MFI Report

First Allied Savings and Loans Limited (“FASL”) was incorporated as a private limited liability company on May 24, 1995 under the Ghana Companies Code, 1963 ( Act 179). FASL was incorporated as a non-bank financial institution to operate a savings and loans business in the country. FASL was granted an operating license by the Bank of Ghana under the Non-Bank Financial Institutions Law (PNDCL 328) of 1993 on March 27, 1996 to accept deposits from the public and provide credit services to businesses and consumers. FASL commenced official business on September 25, 1996. The Institution was established purposely to engage in micro-financing activities through the mobilization of savings from the retail public – mainly households and small business enterprises – and the provision of credit largely to its target group (micro and small business financing). The target group oriented credits are usually linked to savings. The Institution has been reaching out to its customers through its branches, agency and a “distance banking” concept. The Institution has been able to position itself as the leader in the savings and loans business through the provision of quality products and the delivery of efficient services to its targeted customers. Cacher