A financial management consultant, Dr Christopher Sokpor, has challenged microfinance companies to take advantage of mobile phone penetration to develop tailor-made solutions for their clients.
“The growth in mobile telephony has opened up many more entrepreneurial solutions in service delivery,” he noted.
Dr Sokpor was speaking at the inauguration of the rebranded Leverage Microfinance Company (LMC) Ltd last Thursday at Dansoman in Accra.
The company, which was recapitalised to GH¢1 million to meet the Bank of Ghana requirements as a microfinance firm, seeks to provide financial solutions to African entrepreneurs.
The company said the capital injection was the first phase of a recapitalisation process to shore up stated capital to GH¢2 million by close of the year, ahead of BoG’s 2018 deadline.
LMC has also introduced four new products to meet the needs of its clients. They are the leverage lever business loans (a credit facility designed for promising and realistic business ideas) and the lock box, designed for households and individuals with busy schedules to save with no hassle.
The others are the “Afes3s3” Account, geared towards savings with high returns for specific purposes and the Leverage Rhodium, a premium account designed with an investment package for beneficiaries.
Dr Sokpor observed that even though there had been an “explosive growth”, the pace of innovation had been slow and was convinced that LMC could fill the gap, “by providing innovative microfinance solutions that were yet to be seen anywhere in Ghana.”
He noted that a large population in Africa did not have access to banking and general financial services.