A Court of Appeal has overturned the revocation of GN Savings’ banking licence. Dr Papa Kwesi Nduom says the ruling marks a new dawn for indigenous banking in Ghana.
The court delivered its ruling on May 21, 2026. It quashed the Bank of Ghana’s 2019 decision to revoke GN Savings’ licence. It also ordered the immediate restoration of the institution’s licence and assets.
Dr. Nduom addressed journalists at Coconut Grove Regency Hotel in Accra on Friday. He said Groupe Nduom’s focus is on rebuilding, not confrontation.
“Today is not a time to quarrel, to sow hatred or be negative,” he said. “We are moving with faith in the Lord and confidence in our abilities to change what has been negative into something positive.”
He said the ruling ends nearly seven years of legal and operational uncertainty. The Bank of Ghana revoked GN Savings’ licence in August 2019.
“Prior to that fateful day in 2019, we lived through two years of stress and pressure,” he said.
The Court of Appeal directed the Bank of Ghana to restore GN Savings’ specialised deposit-taking licence without delay. It also instructed the receiver to hand control and management of all assets back to shareholders immediately.
Dr. Nduom said the group will comply fully with the court’s orders. “The court used the word ‘immediately’. We believe everyone who believes in the rule of law will respect that order,” he stated.
Dr. Nduom traced the institution’s roots back to 1997. It launched as First National Savings and Loans and began full operations in May 2006. It started in a converted boys’ quarters behind Coconut Grove Hotel.
The bank grew into one of Ghana’s largest indigenous financial networks. At its peak it had over 300 branches and served more than 1.2 million customers.
Unlike most commercial banks, GN Savings focused on rural and underserved communities. It brought formal banking to towns where no other financial institution operated. It also pioneered mobile interoperability systems that allowed seamless money transfers between banks and mobile networks.
“Ghana is not only Accra or Kumasi,” Dr Nduom said. “It is the small businesses in the towns and villages that hold the economy together.”
Groupe Nduom has already started preparations to reopen. The first branch to reopen will be at Elmina Esuakyir in the Central Region. Workers and contractors are already on site.
Dr. Nduom said the branch could be operational within weeks. He added that former employees, landlords, and customers have rallied behind the return. Some communities have even volunteered labour to help.
“At our peak, we directly employed over 2,000 people and supported nearly 3,500 jobs,” he said. “We intend to bring those opportunities back.”
He also revealed that before the 2019 revocation, GN Bank had secured a proposed $20 million facility from the US Overseas Private Investment Corporation to support small businesses. That deal collapsed after the licence was withdrawn.
Dr. Nduom said the bank was never built for profit alone. “We did not build ourselves to become the richest or biggest bank,” he said. “Our mission was always to bring formal and safe banking to the doorstep of every Ghanaian.”
