The Vice President of Groupe Ideal Charles Arkuh says the financial sector has to take strategic decisions in order to sustain the industry.
He also said a strong partnership between the financial institutions and the telecommunications sector would help to maximize the use of technology to improve the country’s economy.
Addressing the media in Accra last week, Mr. Arkuh said the emergence of mobile money service would help the economy to grow, saying “It is critical thinking that led to this creativity.”
Touching on the issue of non-performing loans, Mr Arkuh noted that it is an area of great concern to all financial institutions, citing instances where he said prospective borrowers attempted to outwit the system through the use of fake documents.
He urged banks and other industry players to strengthen their risk management practices in order to minimize the risk of defaults, saying “there should always be the issue of trust in both ways for the clients and the institutions.”
“Customers must check the basic regulators requirement before investing with a financial institutions firm to avoid the recurrence of the DKM scandal. Again, financial institutions should do checks thoroughly before giving out loans,” he said.
He advised prospective investors to check the backgrounds of financial institutions to assure themselves that they are dealing with credible institutions.
He also advised the public to inculcate the habit of savings and urged the banks to intensify financial literacy among the public, saying that Ideal Financial Holdings with subsidiaries like Ideal Finance Limited, FirsTrust Savings and Loans, and Ideal Capital Partners Limited, were working hard to offer financial services to everybody.
A Business Desk Report