Pan-African Savings & Loans (PASL) is a renowned financial institution in Ghana that plays a pivotal role in helping small, medium, and large businesses develop their opportunities and financial autonomy. PASL offers financing solutions tailored to clients’ goals, with a strong commitment to making financial services available, accessible, and affordable to vulnerable individuals, enabling them to manage crises, grow assets, and invest in their businesses.
Founded in 2008 as EB-Accion Savings and Loans, the institution has since rebranded to Pan-African Savings and Loans in 2015. It began its journey with two branches and has steadily expanded its network. It is regulated as a Tier 2 financial institution under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) and is a proud member of the Ecobank group.
PASL provides various services, serving as an outlet for remittance products like Rapid Transfer, Western Union, MoneyGram, MTN mobile money, Airtel Money, and Tigo Cash. Furthermore, they offer savings and investment opportunities. With a commitment to financial inclusion, PASL plans to expand its network, both through traditional branches and digital financial services, to reach the financially excluded population.
In recognition of its excellence, Pan-African Savings and Loans has received several awards over the years, including Best Microfinance Project/Institution of the Year, Innovative Use of Technology, and inclusion in the Ghana Club 100. They aim to make savings and access to finance more relevant to the unbanked, low-income earners, and small businesses, ultimately facilitating wealth creation and employment opportunities in their target market.
How do savings and loans operate?
Savings and Loans Companies in Ghana are non-bank financial institutions licensed by the Bank of Ghana under the Financial Institutions non-Banking Law 1993 (PNDC Law 328). They specialize in accepting savings deposits and providing mortgages and other loans. These institutions, known as thrift institutions in some countries, operate as a system of banking where depositors and borrowers are members with voting rights, influencing the financial and managerial goals of the organization.
Savings and loan companies in Ghana can operate deposit, current, and savings accounts, clear checks through affiliated banking institutions, and offer various credit facilities and money transfer services. However, they are not permitted to operate foreign accounts.
In the United States, United Kingdom, Ireland, and some Commonwealth countries, similar institutions are known as savings and loan associations (S&Ls). They provide banking and home lending services, primarily focusing on residential mortgages. While S&Ls now offer checking accounts and other financial services, their core activities revolve around mortgages and home equity loans.
Savings and loan associations, like credit unions, are typically private institutions owned by customers or shareholders, with some publicly traded ones. They gather savings from individuals and use those funds to provide loans, with a legal requirement that a significant portion of their assets (typically 65%) be in consumer loans/products.
Distinguishing characteristics of Savings and Loans Companies and S&Ls include their specialization in mortgages and savings accounts, limited commercial lending capacity, and their mutual or customer-owned structure. These institutions often emphasize community involvement and may offer competitive interest rates on savings accounts due to their lower-cost funding from sources like the Federal Home Loan Banks.
In summary, Savings and Loans Companies in Ghana and savings and loan associations in other countries are specialized financial institutions that prioritize residential mortgage loans and savings deposits, differentiating them from conventional banks. They are typically community-focused, customer-owned, and often offer competitive savings account interest rates.
Pan-African Savings and Loans products, eligibility and requirements
Pan-African Loans and Savings offerings include Account Services, Loans Products, and E-Business and Remittance.
General Eligibility
• Ghanaian citizens 18 and above
• Foreigners require residents/work permit
Documentation requirement
• Any of the following: Voter’s ID, National ID, Driver’s license, Passport
• 2 passport-size pictures
• Copy of utility bills, tenancy agreements
• Business Registration documents (for company accounts)
Loan products
1. Adwuma Pa loan
Eligibility
• Ghanaian citizens between 18 -65 years old
• Loan term of 3 to 24 months depending on the loan product.
• Minimum 6 to 12 months experience in the business.
• Guarantor requirement.
• Collateral requirement.
• Credit life Insurance (Hospitalization, life, fire and flood)
• Business owner with a registered Business & Location
• Interest rebate of 5% when all payments are deposited on time.
Documentation requirement:
• Any of the following: Voter’s ID, National ID, Driver’s license, Passport
• 2 passport-size pictures
• Copy of utility bills, tenancy agreements
• Business Registration documents
• Receipt of business-related payments (e.g. Tax returns)
• Books of accounts for a period of 6 months and above
2. Church loan
This loan is designed to support churches financially for the purposes of church developmental projects and asset acquisition.
