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BEIGE Capital Set To Expand Operations

Business & Finance BEIGE Capital Set To Expand Operations
JAN 30, 2015 LISTEN

The Chief Executive Officer of the BEIGE Capital Savings and Loans Ltd, Mike Nyinaku, has pledged BEIGE Capital's support to the Central Bank to end the regime of all unlicensed financial institutions exploiting the rural poor in unserved and underserved areas of the country.

He said this in Accra in reaction to a call by the 1st Deputy Governor of the Bank of Ghana, Mr. Millison Narh, for non-bank financial institutions to penetrate the rural areas as they tend to be concentrated in the cities and large towns and hence have left room for unlicensed institutions to operate in such areas, exploiting patrons who are already poor.

Mr. Narh commenting on the role and impact of Savings and Loans companies in promoting financial inclusion in Ghana appealed to savings and Loans companies end exploiting the rural poor by unlicensed financial institutions.

“We accept the challenge by the BOG to reach unserved and underserved parts of the country and for us at BC this ideal held by the Central Bank is in sync with our medium term strategic direction and pledge our support to help Bank of Ghana (BoG) to bring to a halt activities of unlicensed financial institutions exploiting their patrons” Mr. Nyinaku said.

“It is actually part of our medium term ending 2018 strategic plan to expand our business across all the regions of Ghana and more especially to be at the doorstep of Ghanaians in the rural and smaller towns” he added.

Recent data available to the Bank of Ghana indicates that 80% of Ghana's population is unbanked and the country's financial sector is dominated by banks, with non-bank financial institutions accounting for 11% of total financial sector assets, and savings and loans companies with 5.7% of total assets.

BEIGE Capital, a subsidiary of The BEIGE Group, an investment firm in Ghana with interests in the Banking & Finance, Real Estate, and Mining and Hospitality industries.

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