Asantehene cautions negative elements in the Micro finance sector

By joseph osei

The Asantehene Otumfour Osei Tutu ii has caution negative elements in the Micro finance sector whose actions have dwindle the public interest in the microfinance sector. According to Otumfour these companies takes undue advantage of the vulnerability of the masses. The Otumfour has therefore charge the bank of Ghana to maintain its supervisory functions to bring to fall ethical elements in micro financing. The Otumfour said this at a ceremony to launch a new bank by the Sinapa Aba Trust in Kumasi. Sinapi Aba Trust (SAT), a Christian non—governmental micro-finance organisation, started in May, 1994 in Kumasi in the Ashanti Region, has extended credit, capacity building programmes and transformational services to low income individuals and entrepreneurs, majority of them being women.

Otumfuo expressed his happiness for the company’s efforts to open its own bank after successful operations and was optimistic that they could sustain that effort.

He, however, urged the company to encourage individuals such as market women, other traders and artisans, who made a lot of daily sales, to send their money to their bank rather than to keep it in their homes and workplaces.

Otumfuo also urged the bank to be customer-friendly so that they could win the confidence of their customers.

The Board Chairman of Sinapa Aba Rev. Davis Freeman assured the public of the banks preparedness to build the capacities of individuals and businesses in the country. He said much of their services are concentrated where most financial companies are afraid to venture.