Multi Credit Savings & Loans Limited started as a Community Bank in Kumasi. It was incorporated as a private limited liability company under the Companies Code 1963 (Act 179) on September 17, 1998 and licensed by the Bank of Ghana on July 5, 1999 with the authority to carry out non-banking financial activities under the Financial Institutions (Non-Banking) Law 1993 (PNDCL 328). Having complied with the provisions of Sections 7 and 28 of the Companies Code, it commenced business on August 9, 1999. From this humble beginning, the then Garden City Community Bank grew from strength to strength with massive increases in the number of customers - mainly petty traders and service providers wanting to deposit their monies and access soft loans to expand their businesses. The Banks Board of Directors then thought it wise to expand by way of giving out financial assistance to its loyal contributors. To legalize the loans aspect of their operations, and as stipulated by Bank of Ghana, Garden City Community Bank had to migrate into a savings and loans entity – a move that culminated in the change of name to Garden City Savings and Loans Limited. Garden City Savings & Loans was one of the first non-bank financial institutions to be established in the Ashanti Region and Ghana. Its aim was to create a profitable financial institution that would contribute to economic growth by creating jobs and extending loans to small and medium scale businesses so they could expand. Garden City Savings & Loans re-branded in February 2010, changing its name to MULTI CREDIT SAVINGS & LOANS LTD. This name reflects the variety of unmatchable products and services we now have to offer to customers.
Posted on: Mon, 08 Dec 2014 10:17:28 +0000
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