FirsTrust Savings and Loans has been officially launched in Accra.
Formerly Ezi Savings and Loans, private equity firm, Ideal Financial Holdings Limited took over its assets and rebranded it as part of efforts to be a leading conglomerate in the financial industry in Ghana.
To ensure the company does not suffer any liquidity challenge, the new owners have injected GH?10 million capital to underwrite more transactions.
The plush Head office of Firstrust Savings and Loans is located at North Dzorwulu, along the George Walker Bush Highway in Accra.
Speaking at the launch, Chief Executive Officer of Ideal Financial Holdings, Dr. Nii Kotei Dzani assured potential clients of sustainable investments.
According to him, Firstrust will benefit from the deep balance sheets of its parents company to survive in the competitive market.
Dr. Dzani however charged government to take prosperity measures to support the growth of indigenous businesses.
"If we want to prosper as a country we must make it a deliberate decision to support and grow indigenous businesses. No foreigner will develop this country. For instance, Americans developed America, Chinese developed China; Japanese developed Japan, so Ghanaians must develop Ghana” he added.
Dr. Kotei Dzani assured customers and all stakeholders of a turnaround in the company’s fortunes as its parent company, Ideal Financial Holdings Limited, boasts seasoned management and strategies in the financial sector.
Also, Deputy Minister of Finance and Economic Planning, Cassel Ato Forson commended the Ideal group for rescuing Ezi Savings and Loans.
“This demonstrates a strong and long-term commitment to become a strong player in the development of our financial sector and contributing meaningfully to the development of our economy,” he stated.
Ato Forson urged the new Board of Directors to institute measures to boost the confidence of prospective customers.
For his part, Deputy Governor of the Bank of Ghana, Dr. Abdul Nashiru Issahaku cautioned Savings and Loans companies against unethical practices.
He described as worrying the decision of non-bank financial institutions to invest deposits of customers for their own interest,
Dr. Issahaku said the Central Bank will crack the whip on any Savings and Loans company found culpable.