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it-taking and advance granting. The main deposit-taking products are current accounts, savings accounts, fixed deposit accounts and Susu.

a. Deposit-Taking Products

Under this product are found the following:

Currents (Checking) Account- this is offered to individuals and micro and small businesses that require unlimited access to their funds. The initial amount required to open an account is GH￠10.00

Savings Deposit Account- this targets individuals and businesses that want to put aside some funds for the rainy day or wish to put diversify their investments. Interest is paid quarterly on clients’ savings accounts. The initial amount required to open an account GH￠5.00. Clients can withdraw from their savings accounts once every seven (7) days. Penalty is charged on customers who make more than withdrawal within seven (7) days.

Fixed Deposit Account- this is a fixed term depository offered for one (1) month, three months, six (6) months and twelve (12) months or more. A customer can operate this product with a minimum of GH￠10.00.

Susu Savings- the Susu system is an informal grassroots savings movement that has been widely practiced in Ghana for over fifty (50) years. The Susu collector is one man operator who visits his savings clients in their shops, workplaces, or homes on daily basis to collect a predetermined amount of money agreed with the saver. The collection cycle has traditionally been one month, after which period the collector returns the saver’s deposit to him/her, less a commission. FASL introduced its Susu savings scheme in 1997. The FASL susu scheme, which is essentially an adaptation of the traditional susu, is offered in two varieties: Golden susu and super Golden susu.

b. Advance Granting Products

Under the advance Granting products the following are enjoyed by clients:

Individual Loans- Individuals, enterprises and companies that have had an account (current/checking) relationship with FASL for a minimum period of six (6) months can apply for a loan for working capital purposes or for the purchase of fixed assets. Loans are granted for terms of up to twelve (12) months.

Customer Credit Loans: This product is in collaboration with Kumasi home stores and other well known stores in Kumasi. FASL finances the purchase of customer durables from Kumasi home stores after the customer has paid an initial deposit of 25% of the cost of the item.

Travel Credit: this product is short-term and meant for clients who need funds to purchase tickets to travel abroad. They are expected to pay back the loan over a 3-month period.

Solidarity Group Loans: This product is designed to assist those in the informal sector whose skills and services have the potential to affect positively the economic development of their communities. It is also aimed at inculcating the banking culture among the un-banked poor with productive skills. The nucleus of the product is the existence of duly registered society. Club or association whose members have a common trade or vocation. Members of qualifying associations are required to open deposit accounts into which payment is made. For funding purposes, members are organised into groups of between 5 to 10 group members as well as the association’s executive are held jointly and severally liable for the repayment of any loan grante