The Vice President of Groupe Ideal Charles Arkuh has said the financial sector in Ghana has to take strategic decisions in order to sustain the industry.
He made this remark in an interview to address developments in the sector key among them being the emergence of mobile money. Mr Arkuh disclosed that the advent of the mobile money program is a good venture. “It is critical thinking that led to this creativity”.
He therefore challenged the industry to come up with products to enable them take advantage of the development to further boost business in the years to come.
Touching on the issue of non-performing loans in the financial service sector, Mr Arkuh noted that it is an area of great concern to financial institutions. He cited instances where prospective borrowers attempted to outwit the system with the use of fake documents. He urged banks and industry players to strengthen their risk management practices so as to minimize the risk of default.
“There should always be the issue of trust in both ways for the clients and the institution. Customers must check the basic regulators requirement before investing with financial institutions to avoid the recurrence of the DKM scandal. Again, financial institutions should do checks thoroughly before giving out loans,” he acknowledged.
On the way forward for the industry, he advised clients who intend to invest with financial institutions to do background check to assure themselves that they are dealing with credible institutions. This will go a long way to avoid another ‘DKM’ scandal happening”.
He cautioned Ghanaians to spend wisely and invest with credible institutions such as Ideal Finance Limited, the CIMG emerging brand of the year 2015 as well as other subsidiaries.