ameritrade’s Kealy. “You want to see future expected earnings that are well above the past, and to find that out you can research earnings estimates from company analysts.

“When looking for attractive investments, one conventional valuation metric is price relative to earnings (P/E ratio): How much share price am I spending, compared to future earnings?”

That’s where the alternate approach of “value” investing can come in. For any number of reasons – like a broader economic slowdown, or disappointing quarterly results, for instance — a stock may be beaten down at the moment, but as a result it is on sale. Snap up that discount, wait for a rebound, and you should be well-positioned for solid returns going forward.

Another key metric to consider is dividend payout. In that way stocks can be an ongoing source of income, especially for those nearing retirement who would like an additional stream of cash in addition to pensions or Social Security. The average yield of S&P 500 stocks is around 1.5%, but if you pick and choose wisely, many companies are offering 3% or more – which far exceeds what most fixed-income products are offering at the moment.

3. Sell stocks

If you do pick a stock winner, congratulations – but just remember that in taxable accounts, Uncle Sam will want his taste. Short-term gains are taxed at ordinary income rates, while longer-term holdings fall under the capital gains rates of 0%, 15% or 20%, depending on income level. There are no capital gains taxes for buying and selling within traditional IRAs, although eventual distributions are taxed as regular income. Roth IRA investment gains are entirely tax-free, since the initial contributions were after-tax.

Another caveat about investing in individual stocks: Even if you are talking about big, well-known companies, there is a fair amount of risk involved here. As we saw during the financial crisis of 2008-9, unexpected events can take down respected and long-standing firms – and if they crash out, your investment can go to zero.

“Especially in the last six months, there has been a big rush into equities, with young investors getting excited by single stocks,” cautions Bank of America’s Levine. “That creates a great deal of risk, because those investments can go rapidly up or down, with nothing to balance them out.”

One strategy to reduce risk can be to limit such speculative stock picking to a relatively small percentage of your portfolio, while devoting the rest to broader mutual funds and other asset classes like fixed income. That overall balance should steady the ship during market storms, and prevent dramatic swings and rash decisions.

You can also try your hand at stock picking by using a practice account, or what is called “paper trading”. TD Ameritrade, for instance, has a platform called Thinkorswim where new traders can get familiar with how the process works, without putting any actual money on the line.

“It’s basically Monopoly money, and you can see what plays out without it being a live account,” says Kealy. “It’s a good way to practice and build confidence, because education is so important for investors who are dipping their toes in for the first time.”

Source: Money

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From the web

Richest Woman in Namibia

richest woman in Namibia

Who is the Richest Woman in Namibia

Monica Geingos is the richest woman in Namibia

Monica Geingos is a Namibian entrepreneur, lawyer, and First Lady of Namibia since 2015. She has been a board member and director within many of the country’s large companies. She had also chaired the Presidential Economic Advisory Council.

Read Frans Indongo net worth

Geingos married the then-President-elect of Namibia, Hage Geingob, on February 14, 2015, shortly before he was sworn into office. She has served as First Lady since March 2015.

career

 she was voted one of the 12 most influential people of Namibia, and in 2020 she was in the list of 100 most influential African women. Geingos is a graduate of the University of Namibia, and spent the early part of her career working for the Namibia Stock Exchange (NSX) in Windhoek. Geingos served as Chairman of the Board of eBank Namibia and is the managing director of the financial undertaking Stimulus, and General Director of Point Break.

Richest Woman in Namibia

Monica Geingos is arguably the richest woman in Namibia. She founded the Economy Foundation in 2016.

Read Michael Amushelelo net worth

Promising to give away all her wealth – estimated at $3 million – to charity when she dies, Monica Geingos is on a mission to change the image of African first ladies and tackle sexism and inequality in Namibia, the world’s second most unequal country.

Geingos married Hage Geingob on Valentine’s Day in 2015 – a month before he was sworn in as president of the southern African desert nation, which gained independence from apartheid South Africa in 1990 but remains starkly unequal.

The couple then voluntarily declared their combined assets of some 110 million Namibian dollars ($7.44 million), a popular move in a continent where politicians and their wives, like Zimbabwe’s Grace Mugabe, grab headlines over unexplained riches.

About 6% of Namibia’s 2.5 million people are white. They dominate businesses and land ownership, a legacy of German and South African colonial rule, along with a growing black elite.

Read Richest Man in Namibia

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