MT Financial Services disburses Gh¢1.3m in loans in a year

Ignorance has been identified as a major factor preventing some small businesses from accessing funding opportunities to enhance their operations.

Managing Director of MT Financial Services in Kumasi, Solomon Suuk Salalipaak, says there are prospects to increase incomes of local businesses if banks are committed to supporting ventures at the grassroots.

Barely a year after opening its Amakom branch, MT Financial Services has roped in over 5,000 customers and disbursed over GHS1.3 million is small loans to informal business operators, mostly women groups.

The company operates three branches in Kumasi and Tamale.

Mr. Suuk told Luv Bizness Report the high loan recovery rate is indicative of the sector's growth potentials if encouraged to access financial products.

“There are a lot of the down-trodden - the have-nots - who don't even want to visit a bank because they think the bank is meant for certain people with certain standard. So when they come and we're able to meet their needs, then they gather the confidence to always come to us. So there are some of them who even though are in need of funds to project their businesses, they don't even know where to go”, he stated.

Mr. Suuk has challenged other financial institutions to spread access to banking services to communities outside of urban centres.

He observed that “when you go to the very small towns and villages, that is where you're expanding the outreach and that is where you are drawing majority of the people into the banking services industry. I think other banks should look at our style and actually go round and identify people who by all standards would never have dreamt of going to the banks. It shouldn't be the rich – banks give money to the very rich, they don't look at the very poor but people must become rich through somebody's initiative”.

MT Financial Service is reaching out to the Kumasi Children's Home as part of its corporate social responsibility programmes. The company will is also adopting three needy students each year for educational sponsorship from Senior High School to the University level.

Story by Kofi Adu Domfeh/Luv Fm/Ghana