Opinion WWe have audited the nancial statements of Direct Savings And Loans Limited, which comprise the statement of nancial position as at December 31, 2019, and the statement of comprehensive income, statement of changes in equity and statement of cash ows for the year then ended, and notes to the nancial statements, including a summary of signicant accounting policies as set out on pages 6 to 31. In our opinion, the accompanying nancial statements present fairly, in all material respects, the nancial position of the Company as at December 31, 2019, and its nancial performance and its cash ows for the year then ended in accordance withwith the Companies Act, 2019 (Act992), the International Financial Reporting Standards (IFRS), the Bank and Specialised Deposit-Taking institutions Act, 2016 (Act 930) and the Anti-Money Laundering Act, 2008 (Act 749).

Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA), and we have fullled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters KeyKey audit matters are those matters that, in our professional judgement, were of most signicance in our audit of the nancial statements of the current period. These matters were addressed in the context of our audit of the Company's nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Auditor’s Responsibilities for the Audit of the Financial Statements TThe Board of Directors are responsible for the preparation and fair presentation of the nancial statements in accordance with the Companies Act, 2019 (Act992), the International Financial Reporting Standards (IFRS), the Bank and Specialised Deposit-Taking institutions Act, 2016 (Act 930) and the Anti-Money Laundering Act, 2008 (Act 749), and for such internal control as The Board of Directors determine are necessary to enable the preparation of nancial statements that are free from material misstatement, whether due to fraud or error. In preparing the nancial statements, The Board of Directors are responsible for assessing the Company’s ability to cocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless The Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors are responsible for overseeing the Company’s nancial reporting process.

JOP Consult (ICAG/F/123) Chartered Accountants Joseph Yaw Odame(ICAG/P/1217) Accra ..............................................…2020 17 Juneth

Independent Auditors' Report to the Members of Direct Savings And Loans Limited

The Directors submit their report together with the audited nancial statements for the year ended December 31, 2019 which discloses the state of affairs of the company. 1. Statement of Directors' Responsibilities TThe Directors are responsible for the preparation of the Company's nancial statements for each nancial year, which give a true and fair view of the state of affairs of the company and of the Statement of Comprehensive income Loss and Cash Flows for that period. In preparing these nancial statements, the Directors have selected suitable accounting policies and then applied them consistently, made judgements and estimates that are reasonable and prudent and followed the Companies Act, 2019 (Act992), the International Financial Reporting Standards (IFRS), the Bank and Specialised Deposit-Taking institutions Act, 2016 (Act 930) and the Anti-Money LaundeLaundering Act, 2008 (Act 749).The Directors are responsible for ensuring that the Company keeps proper accounting records that disclose with reasonable accuracy at any time the nancial position of the company. The Directors are also responsible for safeguarding the assets of the company and taking reasonable steps for the prevention and detection of fraud and other irregularities.2. Principal Activities The principal activity of the company is Micro Financing, Savings and Loans, Lending and Investment 3. Results and Dividend The Directors in submitting to the shareholders the nancial statements of the company for the year ended December 31, 2019 report as follows: 2019 2018 GH¢ GH¢ The year's trading results were Net Prot after tax of 546,669 365,205

The Directors do not recommend the declaration of any dividend for the year under review. 4.4. Auditors Messrs JOP Consult are willing to continue in office as auditors to the Company for the ensuing year in accordance with the provision of section 134(5a) of the companies Act, 1963 (Act 179) (as amended). The Directors hereby recommend their re-appointment. The nancial statements on pages 6 to 35 were approved by the Board on …………………………….…….and signed on its behalf by: …………………………… ………….…………………. Director Director

Report of the Directors

15th June, 2020

2019 2018 GH¢ GH¢ Net Prot before Tax 474,212 1,116,263 Adjusted For: PProt from Disposal - - Depreciation 782,547 1,081,195 1,256,759 2,197,458

