Kingsban Capital Microfinance Company re-launched

Morkporkpor Anku, GNA

Accra, Aug. 2, GNA – Mr Joe Tachie, the Acting
Chief Director, Ministry of Business Development says Ghana being predominately
an SME economy needs to nurture and support start-ups and micro-small medium
enterprises to enhance their contribution to economy growth.

He said it was, therefore, timely that the
Ministry of Business Development was created to focus on sustainable growth and
development of the SME sector.

Mr Tachie was speaking on behalf of the
Minister of Business Development at the re-launch of the KingsBan Capital
Microfinance Limited in Accra. 

Kingsban Capital Microfinance Limited was
incorporated on July 17, 2012; and commenced operations, officially, on March
11, 2013.

On June 24, 2013, the name of the company was
changed from Kingsbanc Capital Microfinance Limited to Kingsban Capital
Microfinance Limited.

Over the past five months, the company has
successfully restructured its operation and this has resulted in the
constitution of a New Board of Directors, the introduction of new technology to
enhance, a new corporate identity and recruitment of staff to fill new

Mr Tachie said the Ministry launched its
flagship programme, the national entrepreneurship and innovation plan support
small scale businesses in the country.

The Plan is a multi-pronged approach aimed at
creating the conducive and business-friendly environment to stimulate
enterprise activities and provide integrated national support for start-ups and
small businesses that would in turn generate employment for the teeming youth
of Ghana.

He said the vision of government was to build
the friendliest environment and people friendly economy in Africa to be led by
the striving private sector to create jobs, improve on livelihoods and
prosperity for all Ghanaians.

He said to trigger this strategic intent,
government had focused on reducing the high cost of doing business and has
initiated measures within the micro economic space to stabilise the cedi, this
was to help reduce significantly the high cost of borrowing and also to attract
new investments into existing businesses.

He said government was speedily working at
reducing the regulatory burden from businesses, simplifying and rationalising
rules and regulations and aligning them with international standards in other
to improve on business competitiveness of the country.

Mr Robert Kow Bentil, the Managing Director,
Kingsban Capital Microfinance Limited said just a few years ago, the company
was ready to take their place in a highly competitive financial service
industry to contribute its quota to the growth of the nation.

“Our growth over the years has been slow but
steady, since entering the industry in 2012, we have grown from initial staff
strength of eight to 23,” he added.

He commended the other financial institutions
department of the Bank of Ghana for their close supervision over the activities
of microfinance companies, which had minimised the incidence of these few and
unfortunate cases witnessed as a nation.

“Kingsban Capital Microfinance Limited see you
as partners in meeting the needs of a teeming number of Ghanaians desirous of
superior financial service in the form of secure and high-yielding saving
products and affordable loans for individuals and micro-enterprise,” he said.

He assured the Bank of its readiness to comply
with all directives and requirements from the Bank guiding its operations as a
microfinance company.

Dr Ebenezer Ashley, a Financial Consultant
said the role of microfinance institutions within the financial sector; and
socio-economic development and growth of the country cannot be overemphasised.

He said in recent years, the Ghanaian economy
had witnessed the formal establishment of several microfinance institutions and
the non-bank financial institutions have satisfied the necessary conditions to
facilitate their operations; and to receive funds from the public.

“In spite of the seeming challenges militating
against their success and meaningful contribution to the development and growth
of the Ghanaian economy, many microfinance institutions operating within our
jurisdiction are striving for innovation and excellence,” he added.

He said the board, management and staff of
Kingsban Capital were expected to exude strong financial intellectualism and
demonstrate effective ideas in microfinance and banking in general to assure
rapid transformation of the company from microfinance to savings and loans and
eventually to a full-fledge bank.

He called on key stakeholders in the financial
market to entreat to play an active role by providing the requisite
intellectual and financial resources needed by Kingsban Capital to effectively
occupy its enviable position in the financial industry.


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