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‘New investors coming to inject money to revive GN Savings’ – Nduom

The owner of GN Savings and Loans, Papa Kwesi Nduom has once again given assurances that the company will bounce back within the shortest possible time.

This time around, he says the company has already found ‘credible potential partners’ as part of strategies to raise more funds for it to meet the outstanding withdrawal demands of depositors.

In a Facebook post today [Sunday], Dr. Ndoum said, GN Savings is awaiting clearance from the Bank of Ghana so the new investors can pump new money into its operations to address liquidity challenges.

“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.”

While expressing optimism in the revival of the business, Papa Kwesi Ndoum also mentioned that the company is making strides.

“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 are yielding positive results. What we collect is sent to our branches to meet customer needs. I am confident that the revival of this business will continue.”

Ndoum also said that the challenges confronting his business are being addressed.

He said that through a new banking approach the company has introduced, it is attracting old and new customers “to actively transact business with us through new deposits.”
In January this year, GN Bank applied for the license of a savings and Loans Company after it was unable to meet the Minimum Capital requirement of 400 million cedis set by the Central Bank.

After the Bank of Ghana (BoG), approved the downgrade, clients have been complaining about the difficulty in retrieving their investments.

The financial institution was among the many that were affected in the country’s banking crisis that saw eight local banks collapse.

Papa Kwesi Nduom thus wants monies owed the company by the government paid, to strengthen its finances.

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