The Governor of the Bank of Ghana (BoG), Dr Abdul-Nashiru Issahaku, has commissioned the first ever financial institution of the Ghana Armed Forces (GAF) Bank called Services Integrity Savings and Loans Company (SIS&L).
Addressing military and civilian personnel at the forecourt of SIS&L, which is located near the GOIL Fuel Station along the Burma Camp-Trade Fair Centre road in Accra, Dr Abdul-Nashiru Issahaku disclosed that there are currently 29 licensed savings and loans companies operating in the country.
He therefore urged management of the new company to adopt technology to gain a foothold in the highly competitive market.
The Governor urged officials of SIS&L to put a robust risk management system in place to protect them against shocks of the industry.
He further urged them to improve their credit underwriting standards and risk management systems to ward off any potential risks.
“Weakness in corporate governance still remains a challenge in the non-bank financial institution sector, and I am confident that the level of discipline the Armed Forces are noted for would be brought to bear on the operations of Services Integrity Savings and Loans Company,” he mentioned.
Dr. Abdul-Nashiru Issahaku also called on management of the bank to be mindful of the various financial and banking reforms.
The Chief of the Defence Staff (CDS), Air Marshal Michael Sampson-Oje, said that the inauguration of the financial institution of Ghana Armed Forces (GAF) was a dream come true.
He averred that a committee was commissioned five years ago to carry out feasibility studies for the establishment of the institution which is the first of its kind in the sub-region.
He assured that SIS&L would work hard to maintain the highest standards that would win both the confidence of personnel of the Ghana Armed Forces and members of the public.
He said a certificate to operate was issued to SIS&L during the tenure of Dr. Henry Kofi Wampah, the former Governor of the Bank of Ghana.
Board Chairman of SIS&L, Maj. General Opuku Adusei, revealed that the GAF personnel would have access to mortgages ME Financing, Fallen Heroes Fund, among others.
Maj. Gen. Opoku Adusei was hopeful SIS&L would eventually grow steadily to become a leading universal bank to serve the needs of Ghanaians.
By Solomon Ofori