Ecobank Ghana and Enterprise Trustees yesterday signed a partnership agreement, introducing the first pension-backed mortgage loan and short-term loan facility in Ghana. Under this partnership, Enterprise Trustees will make available to workers, whose pension funds reside at Enterprise, a package that enables them to attract pension-backed mortgage and short-term loan facilities from Ecobank. This comes as a huge relief to workers, who are now assured of securing decent custom-built homes, which will be fully paid for, ahead of their retirement, assuring them of peace and comfort at old age.

In his welcome message, Mr. Joseph Ampofo, Managing Director of Enterprise Trustees, said; “This is a collaboration between two industry giants, Ecobank Ghana and Enterprise Trustees, with a common shared value of Excellence. We will certainly be guided by this, as we work together for the betterment of Ghanaian workers, who can now own homes through this unique mortgage solution offered under this partnership agreement. Among other features, we guarantee beneficiaries under this scheme a 100% financing arrangement, once they have a minimum of 20% of the mortgage sum in their Tier 3 pension funds. As we play our fiduciary role as Trustees, clients of Enterprise Trustees pension schemes should rest assured we have their full interest at heart, and this is another addition to the exciting value we create for you in reaching your desired advantage”. 

Mr Ampofo concluded by calling on the media to help spread the benefits to be unlocked from long-term savings and investments, as evidenced under Tier 2 & 3 Pension Schemes. He also encouraged both formal and informal workers to fully subscribe to provident & personal pension schemes to enable them realise more positive retirement outcomes. 

On his part, the Managing Director of Ecobank Ghana, Mr. Daniel Sackey said; “There is a growing demand globally for excellent customer-friendly financial services across various customer segments, making it imperative for corporate institutions to customise their products and services to suite the various segments. It is for this reason that Ecobank continues to seek ways to leverage technology and strategic partnerships to serve its markets. We therefore see this Ecobank-Enterprise Trustees partnership agreement signing ceremony as coming at an opportune time to enable our joint institutions make a meaningful contribution towards helping Ghana reduce its ever-growing housing deficit”.

He made reference to the Honourable Minister of Works and Housing, Mr Francis Asenso-Boakye, who he quoted as declaring that Ghana’s housing deficit is now in excess of 2 million housing units, affecting about 60% of the country’s population who would require some form of government assistance to access housing. He further indicated that 35% of the affected population would not be able to access housing even with government support in terms of subsidies, hence the need for support from private sector institutions, such as the one being offered under this partnership agreement.

Mr Sackey continued that; “It is for this reason that we see today’s signing ceremony as marking a very important day in the history of Ghana. Under this partnership agreement, Enterprise Trustees will make available to all workers, whose pension funds reside at Enterprise, a package that enables them to attract mortgage from Ecobank with zero down payments. The bank will disburse the mortgage loan to the beneficiaries, who will pay monthly instalments over a fifteen-year period. Additionally, the beneficiaries can attract short term loans from Ecobank, which loan will also be paid back over 3 years. I therefore encourage Ghanaian workers to take the opportunity being offered today to acquire decent homes or access any funding they require for other important needs. Every Ghanaian deserves an affordable decent home and access to funding, as and when necessary”.

Officials of the National Pensions Regulatory Authority, led by Mr. Emmanuel Abrokwah, the Manager for Standards and Compliance, gave their blessings to the partnership, describing it as novel and timely, as it seeks to help the long-term desires of the average Ghanaian worker. He therefore implored workers to take immediate advantage of the package on offer.

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About the Ecobank-Enterprise Trustees Partnership Agreement

A contract signing ceremony between Ecobank Ghana Limited and Enterprise Trustees Limited to offer Pension-backed mortgage services and short-term loans to contributors. The pension reforms which led to the introduction of the 3 Tier Pension Scheme under National Pensions Act, 2008, Act 766 introduced private sector to manage Pensions. Trustees were mandated to administer Occupational Pensions Schemes, Provident Fund & Personal Pensions under Tier 2 & Tier 3. These were to be under defined contribution conditions that 5% to fund Tier 2 and up to 16.5% (Tax free) to fund Tier 3.  Trustees were to work with Custodians and Fund Managers in administering this. The objective of this reform was to ensure retirement income security by unlocking the various opportunities that exist in the new 3 Tier model to the benefit of the retiree. Per Sections 103 & 114 of National Pensions Act 2008, Act 766 assignments are possible under Tier 2 & Tier 3 benefits. This unlocks home ownership through mortgages in the lifetime of a contributor.  ad to wait until receiving lump sum benefits in retirement to start building their homes.

About Ecobank Ghana

Ecobank Ghana is a subsidiary of the Ecobank Group, the leading independent pan-African banking group. The Ecobank Group employs over 15,000 people and serves about 20 million customers in the consumer, commercial and corporate banking sectors across 33 African countries. The Group has a banking licence in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates. The Group offers a full suite of banking products, services and solutions including current and deposit accounts, loans, cash management, advisory, trade, securities, wealth and asset management. Ecobank Transnational Incorporated (ETI) is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.

For further information, please visit www.ecobank.com

About Enterprise Trustees

Enterprise Trustees, the Pensions Management subsidiary of Enterprise Group Limited (EGL) was incorporated on 8th November 2010. It was one of the first Corporate Trustees to be licensed in 2011, by the National Pensions Regulatory Authority (NPRA). Trustee operations however began in November 2012 following commencement of the Tier 2 & Tier 3 Pension Schemes by the Regulator.

Since 2012 despite operating in a fairly new industry, Enterprise Trustees has steadily grown its book and is currently the leading Corporate Trustee in Ghana. The company provides pension services for over 4,000 leading industry players including major Regulatory bodies across all industries with membership of over 500,000. The company also provides services for individuals through its retail Personal Pension Product.