Changes in: Loans and Advances   (9,368,283) (12,095,648)Other Payables 1,343,572 (264,760) OOther Assets 3,318,690 4,688,374Investment Customers 2,161,741 2,219,278 (1287,522) (3,255,298) Income Tax (93,750) (362,500) Net Cash used in Operating Activities (1,381,272) (3,617,798) Cash ow from Investing Activities Purchase of Property, plant and Equipment (326,191) (592,533)Proceeds from Disposal - - Changes in Investment (4,201,403) 1,098,633Net Cash used in Investing Activities (4,527,594) 506,099 CCash ow from Financing Activities Bank Overdraft 6,464,826 5,745,197 Stated Capital - - Net Cash used in Financing Activities 6,464,826 5,745,197 Net Increase in Cash and Cash Equivalent 555,960 2,633,499 Analysis of Change in Cash and Cash Equivalent Cash and Cash Equivalent at 1st Jan 4,490,582 1,857,082 Net Increase in Cash and Cash Equivalent 555,960 2,633,499 Cash and Cash Equivalent at 31st December 5,046,542 4,490,582

Statement of Cash Flow for the year ended 31 December 2019st

2019 2018 Note GH¢ GH¢ ASSETS Cash and Cash Equivalents 10 5,046,542 4,490,582 Held-to-maturity Investment 11 12,502,372 8,300,969 LLoans and Advances 12 44,768,386 35,400,102 Other Assets 14 6,330,668 9,649,358 Property, Plant and Equipment 17 7,219,117 7,704,384 Intangible Assets 18 104,746 75,833

TOTAL ASSETS 75,971,831 65,621,230 LIABILITIESLIABILITIES Deferred Tax Liability 13 (244,407) 142,970 Bank Overdraft 15 21,423,302 14,958,475 Interest Payable & Other Liabilities 16 3,283,515 1,939,943Customer Deposits 19 31,490,099 29,328,358 Taxation 20a (ii) 905,093 688,884 National Stabilisation Levy 20b 467,797 462,836 57,325,399 47,521,467 EQUITY Stated Capital 21 15,000,000 15,000,000 Income Surplus 1,474,827 1,064,826Statutory Reserve Fund 2,171,604 2,034,937 TOTAL LIABILITIES AND EQUITY 75,971,831 65,621,230 Approved by the Directors on …………………………………………2020 …………………………… ………….………………………… Director Director

18,646,431 18,099,763

Statement of Financial Position as at 31 December 2019 st

15th June,

2019 2018 Note GH¢ GH¢ Interest income 5 21,284,478 16,915,615 IInterest expense 6 (12,389,457) (9,489,334) Net interest income 8,895,021 7,426,281 Other Income 7 2,253,783 4,431,081

Operating income 11,148,804 11,857,362 Impairment allowance 8 (498,494) (970,885)Operating expenses 9 (10,176,098) (9,770,213) Net prot before tax 474,212 1,116,263 Income tax expenses 20a (291,209) (655,481)Provision for Deferred Tax 20a 387,377 (39,764)National Fiscal Stab. Levy 20b (23,711) (55,813) Net prot for the year 546,669 365,205 Other comprehensive income: - - Total comprehensive income for the year 546,669 365,205 Earnings per Share 0.04 0.02

Statement of Comprehensive Income for the year ended 31 December 2019 st Stated Income Statutory Total Capital Surplus Reserve Fund 2019 GH¢ GH¢ GH¢ GH¢

Balance at 1st January 2019 15,000,000 1,064,826 2,034,937 18,099,763 TTransfer to Statutory Reserve Fund (136,667) 136,667 -Net Prot for the year 546,669 - 546,669 15,000,000 1,474,827 2,171,604 18,646,431 Stated Income Statutory Total Capital Surplus Reserve Fund 2018 GH¢ GH¢ GH¢ GH¢

Balance at 1st January 2018 15,000,000 790,922 1,943,636 17,734,558 Transfer to Statutory Reserve Fund (91,301) 91,301 - Net Prot for the year 365,205 - 365,205 15,000,000 1,064,826 2,034,937 18,099,763

Statement of Changes in Equity for the year ended 31 December 2019st

SUMMARY FINANCIAL SATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019DIRECT SAVINGS & LOANS LIMITED.