20 Aug 2018

BOND SAVINGS & LOANS: A DECADE OF GIANT STRIDES

BOND SAVINGS & LOANS: A DECADE OF GIANT STRIDES

Ten years ago, wholly Ghanaian- owned financial services company, BOND, received approval from Ghana’s Central bank to operate as a Savings and Loans company.
BOND savings and Loans Plc. took off with one office which has now translated into 12 outlets within the country. With just a handful of staff at the start of operations in 2008, BOND has built up tremendously to staff strength of over 150.
The company’s customer base has grown in leaps and bounds from the first 10 to 100, then to 1,000, and “today, we have well over 10,000 customers and their unmatched loyalty, is what drives us to deliver our best every day,” excited Chief Executive Officer (CEO) of Bond Savings and Loans, Mr. George Ofosuhene noted.
Mr. Ofosuhene is categorical that BOND’s 10 year story is a celebration of Ghanaian innovation, excellence and a commitment to a future driven by digitization.
BOND, he maintained will continue to ensure that customer’s banking experience is made easy and guarded by unsurpassed security.
FINANCIAL PERFORMANCE
The sterling financial performance shown by BOND has earned the praise of many, including Vice President, Dr Mahamudu Bawumia, who was then a Deputy Governor at the Bank of Ghana (BOG) when the initial license was issued to BOND, then a Finance House.
In his own words at the launch of the 10th anniversary celebration, the Vice President, Dr Mahamudu Bawumia, who was the special guest of honor, said “I looked at your financials and I was very impressed with your work and your achievements over the last 10 years”.
BOND increased its profit for the last financial year, 2017 by 39% to GHS 11milion from GHS 7.9 million in 2016 while deposits from customers soared 54% to GHS 242 million.
Loans and advances to customers rose by an impressive 18% from GHS159 million in 2016 to to GHS188 million in 2017.
BOND’s capital adequacy ratio stands at 16%, well ahead of the industry average, while its non-performing loans ratio is under 10%, way below that even of the banking sector which is around 23%.
BOND TO REMAIN A CHANGE AGENT
Mr. Ofosuhene indicated that right from the onset, the company’s vision was to be the change agent waiting to dawn on the financial services industry in Ghana.
Poised to make an indelible impression on the minds of its customers, the BOND CEO said his outfit decided to provide “a totally different approach to the management of relationships, moving away from the transactions.”
“And 10 years on, we at BOND remain committed to facilitating the creation of wealth for Ghanaians both home and abroad,” Mr. Ofosuhene confidently stated.
BOND, A BUSINESS SOLUTIONS HUB
For a company that has set itself on a mission to make a difference in Ghana’s financial services sector, and become the hub for meeting the needs of businesses, Mr. Ofosuhene said “we are focused on tailoring specific solutions to every business challenge that walks through our doors and partnering the customer to achieve his or her financial goal.”
For him, it was time to usher in a new phase of financial intermediation in Ghana-one which BOND was more than ready to spearhead.
GOOD CUSTOMER EXPERIENCE IS BOND’S TOP PRIORITY
“Everything we do is dependent on ensuring that the customer is satisfied and the customer continues to walk through our doors; the experience that the customer enjoys is what makes it possible for us to continue to have repeated business,” Mr. Ofosuhene said.
BOND’s new bulk payment system will allow customers to make bulk payments to any bank account within the country. Appreciative of the fluid nature of future banking needs, the company’s vision is to enable customers access their money from anywhere in the world.
DOING MORE ON THE BOND MOBILE BANKING APP
BOND is seeking for its customers to be able to do more through its electronic banking platform (BOND Mobile Banking App). The company is thus rolling out additional measures that will make bill payments, mobile money transfers and airtime top ups easy to undertake via the smartphone.
BOND CLIENT SERVICE
The new service allows customers to receive funds through any electronic channel, BOND branch or cash center. The service eliminates the risk of carrying a lot of cash and allows merchants to expand their reach to their customers, making transactions between them a lot easier.

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