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GDL plans better interest rates on savings

GDL plans better interest rates on savings

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The Growth & Development Limited (GDL), a financial services group,  has called for a remodel of the Nigerian financial system togive more benefits to savers, strengthen social infrastructure  and protect the middle class.

Speaking yesterday at a press briefing in Lagos, GDL Group Managing Director,  Kola Ayeye, said the firm which has both the asset management and finance housing licences, will support expansion of the middle class and societal transformation.

“A situation where critical social infrastructure has collapsed, the middle class is almost totally emasculated, but banking sector profit is almost approaching N1 trillion is unacceptable,” he said.

According to him, savers can use their savings pool of almost N4 trillion to remodel the financial system rather than continuing to contribute over N300 billion to banking income annually.

Ayeye, who spoke during the opening of the Mainland office of the company, he said the financial services group  with interests in asset management, finance and stockbroking.

He said a major strategic intent of GDL’s asset management business is to create unique private sector led frameworks to pool capital from both private and public sector and innovatively deploy same to deliver good financial returns while solving problems that have defied government solutions in education, healthcare and housing.

He said the high-impact finance agenda, he said, requires bringing the resources of both public and private sector under private sector leadership to achieve both descent financial returns and compelling social dividends.

Continuing, he said: “GDL finance and leasing, a subsidiary, will focus on transforming medium-scale and eligible small-scale enterprises to trans-generational institutions”.

Ayene, who voluntarily resigned his last position as Executive Director, at Asset Management Corporation of Nigeria (AMCON) said he felt compelled by the imperatives of middle class expansion and societal transformation which are core to GDL vision.

The post GDL plans better interest rates on savings appeared first on The Nation Nigeria.

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