Question 1

What is Best Point Savings and Loans?

Accepted Answer

Best Point Savings and Loans is a wholly owned Ghanaian savings and loans company specializing in financial solutions for Micro, Small and Medium Scale Enterprises (MSMEs) and households. Licensed by the Bank of Ghana under the Non-Bank Financial Institutions Act, 2008 (Act 774), the company focuses on providing accessible savings and credit services to support business growth and household financial needs across Ghana.

The institution operates with a customer-centric approach, delivering financial solutions through state-of-the-art technology and professional staff. Best Point has established itself as one of the leading savings and loans companies in Ghana's specialized deposit-taking institutions sector.

Question 2

When was Best Point Savings and Loans founded?

Accepted Answer

Best Point Savings and Loans Ltd was incorporated on September 4, 2012, under the Companies Act 1963 (Act 179). Originally registered as Lucky Savings and Loans Limited, the company underwent a name change on January 29, 2013, becoming Best Point Savings and Loans Ltd.

The institution received its Certificate to Commence Business on October 8, 2013, and officially began operations on January 20, 2014. At launch, the company started with a single branch at Achimota Mile Seven in the former Peace FM Building, 24 staff members, and 500 clients.

Question 3

Where is Best Point Savings and Loans headquartered?

Accepted Answer

Best Point Savings and Loans is headquartered in Accra, Ghana, specifically at Mile 7 Junction, Off Achimota-Ofankor Road. In October 2020, the company inaugurated its ultra-modern Head Office Tower at the same location, replacing the former Peace FM Building.

The postal address is P.O. Box CT 10191, Cantonments, Accra, Ghana. The new flagship branch operates from the ground floor of the head office building, providing enhanced convenience and a comfortable banking experience for customers.

Question 4

Where does Best Point Savings and Loans operate?

Accepted Answer

Best Point Savings and Loans operates across multiple regions in Ghana, with a particular focus on the Greater Accra, Ashanti, and Central regions. The company has grown significantly from its single branch in 2014 to 18 branches nationwide.

The expansion strategy targets areas with concentrated MSME activity and household financial service needs. The branch network extends the company's reach to serve nearly 200,000 clients across Ghana, making financial services accessible to underserved communities and business owners.

Question 5

What services does Best Point Savings and Loans offer?

Accepted Answer

Best Point Savings and Loans offers a comprehensive range of deposit and credit products. Deposit accounts include Savings Accounts, Current Accounts, Fixed Deposit Accounts, Mmofra Daakye Account (children's savings), and Susu Accounts.

Lending products include Business Loans (SME Loans), Salary Loans, Auto Loans, Church Loans, Personal Loans, and Import Financing. The minimum opening balance for current accounts is GHS 10, with no minimum operating balance and no Commission on Turnover (COT).

Digital and electronic services include SMS alerts, ATM services, and cash pickup services. The company also provides money transfer services through partnerships with Western Union, MoneyGram, Vigo, and mobile money platforms including MTN Mobile Money, Airtel Money, and Tigo Cash.

Question 6

What makes Best Point Savings and Loans unique?

Accepted Answer

Best Point Savings and Loans distinguishes itself through its tagline "Your Dream, Our Business," reflecting a commitment to helping customers achieve their financial goals. The company's credit technology involves substantial analysis of customers' ability and willingness to service loans, ensuring productive loan use and minimizing defaults.

The institution emphasizes accessibility for MSMEs and households that may face barriers at traditional banks. With core values of Integrity, Customer Focus, Creativity, Teamwork, and Excellence, Best Point maintains less cumbersome account opening procedures and competitive terms designed specifically for small-scale businesses and individual customers.

The company's growth trajectory is notable—expanding from 24 staff and 500 clients in 2014 to 348 staff and approximately 200,000 clients by 2020, demonstrating strong market acceptance and operational success.

Question 7

What type of financial institution is Best Point Savings and Loans?

Accepted Answer

Best Point Savings and Loans is a Savings and Loans Company, which is classified as a Tier 1 Specialised Deposit-Taking Institution (SDI) under Ghana's financial regulatory framework. This category requires a minimum capital of GHS 15 million and is supervised by the Banking Supervision Department of the Bank of Ghana.

Savings and Loans Companies in Ghana are formal financial institutions licensed to mobilize deposits from the public and provide credit services. They operate under the Non-Bank Financial Institutions Act, 2008 (Act 774) and are subject to prudential regulations including capital adequacy requirements, liquidity standards, and corporate governance rules. Best Point holds the necessary licenses and authorizations from the Bank of Ghana to conduct deposit-taking and lending business.

Question 8

Who leads Best Point Savings and Loans?

Accepted Answer

The company's leadership includes key figures with substantial financial sector experience. Dr. Fred Safo-Kantanka was appointed Managing Director on May 1, 2021, bringing academic credentials including a Doctorate in Business Management from Atlantic International University and a Master of Science in Financial Management from Middlesex University Business School.

The Board of Directors is chaired by Ernest Ofori Sarpong, with members including Philip Odei Asare (who previously served as Managing Director and Chairman of the Ghana Association of Savings and Loans Companies - GHASALC), Osei Kwame Despite, Isaac Emmil Osei-Bonsu, and Daniel Asare-Mintah. Daniel Asare-Mintah brings 26 years of experience from the Bank of Ghana, where he served as Assistant Director in the Banking Supervision Department, providing valuable regulatory expertise to the board.

Question 9

What was Best Point Savings and Loans' financial performance in 2020?

Accepted Answer

In 2020, Best Point Savings and Loans demonstrated solid financial performance despite the COVID-19 pandemic's challenges. Total deposits increased by 16.74% from GHS 259.77 million in 2019 to GHS 303.17 million by December 31, 2020, driven by growth in current accounts, savings accounts, and time deposits.

The gross loan portfolio expanded from GHS 32.45 million in 2019 to GHS 34.01 million in 2020, representing a 4.79% increase, largely from business and personal loans. Interest income increased by 8.70% over the previous year, while interest expense decreased by 2.01% due to lower interest rates on customer deposits. The company maintained its position as one of the industry leaders in Ghana's savings and loans sector.

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