- Website: www.petratrust.com
- Sector: Financial Services
- Country of operations: Ghana
Petra Trust’s main goal is “…to ensure that every Ghanaian can achieve their ambitions through saving”, says Managing Director Kofi Fynn. As the first pensions trustee approved and licensed by Ghana’s National Pensions Regulatory Authority (NPRA), the company is already well on its way to realising that goal.
The firm, whose headquarters are located in the country’s capital, Accra, offers loans, mortgages and long-term savings accounts. Demand for its financial products is rising all the time: a recent survey carried out by the company found that 55% of Ghanaians were interested in long-term savings products, with the nation’s rapidly emerging middle class providing a ready market for the company’s services. Such demand has helped the firm to become the largest independent pensions trustee in the country over the past three years, according to the NPRA’s rankings for 2015.
“Ghana’s recently liberalised pensions industry is one of the fastest growing in the world,” says Kofi. “Petra harnesses this commercial opportunity to deliver quality, relevant and affordable financial services that meet a critical social need: building a savings culture in Ghana. Petra provides financial security to thousands of first-time consumers.”
Petra Trust hopes to take advantage of growing demand for financial services
In this rapidly expanding market, the company has set itself a target of reaching five million Ghanaian consumers with its savings products, up from around 120,000 at present. Doing so will involve hiring more staff in all areas while enhancing its service offering across different platforms.
“The aim is for Petra’s products and services to become ubiquitous, central to how consumers save and the first point of contact for Ghanaians when they need financial advice,” says Kofi. “Mobile will play a dominant role in the growth of the business, ensuring customers can engage with Petra seamlessly through all channels.”
The company is also looking beyond its home country in order to realise its growth ambitions, adds Kofi, who reveals: “Petra aims to expand beyond Ghana in three years.”
55% - the amount of all Ghanaians interested in long-term savings