Deposit products assessment: a case study of First Allied Savings and Loans Limited (2005-2008)
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Date
2008-08-15
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Abstract
This study was intended to assess the extent to which Savings and Loans companies (S&Ls) can mobilize deposits in Kumasi Metropolis. The study focused on First Allied Savings & Loans limited (FASL). The paper sought to examine the trend of deposit products of First Allied Savings and Loans Limited from March 2005 to March 2008 fiscal years. The researcher employed both financial and non-financial analysis to estimate trend of deposit products from 2005 to 2008. Empirical results from estimating on 2005 to ^008 data from the institution's financial statement indicates that total deposits has been increased from 07,483,710 billion to 057,733,862 billion respectively. Also the analysis in the study period indicates that Savings deposit Account recorded the highest contribution of approximately GH028,391,732 representing 49.18% of the total deposits. The study revealed that FASL and for that matter S&Ls, have to a greater extent enhanced their deposits mobilization and encouraged savings among low income earners in the Kumasi Metropolis.
Simple random and systematic sample were used to select 200 customers to find out whether customers are satisfied with the products and services offered by FASL or not. The study showed that FASL products met the needs of their customers, though there was still room for improvement. The level of customer satisfaction was very high as more than 78% of customers interviewed showed their desire to continue their banking operations with the institution.
The appreciable growth in deposit products according the study indicates that FASL has positioned itself tall among other savings and loans companies and customer are also satisfied with the products and services the institution renders.
Description
A long essay submitted to the Department of Accounting and Finance. Kwame Nkrumah University of Science and Technology in Partial Fulfillment of the Requirements for the Degree of Master of Business Administration, 2008