Procredit to use churches, mosques to educate people on savings
Accra, Nov. 2, GNA -Procredit Savings and Loans Company Limited (PSLCL) is to use fora at churches and mosques to educate people in the formal sector of the economy on the benefits and barriers of savings.
Mr Raymond Kwakye Bismarck, Deputy General Manager of the non-bank financial institution, who announced this to journalists in Accra on Tuesday, said most financial institutions receive most of their "savings" from the informal sector, describing the situation as surprising.
He said Procredit had more than 170,000 clients in the company's loan portfolio stressing, most of the customers were from the informal sector.
Mr Bismarck added that the company's loan portfolio alone claimed 38 per cent of GH¢54 million deposits the company received last year.
He said Procredit was therefore intensifying its campaign to capture people from the private sector to cultivate the habit of savings.
Mr Bismarck said the company had deployed personnel to move around business communities, churches, mosques and other religious organisations to educate people on the benefits of savings and the need to reduce spending habits that undermined savings culture.
He identified impulse buying and over-spending as some practices that made it difficult for some people to save.
Procredit started its operations in Ghana under the name, Sikaman Savings and Loans Company, in July 2002.
The company, which is part of the Procredit International Group of banks and financial institutions, operates in 21 countries and provides credit facilities to very small, small and medium scale business entrepreneurs.
The group provides accessible and reliable financial services to more than 3.1 million clients in Europe, Latin America and Africa.
GNA