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10.02.2009 Business & Finance

Merchant Bank To Focus On SMEs

By The Ghanaian Times

Merchant Bank has opened its Asafo Market branch in the Kumasi Metropolis, in the Ashanti Region, with a major focus on the development of the Small, Medium Enterprises (SMEs).

'If big economies like America are finding economic solutions from the growth of small enterprises we, in the developing world cannot use such a sector as an alternative to growth, the Acting Managing Director of the Bank, Dr Kwame Osei Owusu indicated.

He said the Bank believes that any realistic retooling of any economy to put it on sound growth path ought to be a plan that has the small industries as the centre-piece.

Dr Osei Owusu was speaking at the official launch of the Asafo Market Branch, the second in the Metropolis, last Monday.

According to the acting Managing Director, the very location of the branch, 'is a beginning of a range of solutions we are rolling out to small businesses in particular'

Stressing that the bank researched into the need of customers and fashion out innovative products to meet these needs, Dr Owusu was hopeful that the branch will bring a lot of relief to fish marketing companies, printing presses and all other traders within the vicinity as their businesses will be facilitated by the Banks cash collection and money transfer services.

He announced that the bank will soon commence its business incubation centers in Accra and Kumasi to be also dedicated to the growth of SMEs saying, 'This service would be modeled on flexible development processes, infrastructure and well trained staff to assist in every stage of the development of the small and medium businesses.

The supervising Director of the Bank, Nana Fredua Agyemang Pambuo, on his part, appealed to porters (kayayo), truck pushers among others not to hesitate to do business with the bank to enhance their livelihood.

Nana Acheamfour Akowuah II, Chief of Asafo, was full of praise for the bank for opening a branch right across the market to help develop the SMEs.

He urged the Bank's official to show respect to the costumers most of whom may not have good educational background to enable the bank attain its goals.

The occasion was chaired by Mr Stefan Ramella Peeza, Managing Director of Consar Limited.