Top Savings and Loans Companies in Ghana

Guide to the Top Savings and Loans Companies in Ghana

Ghana’s financial landscape is dynamic and diverse, with the Savings and Loans (S&L) sector playing a crucial role in driving financial inclusion for individuals and small businesses. Following a major regulatory clean-up in 2019, the sector has consolidated around a core of resilient and well-governed institutions. This guide provides an in-depth analysis of the top savings and loans companies in Ghana, offering a clear overview of their services, strengths, and market position to help you make informed financial decisions.

The Ghanaian Savings and Loans Sector: An Overview

Operating under the supervision of the Bank of Ghana (BoG), the S&L sector serves an estimated 5.5 million customers with total assets reaching GHS 9.63 billion as of December 2023. The industry is navigating a post-crisis economic recovery, marked by stabilizing inflation and a tight monetary policy. This environment has pushed institutions towards greater efficiency, robust risk management, and a focus on digital transformation. Key trends shaping the sector include:

• Digital Transformation: Leading companies are heavily investing in mobile banking apps and USSD codes to enhance customer convenience and operational efficiency.
• Customer Experience (CX): With similar product offerings across the market, service quality, staff professionalism, and speed of resolution have become key differentiators.
• Industry Recognition: Prestigious awards, particularly the Ghana Club 100 (GC100) rankings, have become reliable indicators of a company’s financial health, scale, and performance.

How We Identified the Leading Financial Institutions in Ghana

To provide an objective assessment, we identified the premier savings and loans firms based on a multi-factor model that reflects stability, performance, and reputation. The core criteria include:

1. Regulatory Good Standing: Each company must be fully licensed by the Bank of Ghana and have successfully navigated the 2019 sector reforms.
2. Performance and Scale (Ghana Club 100): A company’s inclusion and rank in the GIPC’s Ghana Club 100 list serves as a powerful, objective measure of its size, profitability, and growth.
3. Industry Recognition: Accolades from reputable bodies like the Ghana Business Awards and GHAMFIN validate excellence in areas like customer service, governance, and social impact.
4. Market Footprint and Public Profile: The size of the branch network, client base, and the quality of digital platforms are considered indicators of market presence.

In-Depth Profiles of the Top Savings and Loans Companies in Ghana

The following institutions consistently demonstrate strong performance across our ranking criteria, solidifying their positions as market leaders.

Advans Ghana Savings and Loans

• Strategic Focus: A leading institution dedicated to empowering Micro, Small, and Medium Enterprises (MSMEs) and agribusinesses. As a subsidiary of the international Advans Group, it benefits from global expertise and governance standards.
• Key Differentiator: Awarded “Savings and Loans Company of the Year,” Advans Ghana is known for its tailored business loans, agro-financing, and flexible credit products that often do not require prior savings.
• Contact & Digital Presence:
  • Toll-Free Phone: 0800 355355
  • WhatsApp Chat: 0246234171
  • Digital Channels: MyAdvans Gh App and USSD code *791#
• Products: Offers Working Capital Loans, Investment Loans, Agro Loans, SME Loans, and a variety of savings and investment products like Term Deposits and Edusave accounts.
• Branch Network: Operates 19 branches across 8 regions, including Accra, Kumasi, Kasoa, Takoradi, and Tamale.

ASA Savings and Loans Limited

• Strategic Focus: A powerhouse in the microfinance landscape focused on providing small loans to low-income female entrepreneurs through an individual lending model conducted in client groups.
• Key Differentiator: Ranked 11th overall and 1st in the Non-Bank Financial Institution (NBFI) sector in the 19th Ghana Club 100. It is celebrated for its unmatched rural outreach and award-winning microfinance methodology.
• Contact & Digital Presence:
  • Head Office Phone: +233 302 328405
  • Email: info@asasavingsandloans.com
  • Website: www.asasavingandloans.com
• Products: Provides Small Loans, Individual Loans, SME Loans, Education Loans, and Asset Financing. Its deposit products include a Current Account with zero maintenance fees.
• Branch Network: One of the most extensive networks with 153 branches nationwide, ensuring deep penetration into rural areas.

Bayport Savings and Loans PLC

• Strategic Focus: A major player specializing in consumer lending, particularly digitized payroll loans for government and salaried workers. It is part of the Bayport Management Limited (BML) group with operations across Africa and Latin America.
• Key Differentiator: A long-standing member of the Ghana Club 100, Bayport is praised for its highly efficient, often paperless loan application and disbursement process, emphasizing speed and convenience.
• Contact & Digital Presence:
  • Sales Room Phone: +233 030 7086 400
  • Toll-Free Phone: 0800 110124 (Vodafone only)
  • Website: www.bayportghana.com (features a Branch Locator tool)
• Products: Its flagship product is the Payroll Loan, marketed as an instant solution for government workers. It also offers a secure Fixed Deposit investment product.
• Branch Network: Maintains a nationwide presence, with specific locations available via the Branch Locator on its website.

