Best Point Savings and Loans Ltd

Best Point Savings and Loans Limited operates within Ghana's dynamic financial landscape as a non-bank financial institution, established in 2013 and licensed by the Bank of Ghana. The institution positions itself to serve a broad spectrum of the Ghanaian populace, with a particular emphasis on financial inclusion for micro, small, and medium enterprises (MSMEs) and individuals in the informal sector. Its integrated financial services model, incorporating Best Assurance Company Limited for insurance and Best Pensions Trust for retirement schemes, extends beyond traditional deposit-taking and lending, providing a more expansive financial safety net for its clientele.

Individuals seeking accessible digital banking solutions and those operating within the informal economy stand to gain considerably from Best Point's offerings. The institution's commitment to leveraging technology, notably through its award-winning Best Mobile Banking platform, allows for 24/7 access to services, which is critical for daily wage earners and market vendors. Similarly, businesses, from nascent ventures to established MSMEs, benefit from targeted credit products and transactional accounts designed to support their growth and operational needs within a challenging economic environment.

Navigating Best Point's Foundational Offerings

Best Point Savings and Loans, regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), demonstrates a measured expansion strategy with 18-19 branches across Ghana, including key commercial hubs like Greater Accra and Ashanti/Kumasi. By the end of 2020, the institution managed GHS 303.2 million in deposits and held total assets of GHS 342.7 million, indicative of a growing presence. This network facilitates both physical branch interactions and supports the reach of its digital services across diverse regions.

The core of Best Point's digital strategy is its Best Mobile Banking platform, activated via the USSD code *277#. Launched in September 2021, this platform rapidly gained traction, attracting over 14,000 active users within four months, significantly exceeding its initial target. It provides account deposits, inter-account transfers, withdrawal requests, bill payments, and airtime top-ups, crucial for individuals who may lack smartphone access, aligning with Ghana's financial inclusion objectives. Its slogan, "Wo Phone Nie, Wo Sika Nie" (Your Phone Is Your Money), underscores its accessibility and utility.

For individual savers, Best Point offers a range of accounts. The Best Point Standard Savings Account provides daily operational flexibility with competitive interest rates accruing daily and credited monthly. A minimum opening balance, typically GHS 200-500, makes it accessible to a broad demographic. The Best Point Susu Account targets the informal sector, offering home-based collections by authorized mobile bankers with zero collection fees, integrating a traditional savings model into formal banking. Susu account holders gain access to preferential Susu Loan rates.

The Best Point Mmofra Daakye Account caters to children aged 0-17, serving as a guardianship-based savings product for long-term financial foundation building and educational expenses. The Best Point Fixed Deposit Account allows for capital placement at predetermined interest rates for tenors from 30 to 360 days, with a minimum opening deposit of GHS 500. This account is suitable for individuals seeking higher returns than a standard savings account, offering capital guaranteed with daily interest accrual, potentially yielding above the typical 15-25% fixed deposit rates seen in the Ghanaian market.

Businesses find utility in the Best Point Current Account, a transactional account supporting third-party transactions, payroll processing, and vendor payments. This account provides access to overdraft facilities under specific conditions and enhanced daily transaction limits, making it suitable for MSMEs, business owners, and government contractors requiring frequent, higher-volume transactions.

Credit Facilities and Business Enablement

Best Point's lending portfolio addresses specific market needs, with Best Point Business Loans being a primary offering for MSMEs. Loan amounts range from GHS 1,000 to GHS 300,000+, structured around a savings deposit-linked lending model where a 25% savings-to-loan ratio is standard. For instance, GHS 10 in savings could qualify for GHS 1,000 in loans. This approach encourages savings while providing access to working capital, business expansion, or equipment procurement, with repayment terms spanning 3-36 months. Processing is expedited, often within 24-48 hours for qualified applicants, a crucial factor for business agility.

Personal Loans cater to individual household financing needs, ranging from GHS 500 to GHS 100,000+, based on income and savings history. Repayment tenures are flexible, typically 3-36 months. For government employees, a specialized Best Point Government Employee Salary Loan offers borrowing capacity up to 40% of their verified monthly salary, with accelerated 48-hour approval and direct salary deduction for repayment, significantly reducing default risk and often providing preferential interest rates compared to the general loan market (which can be 25-35%).

