Miners Union Savings and Loans opens Tudu branch

Ghana Mine Workers Union’s (GMWU) Savings and Loans Company has opened a new branch at Tudu, Accra, to sustain its leadership drive and to help facilitate the development and growth of Small and Medium Enterprises (SMEs).

Golden Pride Savings and Loans Limited, which is wholly owned by the GMWU, has branches in Tarkwa, Obuasi and currently in Accra.

The GMWU, which currently has about 18,500 members, is a democratic and independent trade union organisation affiliated locally to the Ghana Trades Union Congress and the International Federation of Chemical, Energy, Mines and General Workers Union based in Brussels, Belgium.

Mr. Prince William Ankrah, the Union’s General-Secretary, speaking at the opening ceremony in Accra said the creation of Golden Pride by GMWU has been a revolution in the banking industry. 

“Set on the pedestal of high ethical values and conviction, Golden Pride has started carving a household name through the delivery of bespoke products and services,” he said.

Considering the intense competition that characterises the operation of financial institutions in the country, Mr. Ankrah who is also the Board Chairman, observed that there has been a huge shift in expectations; expectation in compliance, expectation in profitable results, expectation of steady growth, expectation in accountability, expectation in positive change.

“To meet these ever-growing expectations, Golden Pride has adopted a robust administrative systems, operational software and structures that easily passed the regulatory requirement of excellence. 

“We are prepared to meet and respond to the financial needs of our cherished customers and clients. The challenges seem daunting, but with good resolve we shall thrive on these challenges,” Mr. Ankrah said.

Mr. Johnson Asamoah Boadi, Managing Director of Golden Pride Savings and Loans Limited, said: “Golden Pride Savings and Loans Limited will offer a wide range of traditional banking products and exclusive ones including loans to associations and churches, and provide free professional advisory services to the public.

“We have entered the market in Accra with the message to SMEs ‘your banking struggles are over’ -- Golden Pride is in Accra to give a new direction to financing SMEs.”

He further assured customers and prospective ones of a robust system that has been put in place to manage banking risk. “We place premium on protecting the deposits and investments of our value customers against fraud.”

Mr. Boadi explained that the union believes the potential of SMEs to bring remarkable contributions to the Ghanaian economy have largely remained untapped.

He indicated that the fast pace at which savings and loans companies are being established confirm the fact that more opportunities are offered to Ghanaians in the SME sector to access financial packages that take into consideration their peculiar needs.

“The SMEs offer enormous financial opportunities for the financial sector in Ghana, but the untapped opportunity has been to develop specific products and services that meet the needs of SMEs and the conscious effort to ensure easy access to them.

“That informed the mission of Golden Pride Savings and Loans Limited to lead the financial institution market with well thought-out tailor-made products and services that would be easily accessible to the SMEs,” he remarked.

Mr. Kwame Pianim, Economist and Investment Consultant, advised banking officials to be flexible in dealing with clients and create the ambience for sustainable banking services.

He said investing in SMEs poses high risk but managers can minimise the risk by developing intimate relationship with customers using modern technology to encourage branchless banking.

Mr. Pianim also called on other bankers in the industry to come together to build the banking market, setting the pace for favourable competition and generation of innovative ideas for survival.