Progress Savings and Loans – What you should know

Progress Savings and Loans

Progress Savings and Loans have flexible investment and loan products to satisfy diverse customers’ needs. Relying on the funds from financial institutions around you wouldn’t be a bad idea sometimes. Especially when you do not have any option of getting financial help from a friend or family member. Therefore, you must need money to meet your financial obligations. Progress Savings and Loans can help you out with personal loans, car loans and other financially related services.

So, as you read along, you’ll know more about Progress Savings and Loans, their products, and so on in this article.

About Progress Savings and Loans

Progress Savings and Loans Limited is a Ghanaian company incorporated on December 8, 2011. The Bank of Ghana licensed it on 12th, February 2016 under the Non-Bank Financial Institution Law 2008 (Act 774). Allowing it to provide financial services to the public. Consequently, the Bank of Ghana supervises Progress, therefore it is authorized to take deposits from the public and institutions. And it can give out loans and offer other financial services just like other banks.

The head office of Progress Savings and Loans company is at the Zion House, Shiashie Road, East Legon. Its first branch is on the ground floor of the Zion house. However, its approach to products and services is largely driven by its ability to clear understanding of the specific needs of its clients. Besides that, it will help provide tailor-made services to meet the needs and challenges of its customers.

What are the products of progress savings and loans?

They have various products they offer to their customers. These products have features, benefits, and requirements that will help the customers to select the product that suits their needs.

1. Susu/ savings account

They designed this innovative savings product for small cash holders and savers. Especially those who cannot leave their homes and workplaces to come to the bank. Here, without penalty, depositors have easy access to their savings. After saving for 8 weeks, they can offer you the opportunity to access loans. With this savings arrangement, small savers mobilize enough capital to start small businesses.

The benefits

  1. Earn attractive interest on Susu deposits
  2. Easy access to a loan
  3. Use savings as collateral
  4. Building a substantial bulk deposit

The target market

  1. Individuals
  2. Traders
  3. Groups

2. Current Account

They also offer current account products to their customers.

The following are the current account products progress savings and loans offer their customers:

  • Corporate/ current account

They recommend this demand deposit account for prospective corporate clients and big-time enterprises. Especially those who undertake quick business with Progress. Because it’s a cheque account, they issue the corporate clients’ corporate checkbooks. In this type of account, customers can withdraw however they wish to.

The requirements

  1. Completed account opening form.
  2. A Certificate of incorporation.
  3. Certificate to begin the business
  4. Get the company regulation
  5. Get the company resolution to open an account and Mandate
  6. Proof of business address.
  7. Get your national identification and key details of principal directors and key management staff.
  • Individual/SME Current Account

They open this demand deposit account for individuals, SMEs (Enterprises), Clubs and Societies, Schools, etc. And they issue account holders checkbooks and they can make deposits and withdrawals however they want.

3. Savings account

This is a savings passbook account that every customer can access. Especially those who wish to raise capital or save for investment for any purpose. So, customers who need it can open an account with any amount. Customers’ access to their cash in this account is unlimited.

The benefits

  1. Safe custody of your money
  2. Earn a competitive interest rate
  3. Statement of accounts on request
  4. Flexible cash withdrawal terms.

4. Progress junior account

This is a savings account product that encourages parents to save on behalf of their children below 18years. Parents or guardians who wish to secure the future of their kids and inculcate the habit of savings in them. They can operate this account on behalf of their children/teens.

The benefits

  1. A great opportunity to save for your child’s future.
  2. Inculcate the habit of savings in children.
  3. Competitive interest earning.
  4. Educational clubs/ trips for the kids.

The features of progress savings and loans junior account:

  1. Savings account for children/teenagers below 18yrs.
  2. Minimum opening balance- GH₵50.
  3. A minimum monthly contribution of GH₵20.
  4. Twice the normal savings account rate of the bank is the interest earned.
  5. No charges on the account.
  6. They can use the account as collateral for loans to pay child school fees.
  7. The parents/guardians will hold the account in trust until the child turns 18yrs.
  8. The permitted withdrawal is twice a year.

5. Fixed deposit investment account

This product lets customers place their funds with Progress for a fixed tenure. 

The benefits

  1. It has a 91 day Treasury bill rate and premium which is an attractive interest rate.
  2. It has a negotiable premium rate and changes upwards with larger amounts and longer periods.
  3. You can start the investment amount with a minimum amount of GH₵1,000.00 upwards.
  4. There is no penalty for early liquidation.
  5. For all early liquidation of investments, they require 24 hours notification.
  6. You can use the investments as collateral.
  7. You can benefit from the provision of free investment advisory services to your clients.