Product Benefits
• Quick and Reliable Service
• Loan repayment Flexibility
• Interest Rebate
• Opportunity for expansion
• Provision of advisory service
Eligibility
The principal borrower(s) should;
• Be a Ghanaian citizen
• Between 18-60 years old
• An account holder with Pan-African Savings and Loans
• Be in operation for more than one year
• Be a member of a recognized body (Eg Ghana Pentecostal and Charismatic Council, Christian Council of Ghana)
• Collateral requirement
• Guarantor requirement
Documentation Requirements
• Two Passport Photos of the principal borrower(s)
• ID card (Driver’s License, Passport, Voters, NHIS, NIA)
• Applicant’s bank statement for the last 6 months
• Registration certificate from a regulatory body
• Evidence of membership from a regulatory body
• A resolution from the Board of the church where applicable
• Pro-forma invoices on items to be purchased
• Detailed estimate of project to be financed
3. Micro express loan
Eligibility
• Ghanaian citizens between 18 -65 years old
• Loan term of 3 to 24 months depending on the loan product.
• Minimum 6 to 12 months experience in the business.
• Guarantor requirement.
• Collateral requirement.
• Credit life Insurance (Hospitalization, life, fire and flood)
• Business owner with a registered Business & Location
• Interest rebate of 5% when all payments are deposited on time.
Documentation requirement:
• Any of the following: Voter’s ID, National ID, Driver’s license, Passport
• 2 passport-size pictures
• Copy of utility bills, tenancy agreements
• Business Registration documents
• Receipt of business-related payments (e.g. Tax returns)
• Books of accounts for a period of 6 months and above
4. Nkosuo loan
Eligibility
• Ghanaian citizens between 18 -65 years old
• Loan term of 3 to 24 months depending on the loan product.
• Minimum 6 to 12 months experience in the business.
• Guarantor requirement.
• Collateral requirement.
• Credit life Insurance (Hospitalization, life, fire and flood)
• Business owner with a registered Business & Location
• Interest rebate of 5% when all payments are deposited on time.
Documentation requirement:
• Any of the following: Voter’s ID, National ID, Driver’s license, Passport
• 2 passport-size pictures
• Copy of utility bills, tenancy agreements
• Business Registration documents
• Receipt of business-related payments (e.g. Tax returns)
• Books of accounts for a period of 6 months and above
5. School loan
This loan is for private educational institutions towards the development of their schools. The product is designed to offer solutions to the problems of the private educational institutions in our area of operations or beyond.
Product Benefits
• Quick and Reliable Service
• Loan repayment Flexibility
• Interest Rebate
• Opportunity for expansion
• Provision of advisory service
Eligibility
The principal borrower(s) should;
• Be a Ghanaian citizen
• Between 18-60 years old
• An account holder with Pan-African Savings and Loans
• Be in operation for more than one year
• Have a Ghana Education Service certificate
• Collateral requirement
• Guarantor requirement
Documentation Requirements
• Two Passport Photos of the principal borrower(s)
• ID card (Driver’s License, Passport, Voters, NHIS, NIA)
• Applicant’s bank statement for the last 6 months
• Registration certificate from a regulatory body
• Pro-forma invoices on items to be purchased
• Detailed estimate of project to be financed
6. SME fixed asset loan
Eligibility
• Ghanaian citizens between 18 -65 years old
• Loan term of 3 to 24 months depending on the loan product.
• Minimum 6 to 12 months experience in the business.
• Guarantor requirement.
• Collateral requirement.
• Credit life Insurance (Hospitalization, life, fire and flood)
• Business owner with a registered Business & Location
• Interest rebate of 5% when all payments are deposited on time.
Documentation requirement:
• Any of the following: Voter’s ID, National ID, Driver’s license, Passport
• 2 passport-size pictures
• Copy of utility bills, tenancy agreements
• Business Registration documents
• Receipt of business-related payments (e.g. Tax returns)
• Books of accounts for a period of 6 months and above.
Conclusion
Pan-African Savings and Loans offers a comprehensive range of financial services, catering to both individuals and businesses in Ghana. With a diverse portfolio, including various account services, loans, and international fund transfer options, they prioritize accessibility and financial inclusion. Their commitment to innovation, community involvement, and customer convenience positions them as a notable financial institution in Ghana, striving to empower their customers and promote economic growth.
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