ADEHYEMAN SAVINGS AND LOANS LIMITED OFFICIALLY LAUNCHED ITS NEW HEAD OFFICE AND AVENUE BRANCH
Adehyeman Savings and Loans, a non bank financial institution with its mission of “becoming a world class financial services provider by achieving significant growth through innovative product, extraordinary services and exceptional employees; and thereby enabling them to invest in their communities and maximize shareholder returns” has officially opened its third branch and head office in Accra to offer micro finance services to the public. The three Storey building which is located at Avernor on the Circle-Nsawam road will also serve as the company's head office.
After four(4) years of operations, the Savings and Loans company is taking its expansion project to the doorstep of its prospective and existing clients who are mainly individual traders, artisans, small to medium scale industries and organized bodies.
At a ceremony to officially launch the company latest branch at Avenor near the kwame Nkrumah Circle in Accra, Arah Sadava, the Managing Director of the company said Adehyeman Savings and Loans company was committed to the expansion of its loan portfolio.
She revealed that in the coming years, the company would strive to diversify its loans and deposit products aimed at improving its delivery channel in order to bring its services closer to the people.
Mrs. Gifty Emmim, a shareholder of the company stated that Adehyeman currently had three branches and one satellite office, adding that plans were far advanced to open more branches in Accra and Kumasi to offer services to people who are typically excluded from the formal financial sector.
Mr. Philip E. Cobbinah, Assistant Director of the Banking Supervison Department of the Bank of Ghana in an address said Micro Finance institutions play an essential role towards the sustainable development of the Economy.
He said, “Microfinance has of late caught the attention of policy makers, legislators and investors. “This is an indication that it has gone beyond being a peripheral financial sector to become part of the mainstream economy in the development efforts of developing countries.”
Microfinance is the provision of financial services such as credit, savings as well as the transfer of services in a cost effective and sustainable manner to micro, small-scale and medium entrepreneurs who are productive but below the average daily income level.
He bemoaned the unreliable address system in the country, which according to him makes it difficult to trace the location of customers.”It is a major challenge facing financial institutions. Customers must be transparent and honest when dealing with financial institutions in order to resolve the defects.”
Hannah Tetteh, Minister of Trade and Industry, in a speech delivered on her behalf urged Adehyeman Savings and Loans company to strive to render quality services to its customers since access to banking and increased security would promote a sense of entrepreneurship and increase their self esteem in society.”
Government, she said, in its bid to achieve the Millennium Development Goals would use microfinance as a key strategy in reducing poverty.
“Microfinance has emerged as a leading and effective strategy for poverty alleviation with the potential of transforming the lives of the Vulnerable in Society” she said.
Francis Kusi, coordinator of Micro, small and Medium Enterprises Project at the Ministry of Trade and Industry, who read the speech on behalf of the minister, noted that Micro Finance had improved the quality of life of entrepreneurs in developing countries by stabilizing the cash flow of their economic activities to provide security for their enterprises.This he indicated “allows them to manage spending better, which often generates savings and provides better standards of living for their families and dependants in terms of housing, nutrition, health and education.
Microfinance institutions according to the minister promote the culture of borrowing and repayment of funds at the grassroots level. Under the Micro, Small and Medium Enterprises project, which is jointly funded by the World Bank and Government of Ghana, a cluster of five rural banks have so far benefitted from this line of credit facility and Partial Credit Guarantee Programme while some SMEs have also received technical assistance.
Adehyeman Savings and Loans was incorporated as a private limited liability company in July 2004 and has since paced up its growth as a non-bank financial institution after it was granted a license to operate by the Central Bank. It focuses on Microfinance activities through the mobilization of savings from retail public.
Development / Accra / Ghana / Africa / Modernghana.com