Banks must be innovative - Otumfuo

The Asantehene, Otumfuo Osei Tutu II, has urged banking institutions in the country to design products that would suit the cultural needs and practices of the people in their catchment areas.

Such banking products, he said would entice the local market women, artisans and entrepreneurs to enter the banking halls to transact business with them.

Otumfuo Osei Tutu made the call at the Manhyia Palace, when the Managing Director of HFC Bank, Mr Asare Akuffo, paid a courtesy call on him.

The Asantehene attributed the inability of the majority of Ghanaians to save and transact business with the banks to the lack of appropriate products that suited the customs and traditions of the people in the particular area and urged banks to help to reverse the trend.

Otumfuo Osei Tutu also urged the banks and individuals as well as companies to develop confidence in themselves and develop strategies that would help create access to companies and individuals to expand their businesses.

He said currently about 60 per cent of monies were kept in people's homes and urged the banks to develop strategies that would help mobilise more savings.

The Asantehene further urged banks to translate the government's financial policies to help promote economic growth, adding that, it was the banking sector that could provide money to entrepreneurs to expand their businesses to assist in creating employment for the youth.

Mr Akuffo said the bank was pursuing strategies to restructure its operations to make it cope with new trends in banking.

The Managing Director on behalf of the bank presented a cheque of ¢20 million to the Otumfuo Education Fund.

Source: GNA