“Wo Daakye” with 1st National Savings & Loan

First National Savings and Loans (FNSL) is one of the fastest-growing financial institutions in the country. And as part of its policy of helping a larger percentage of the Ghanaian population, it has introduced a micro-savings product dubbed “Wo Daakye” - to wit “Your Future” - to encourage savings among Ghanaians who fall within the low-income earning group.

“Wo Daakye” is aimed a providing a secure, easy way for traders, students, farmers and micro/small/medium-scale enterprises to save at their workplaces.

The decision to adopt the “Wo Daakye” product was as result of a realisation that most Ghanaians do not have savings accounts and that the traditional universal banks have not been able to encourage the ordinary Ghanaian to develop a savings habit.

The management FNSL also took into consideration that traders, farmers, workers and owners of micro/small enterprises do not find it feasible to take taxis or tro-tros to make deposits at the banks.

To facilitate the scheme, management of the Bank has put in place hardworking Field Cashiers whose duty is to visit clients who operate the scheme on a day-to-day basis to collect funds for the deposit.

It has been designed to allow people who operate the “Wo Daakye” scheme the time to make deposits in any of First National branches across the country. The scheme allows a minimum of 50 pesewas or any amount above this as a daily savings deposit.

It also requires a minimum contribution period of six months before withdrawals can be made. The six month saving-period also attracts interest of 15%. In addition to this, FNSL has also designed the product in such a way that people who operate it can apply for loan facilities.

Quite apart from that, First National also has a Susu Account which allows people who operate the scheme to apply for loan facilities.

The minimum amount that can be granted to an applicant that operates the Susu Account is GH¢50 and a maximum amount of GH¢5,000. This facility is granted to an applicant depending on his/her ability to repay.

In the event that an applicant requires more than GH¢5,000, management of FNSL ensures that such facility is converted to a commercial loan. The Susu product can be applied for by any Ghanaian.

FNSL has put in place a flexible mechanism that speeds up the application process of any individual who expresses interest in the Susu scheme. The first step is that any individual who wants to operate the Susu Account of 1st National is asked to fill in a Susu Account application form.

The customer is then asked to contribute daily for a two-month period before he/she can be allowed to access the loan.

FNSL accepts minimum daily contribution of GH¢2.00 and above. The total contribution of the customer for the two months is put aside by the banks as a guarantee fund. This lasts till the duration period of the loan facility.

The maximum amount of loan facility that First National can grant to an individual who operates a Susu Account is five times the guaranteed fund but not more than GH¢5,000.