The features of progress savings and loans fixed deposit investment account:

  1. It has a flexible investment period of 30 days, 60 days, 91 days, 182 days, and 365 days.

6. Repo investment account

Repo is a loan they collateralize and arrange between a dealer and a counterparty. Here, a dealer will borrow from his or her counterparty. Then the dealer will lend its security as collateral at a rate they agree on and for a given period. When the term ends, the dealer will pay back the money at repurchased rate. Then take back his or her security from the counterparty.

Repos have types namely; reverse repo, overnight repo, term repo, and open repo.


There must be an agreement for a repo to work effectively. When a dealer lends money to the counterparty, they know it as a reverse repo.

Overnight Repo

Overnight repo is what they call a loan agreement with a one-day duration.

Term Repo

The agreement is a term repo where the term is over one day. Mostly, term repos have durations of three months.

Open Repo

The term of open repo is renegotiable, and it is an overnight repo. 

7. Personal loans

They give personal loans to workers of reputable companies. Also, individuals with regular income can also access it to meet their needs. Such as payment of school fees, home improvement, purchase of land, and so on. Be sure to carry out intense due-diligence on personal loan fees before applying.

The requirements of progress savings and loans personal loans:

  1. Application letter.
  2. Copy of National ID card.
  3. 2 Passport sized pictures.
  4. Proof of applicant’s address and workplace address (utility bills).
  5. Bank statement for the past 6 months.
  6. Letter of introduction from employers.
  7. Copy of applicant’s payslip for at least 3 months.
  8. Copy of guarantor’s National ID card.
  9. The present copy of the guarantor’s payslips for the past 3 months.
  10. Any other document they may require.

8. Group loans

The formation of the Group is very simple. And the group size shall be about 10 to 15 members. The members should have sustainable economic activity, preferably traders, artisans, tailors, etc. But for church groups, shall draw membership from the various church organizations. Church elders will play a key role in the lending process as a requirement.

Societies and clubs will make up the groups and they will have their membership coming from the catchment area. That is, where a branch of the company is sited. They shall draw Executives and Guarantors from the communities. And it will only take 8 weeks for Members to make savings.

The members must have a savings lien of 25% of the loan size and have a group guarantee.

Also, the loan duration is 6 months, and repayment is on a weekly basis. For the first cycle, the loan size would be GH₵2,000.00, then for the second cycle GH₵3,500.00. But for the third and fourth cycle and above GH₵5,000.00.

9. Auto loans

The cost of the vehicle with the loan amount approved shall be in tandem for this vehicle loan product. They give the beneficiary owner the vehicle. And they require the beneficiary to do daily sales of an amount they agreed as repayment.

They provide insurance for the vehicle comprehensively in the company’s name. And they can change ownership after full payment of the cost of the vehicle. Along with interest and other charges like insurance.

They can lodge the repayment of the auto loan in a savings account opened for the beneficiary for this purpose. The loan tenor is 36 months. The company will cease the vehicle when there is a default in repayment. And they can sell it to cover the outstanding loan amount.

10. Salary loans

In order to assist salaried workers to get loans with ease. They grant this loan to salaried account holders whose salaries pass through the bank.

The features

The employer of the worker shall sign an undertaking. As assurance of the continued channel of the applicant’s salary through the company. Workers in recognized institutions are the targets if this loan product. To assist beneficiaries in the acquisition of plots of land, fixed assets, or meet the personal needs of workers.

What are progress savings and loans limited services?

They offer some services to their clients. Which include;

  1. Business Advisory Service
  1. Business Planning
  1. Financial Planning
  1. Cash Flow Forecast
  1. SME
  1. Service and Price Guide.

What are progress savings and loans contact details?

For further enquiries, you can contact them through:

  1. Head Office:P.O.Box ST 237, Accra,Ghana.
  1. Address: NO. 7 Nii Yemoh Avenue, 3rd Floor, Zion House,Boundary Road,Shiashie,East Legon.
  1. Digital Address: GA-287-8384
  1. Phone: +233 (0)50 167 8289
  1. Enquiries: +233 (0)50 1579646, 050 151 1551
  1. Email:


You can secure the lifeline to funds to make quick financial expenses. In the end, what matters most is whether you make an efficient use of the loan. That is, meeting all the financial obligations you needed the loan for. This is because if you cannot use the loan responsibly, you could be caught up in a rat race. Where you’ll always come back for loans, which will not allow you to have enough money to save or invest.

However, Progress Savings and Loans offer loans and other finance products to the people of Ghana. And they designed these products to meet the different needs of the people.

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Categories: Reviews