The Trust Bank Limited (TTB) has outdoored a new product specifically designed for churches that want to invest and take advantage of loans simultaneously.
The product - 'Nhyira' Account, was officially launched last week in Accra by Naomi Kwetey, Business Manager, Institutional Banking, TTB aided by Nathan Akainyan, General Manager, Operations & Systems, where the bank met with church administrators.
The TTB Nhyira Account is a composite package with a normal operational account (i.e. current account or TTB Gold Account) and a special savings account into which 40 percent of all weekly receipts from churches would be channeled for a fund build-up.
This will qualify any church that patronizes the product for credit facilities to undertake projects.
According to Kwetey, the special savings would be compulsory for all churches and it will attract higher interest rates.
She revealed that “the special savings account would be used as collateral for securing part of the loans and overdraft that the church may attract. All churches that make a minimum offering of GH¢2500 will enjoy free weekly cash pick services on demand.”
The bank's bullion vans would thus go to churches every Sunday and convey the deposits into the bank's safes.
“Most churches usually have the need for financial assistance for musical instruments, buses, land, construction, among others, without the usually required collaterals by banks. Under this scheme, TTB will grant loans/overdrafts to churches to undertake such projects,” Kwetey added.
Describing the features of the account, Akainyan said churches have the chance to access a loan facility of 150% of the amount saved.
“A guarantee letter would be required from the headquarters of the church or from any of its prominent members should the church want to access a loan facility,” he said.
“A standing order would be set on the customer's operational account to continue savings into the special savings account and the amount of the standing order would take into consideration the monthly loan repayments.”
Present at the occasion was Larry Yirenkyi Boafo, Managing Director of TTB.
The product - 'Nhyira' Account, was officially launched last week in Accra by Naomi Kwetey, Business Manager, Institutional Banking, TTB aided by Nathan Akainyan, General Manager, Operations & Systems, where the bank met with church administrators.
The TTB Nhyira Account is a composite package with a normal operational account (i.e. current account or TTB Gold Account) and a special savings account into which 40 percent of all weekly receipts from churches would be channeled for a fund build-up.
This will qualify any church that patronizes the product for credit facilities to undertake projects.
According to Kwetey, the special savings would be compulsory for all churches and it will attract higher interest rates.
She revealed that “the special savings account would be used as collateral for securing part of the loans and overdraft that the church may attract. All churches that make a minimum offering of GH¢2500 will enjoy free weekly cash pick services on demand.”
The bank's bullion vans would thus go to churches every Sunday and convey the deposits into the bank's safes.
“Most churches usually have the need for financial assistance for musical instruments, buses, land, construction, among others, without the usually required collaterals by banks. Under this scheme, TTB will grant loans/overdrafts to churches to undertake such projects,” Kwetey added.
Describing the features of the account, Akainyan said churches have the chance to access a loan facility of 150% of the amount saved.
“A guarantee letter would be required from the headquarters of the church or from any of its prominent members should the church want to access a loan facility,” he said.
“A standing order would be set on the customer's operational account to continue savings into the special savings account and the amount of the standing order would take into consideration the monthly loan repayments.”
Present at the occasion was Larry Yirenkyi Boafo, Managing Director of TTB.
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