<<Print>>

Following Union Savings and Loans award for 2014 Best SME Finance Company in Ghana, the Global Banking & Finance Review interviewed the managing director of the company to share more light on their success story.

The Global Banking & Finance Review is a leading brand name in the world of finance and banking. It is created to reward all companies of all sizes that are prominent in particular areas of expertise and excellent within the global financial community.

Mr. Philip Oti- Mensah, who is the MD for Union Savings and Loans, was in London to pick up the award together with Kwasi Nimako, Executive Head of Finance.

Speaking after the presentation, Mr. Oti- Mensah highlighted how Union had to significantly change their business philosophy in order to achieve the enviable feat they are enjoying.

He revealed that as at 2012, they used to be a micro banking institution but had to later change their business strategy and focus on SMEs.

Following this move, Mr. Oti- Mensah claims both their loan portfolio and deposits has considerably  grown more than twenty five (25) and thirty (30) times respectively.    

The MD further revealed that the bank also decided to move into the SME market because they realized that more entrepreneurs were involved in that sector; and used their knowledge gained, to add value to raw materials for business.  He made it clear that focusing on the SME market has contributed to the growth of Ghana’s economy.