Takoradi, March 17, GNA – The Banking Supervision Department of the Bank of Ghana (BOG), has commenced modalities to ensure full adoption of International Financing Reporting Standards by Non-Banking Financial Institutions.
The Standards were adopted eight years ago by the universal banks, therefore the BOG will be issuing timelines for transition by the NBFIs in that regard.
Dr Abdul-Nashiru Issahaku, Second Deputy Governor of the BOG dropped the hint in a speech read on his behalf at the opening of the seventh branch office of the ABii National Savings and Loans Company Limited in Takoradi.
He said a liquidity directive would be issued to the banks and specialized deposit taking institutions (SDIs), to ensure that banks maintained adequate levels of liquidity at all times.
This, according to him, would meet known obligations and commitments, as well as plan for unforeseen liquidity pressures, whiles promoting public confidence in the system, since financial service provision thrived on trust.
Dr Issahaku noted that attributes of customer service had changed, as they were becoming increasingly sophisticated in terms of their rights and expectations, thus looking for partners who could meet their needs.
In view of that, he urged ABii Company and others, to introduce innovations to roll out business models, while refraining from charging high interest rates, which result in making losses.
The Second Deputy Governor said Ghana has made great strides in combating money laundering, therefore financial institutions must ensure compliance with existing laws and regulations to prevent them falling victims.
Mr Godfred Osei-Boakye, Managing Director of the Company, said the central city of Takoradi was strategically chosen, in order to bring banking to the doorsteps of customers and prospective ones, so that they would not have to leave their businesses to go far for the purpose.
The MD said the company has rolled out several products and services, including those on loans for school fees, and the ‘unique daakye’ product which is a hybrid Susu and insurance policy for the informal sector, not registered with the Social Security.
The Company, he said, has branches in Accra, Ashaiman, Swedru, with the seventh and latest, in Takoradi and hoped to explore the whole country.
Mr Kobby Otchere Darko-Mensah, Member of Parliament for Takoradi, commended the company for making banking accessible to the vulnerable, and encouraged financial institutions to venture into the hinterland, to impress upon the communities to cultivate the habit of savings, and also access loans with ease.
Osagyefo Dr Kwamena Enimil, President of the Western Regional House of Chiefs and Omanhene of the Wassa-Fiase Traditional Area, who was the guest of honour, urged women to invest their earnings in profitable ventures, to benefit themselves, family and society at large. GNA
This article has 0 comment, leave your comment.