Advans Ghana Savings and Loans, a subsidiary of the Advans Group, has supported 125 schools in Greater Accra, Kumasi, Tamale and Ho, through its crisis mitigation strategies.
The strategies include; the proposal of “Grace Period” with nearly zero extra cost, tailor-made support including loan rescheduling and refinancing top ups for clients.
A statement from Advans said subscribers of the “Back to School Campaign” were given instant cashback on initial deposits, an attractive interest rate with a pending upward adjustment to parents who would want to continue afterward.
The statement said 20 top depositors of all branches received stationaries worth GHC10,000.00 in total, items purchased from one of its own clients.
It said through the “Back to School Promo”, more than 1,220 new savings accounts were created.
The statement quoted Mr. Francis Owiredu, the Deputy Chief Executive Officer of Advans, as saying, “It is Advans responsibility and required duty to support and protect the businesses of its clients by providing a meaningful alternative access to funds for their kids’ school fees and not divert business loans to meet these needs or take funds from their businesses”.
Mr Owiredu urged parents and caregivers to develop the habit of saving for schools fees to prevent last minute solutions that were at a high cost and disrupt businesses.
He said the Advans was developing new innovative products to support the educational sector.