Seek advice before dealing with micro-finance institutions

By Samuel Akapule, GNA

Sandema (U/E), Aug.
15, GNA – Mr Awudu Hayatudeen, the General Manager of the Builsa Community Bank
Limited (BOCO-Bank), has called on the public to seek advice from financial
professionals before dealing with micro-finance institutions. 

Speaking to the
Ghana News Agency at Sandema in the Builsa District of the Upper East Region,
Mr Hayatudeen expressed regret about instances where majority of Ghanaians
allowed themselves to be defrauded by some micro-finance institutions in the

The Manager who
said his outfit would assist the Bank of Ghana (BOG), the regulating body, to
weed out such micro finance institutions, adding that his outfit and other
rural banks were working together in that regard. 

“It is really
pathetic that the situation has led to the collapse of many people’s businesses
and the breaking up of families. My outfit and other Rural and Community Banks
will assist the BOG to weed out such defrauders.

He said BUCO –Bank
was one of the credible banking institutions in the Upper East Region and had
instituted both internal and external control measures to protect the purse of
customers and called on the public to transact businesses with the bank.

Mr Hayatudeen said
from the modest beginning of one branch, the bank had grown to four branches
located at Bolgatanga, Sandema and Fumbisi all in the Upper East Region and
Yagba in the Mamprugu Maudori District of the Northern Region. 

“As a Community
Bank owned financial institution established in 1996, the Builsa Community Bank
LTD is regulated by the BOG and also supervised by the ARB Apex Bank, has about
50,000 clients”, he stressed.

He said the Bank
for the past 20 years in its operations had performed creditably and was also
rated strong by the Efficiency Monitoring Unit of Apex Bank in 2015.

Another success
chalked by the bank was that it is the only rural bank in the Upper East Region
that met the mandatory minimum stated capital of GH¢500,000.00 for 2016.

The Manager, who
also attributed the Bank’s success story to good products offered to its
clients, said some of its products include Saving Account, Current Account,
Fixed Deposits, Salaried Workers Loans, individual and Commercial Loans,
Overdraft, Agribusiness Loans, Solar Loans, Micro–finance loans, Money Transfer
Services, Ezwich Service among others.


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