The Nkosuo/Enkosuo Loans, introduced in 2025, specifically target the informal sector, including traders and artisans. This product offers loans up to GHS 300,000 with reduced collateral requirements and flexible interest rates for active Susu Account participants. Qualification typically requires 3-6 months of demonstrated savings behavior, with fast-track approval within 7-14 days. Best Point also provides Overdraft Facilities for account holders, a revolving credit line typically ranging from GHS 2,000 to GHS 50,000, tailored for businesses with variable cash flow and established account relationships, accruing interest only on the utilized portion.

Beyond Core Banking: Integrated Financial Ecosystem

Beyond traditional banking, Best Point extends its utility through bill payment and remittance services. The Best Point Bill Payment Service, accessible via Best Mobile Banking, facilitates payments for major utilities like ECG and Ghana Water Company, alongside entertainment providers such as DSTV and GOtv. This 24/7 service provides real-time or next-business-day crediting, ensuring convenience. Similarly, the Airtime Top-up & Data Bundle Service supports all Ghanaian mobile networks, allowing instant recharge directly from a Best Point account.

Best Point's Instant Remittance Service enables domestic money transfers across its branch network, supporting family financial support and business payments. The institution's Inter-Bank Fund Transfer capability, available via Best Mobile Banking, allows for transfers to other Ghanaian bank accounts, integrating with the Ghana Interbank Settlement System (GhIPSS) for efficient processing. A particularly critical feature in Ghana is the Best Point Mobile Money Integration, which facilitates bidirectional fund movement between Best Point accounts and mobile money wallets (MTN Mobile Money, Vodafone Cash, AirtelTigo Money, Glo Mobile Money) instantly, essential for informal sector liquidity management.

For investors, Best Point acts as an intermediary for Government of Ghana securities. The Best Point Treasury Bill Investment offers access to short-term government debt with tenors of 91, 182, and 364 days, providing capital preservation and yields typically above fixed deposit rates, with a minimum investment of GHS 1,000-5,000. Similarly, Best Point Government Bond Investment provides access to medium to long-term government debt (2-15 years) with fixed semi-annual or annual coupon payments and higher yields, suitable for long-term savings and retirement planning. These are backed by the full sovereign guarantee of the Government of Ghana.

Expanding Horizons: Insurance and Pensions

The strength of Best Point's ecosystem is its sister companies. Best Assurance Company Limited offers a range of non-life insurance products, including the recently launched Best Assurance Worldwide Travel Insurance (2025). This product offers four tiers of global coverage, including emergency medical expenses, medical evacuation, luggage protection, and trip cancellation. Underwritten by Best Assurance with Mapfre Assistencia as a specialist partner and reinsurer, it provides international standard claims administration, with specific plans for Europe and student travel, available in USD or EUR, depending on the plan type. Other implied offerings include motor, property, and general liability insurance.

Best Pensions Trust, another sister company, administers a suite of pension and retirement products, all registered with the National Pensions Regulatory Authority (NPRA). The Best Pension Fund and Best Personal Pension Scheme are Tier 3 voluntary personal pension schemes for self-employed individuals and those supplementing mandatory pensions. These schemes offer flexible contributions, professional fund management, and include life insurance coverage. The Best Pensions Trust also offers Group Benefits for corporate clients, managing mandatory Tier 2 and voluntary Tier 3 occupational schemes, integrating payroll, regulatory reporting, and complementary life, hospitalization, and disability coverage.

The Best Pensions + Alliance Insurance Integrated Benefits package further exemplifies Best Point's integrated model. This bundled product combines pension contributions with complementary life, hospitalization, and disability insurance coverage, automatically providing a safety net to pension scheme contributors without additional premium. This collaboration with Alliance Insurance Company Limited ensures streamlined claims processing and offers a financial security package combining retirement savings with health and disability protection. Voluntary Contribution Plans also allow individuals to enhance their pension savings through self-determined amounts, potentially benefiting from tax deductibility.

Customer service is supported by a multi-channel infrastructure, including a nationwide toll-free hotline (0800505050), individual branch contacts, a WhatsApp Business Channel (+233-50-9531-079), and its website. Its 18-19 physical branches operate during standard business hours, complementing the 24/7 accessibility of Best Mobile Banking. This infrastructure ensures that clients can access support and information regardless of their location or preferred communication method, contributing to the institution's overall service delivery.