Rebuilding GN Savings and Loans a national duty — Dr Nduom
Founder of Groupe Nduom, Dr Papa Kwesi Nduom, has said rebuilding GN Savings and Loans Company Limited was a “national duty” to revive financial inclusion and support businesses across the country.
He said the collapse of the company had left a huge vacuum in many parts of the country, particularly underserved communities where traders, farmers and small businesses depended heavily on the institution for banking and financial services.
“Our financial institution is not ordinary. It is a necessary ingredient for national economic development. It's not just a bank.
We didn't build ourselves to become the richest or the biggest bank by asset size in this country or anywhere.
“But our purpose, the mission, and the geographic spread are unique. Its absence has created a vacuum, a vacuum unfilled, and no financial institution has been able to deliver the services and products we did,” he said.
Event
Dr Nduom was addressing journalists in Accra yesterday, after the Court of Appeal unanimously quashed the revocation of the company’s licence by the Bank of Ghana (BoG).
The media in Accra
The Court of Appeal on May 21, 2026, ordered the BoG to restore the licence of GN Savings and Loans Company Limited, which was revoked on August 16, 2019.
The court also directed the receiver to immediately hand over the company’s assets and management to shareholders.
Compliance
Dr Nduom said the company would comply fully with the ruling as it began preparations to reopen branches across the country.
He recounted the company’s growth journey, stating that planning for the institution started in 1997, under the name First National Savings and Loans.
It, however, took nine years before the company secured its licence and commenced operations in 2006.
Dr Nduom said the institution gradually expanded to 300 branches and over 1.2 million customers by 2018, with operations extending to communities such as Paga, Tumu, Walewale, Gushegu, Wedana and Dzemeni.
At its peak, he said the company directly employed more than 2,000 people, while total employment, including security personnel and other service providers, was 3,500.
Reopening
Dr Nduom said as the company prepared to resume business, some former employees, landlords and community members had expressed readiness to support the process.
He said the company intended to begin operations with 10 branches in locations where there were no disputes over properties under receivership.
The first to reopen would be the Elmina branch, followed by the Asylum Down branch in Accra and others.
Dr Nduom further said that the company was engaging universal banks for partnerships to facilitate cheque clearing, mobile money transactions and remittance services as part of its digital banking strategy.
