Mrs Mona Quartey, Deputy Ressortchef (umgangssprachlich) of Financing, has said the particular non-bank financial sector perform a critical part in building a strong in addition to viable financial sector for the development of the particular national overall economy.
She stated they remain a key supply for the breaking up of the necessary short in addition to long term money for nationwide development, by financing successful activities throughout the market, adding which they also contribute immensely to be able to addressing typically the unemployment trouble and poverty reduction usually.
Mrs Quartey was communicating at the launch of SIC Life Cost savings and Financial loans Company, the latest addition to the SIC family, on Thursday night in Accra.
She mentioned SIC Finance had transitioned from a finance house to some Savings and Loans company after 5 years of the introduction.
She said the financial sector has become extremely competitive with the entry of latest banks and it is important to guarantee the stability of the banking system to meet the development needs from the underserved in addition to ‘unbanked’ population.
Mrs Quartey said a growing number of policymakers in addition to governments have got recognised typically the urgency of economic inclusion and possess made typically the promotion associated with inclusive financial growth important.
She said in Bekwai, ghana access to formal financial services has increased by forty one percent given that 2010 resulting in a decrease in monetary exclusion. However , 25 percent associated with Ghanaians stay excluded from any form of financial service.
She stated government was committed to acquire the exclusive sector to operate towards socio-economic transformation in addition to expand options for all simply by continuing with all the fiscal consolidation process with the view of developing an improved business environment as well as re-positioning our economy to proactively deliver assistance to the exclusive sector.
“Private investment is actually a critical supply of long term capital for spurring sustained economical growth and diversification whilst promoting advancement by assisting the tiny, small and medium sized businesses. ”
The girl commended the organization for continuously increasing the foot prints in Ghana’s financial field and advised them to utilize the experience acquired as a financial house to contribute to the stableness of the monetary sector along with the economic growth process.
Doctor Nashiru Issahaku, Second Deputy Governor, Bank of Ghana (BoG), mentioned SIC Lifestyle Savings plus Loans Organization, is the very first Savings and Loans Organization to be introduced in 2016.
He said the industry is among the fastest developing industries inside the financial field of the Ghanaian economy and with a clear indication of developing competition, PAREIL Life is likely to be more innovative and modern to survive your competitors.
He mentioned banking business involves danger taking, whiles capital alternatively provides the buffer for absorbing loses that will arise as a result of failed hazards.
He advised the company to be able to continuously evaluate their chance profile especially when expanding and venturing directly into new routines in order to set up the appropriate steps to mitigate associated risks.
Dr Issahaku urged participants in the industry to make the necessary effort to expand financial intermediation through rapid introduction regarding innovative instruments and goods to suit the wants of customers who will be becoming increasingly knowledgeable and strenuous.
“I will need to assure stakeholders in the industry that the BoG would continue to keep track of events in the market including the development and activities through successful supervision. We need to correct, reprimand or peine those who run away and in like manner assistance and encourage those who are performing well”, he said.
Mister Richard Appietu, Managing Director, SIC Lifestyle Savings plus Loans, stated the company is actually a wholly owned or operated subsidiary associated with SIC Existence Company Minimal and had been incorporated this year as a financing house to offer credit services to the Sika Plan people of its mother or father company.
This individual said half a year ago the organization received approval and certificate from the Lender of Bekwai, ghana to operate being a Savings plus Loans business.
He mentioned the company will be introducing a new set of monetary solutions which includes customer asset and gear finance, private and loans, fixed term investment, cost savings and existing accounts, cash transfer among others.
Mr Appietu said the company aims to become a dynamic, industry leading and receptive company that high executing individuals would like to join along with other companies seek to copy.
He or she said it might also provide the under-banked the opportunity to save and also have access to their cash when they require it.
He thanked shareholders for trust, along with management as well as the entire personnel for the work, and stakeholders for contributing towards the vision of the company a reality.