Advans launches school treasury loan

July 5, 2017
Source: thebftonline.com l Ghana
Advans launches school treasury loan

Advans Ghana has launched the School Treasury Loan, a short term loan product designed to finance treasury shortages, particularly salary expenses of teachers.

This new product falls under the Edufinance package where Advans provides financing to private basic schools to enable the overall development of their educational resources. The Advans Ghana School Treasury Loan was launched in response to the challenges school administrators face during the payment of school staff salaries, particularly during the lean season of school vacations.

Some attractive features of this innovative product include free account opening and a free account statement delivery per month. Clients who sign unto the School Treasury Loan facility enjoy a relatively lower interest rate of 23.29% per annum.

The product also offers clients with the convenience and safety of accessing information on their accounts, which include withdrawals, deposits and periodic delivery of mini statements through the Advans Ghana Mobibank platform.

…initiates saving scheme for  Weta rice farmers

Advans Ghana through the Copa Connect farmer input finance scheme, promoted by Wienco is offering  rice farmers in the Weta rice farming community of the Ketu North District in the Volta Region the opportunity to open a free Advans Ghana account where farmers can receive their harvest proceeds from Wienco through their Advans accounts.

This offers a more secure channel through which the farmers can safeguard their funds while also accruing some interest on their accounts.

Additionally, a special savings plan with relatively higher interest rates ranging between 10% - 20% yearly depending on the final balance has been introduced offering farmers the opportunity to grow their funds towards a goal; purchase of more seedlings, farm equipment, paying children’s school fees, etc.

Advans Ghana ensures that deposits are conveniently received through Advans certified customer service officers who come to the farming communities to receive deposits from these farmers. Added services to this initiative for farmers include the mobibank service where the rice farmers can perform their own transactions (deposits and withdrawals) through local Mobile Network Operating agents in their communities as well as track transactions on their accounts through SMS.

Copa Connect field officers provide the added support in explaining the partnership to the farmers and assist Advans officers in educating and answering rice farmers’ enquiries concerning the Advans Mobibank service.

Close to 300 farmers are benefiting from this initiative, which has the potential for expansion in the near future.