Izwe Savings & Loans PLC

• Strategic Focus: A versatile provider serving both individuals and businesses with a comprehensive suite of loans, savings, investments, and insurance products. It leverages digital innovation to provide accessible self-service tools.
• Key Differentiator: Izwe stands out for its transparency, publicly stating interest rates for its savings products. It is a consistent member of the Ghana Club 100.
• Contact & Digital Presence:
  • Phone: +233 (0) 302 208 222
  • Website: www.izweghana.com
• Products: Offers Personal Loans up to GHS 40,000, “Car4Cash” asset-backed loans for businesses, and transparently priced savings accounts. The iSave account offers 10% p.a., while the Savings Plan offers up to 14% p.a. Its iVest Fixed Deposit offers returns above T-Bill rates.
• Branch Network: Provides coverage across all regions, with branches in major cities like Accra, Tema, Kumasi, Takoradi, and Tamale.

Pan-African Savings and Loans

• Strategic Focus: An established institution serving the microfinance community with a particular emphasis on empowering women entrepreneurs.
• Key Differentiator: Renowned for its specialized “MAMA” loan products, which are designed to support and finance women-led businesses. It also offers agency banking and mobile money integration.
• Contact & Digital Presence:
  • Call Center: +0302213977
  • WhatsApp: +057 555 7777
  • Email: info@panafricansl.com
• Products: Offers general loans, specialized Mama Club Group Loans, and the “SAFARI JUNIOR” investment product, likely a children’s savings account.
• Branch Network: Operates a robust network with a strong presence in the Greater Accra and Ashanti regions.

Best Point Savings and Loans

• Strategic Focus: A well-known institution providing cost-effective financial solutions to households and MSMEs, with a vision to maximize stakeholder value through modern technology.
• Key Differentiator: A key strength is its extensive range of e-services and money transfer partnerships, acting as an agent for Western Union, MoneyGram, WorldRemit, and all major local mobile money operators.
• Contact & Digital Presence:
  • Toll-Free Phone: 0800505050
  • Email: info@bestpointgh.com
  • Digital Channels: USSD code *277# and Best Point GHQR code system.
• Products: Provides Susu Accounts (micro-savings), a children’s account (Mmofra Daakye), and Fixed Deposits. Its extensive e-services suite is a major draw.
• Branch Network: Operates 19 branches in key commercial hubs, including Makola, Abossey Okai, Madina, Kejetia, and Takoradi Market Circle.

Opportunity International Savings and Loans (OISL)

• Strategic Focus: A mission-driven institution focused on social impact by serving clients at the “base of the economic pyramid.” It targets underserved communities and sectors with financial solutions and training.
• Key Differentiator: Offers one of the most specialized and socially oriented product suites, with numerous awards for promoting gender equality and financial literacy.
• Contact & Digital Presence:
  • Toll-Free Phone: 0800-850-850
  • Email: info@opportunityghana.com
  • Website: www.opportunityghana.com
• Products: Features a highly diverse loan book including Agric Loans, Church Development Loans, School Improvement Loans, and Housing Micro-loans (for home improvement and building in stages).
• Branch Network: A wide national footprint with 38 branches across 10 of Ghana’s regions.

Choosing the Right S&L: A Comparative Analysis

This analysis of Ghana’s top savings and loans companies reveals a market with clearly defined leaders for specific financial needs. The following table compares the institutions across key strategic dimensions to help you identify the most suitable partner.

Final Recommendations

The Ghanaian S&L sector is robust, with clear market leaders catering to specific needs. To make the best choice, match your financial objective to the institution’s known strengths. A small business owner should prioritize Advans, while a government employee seeking a quick loan would start with Bayport. For those in rural areas, ASA’s reach is unparalleled.

Crucial Recommendation on Rates and Fees: A common theme is the lack of public disclosure on interest rates and fees. It is imperative that you contact your shortlisted institutions directly to obtain a full schedule of charges. When inquiring about a loan, specifically ask for the full Annual Percentage Rate (APR), which includes all interest, processing fees, and insurance charges. This is the only way to understand the true cost of credit. By understanding the unique strengths of the top savings and loans companies in Ghana, you can select the right partner to help you achieve your financial goals.