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GCB launches Kudi Nkusuo
Accra, June 18, Ghanadot/GNA - Ghana Commercial Bank (GCB)
Limited on Wednesday re-launched its Kudi Nkusuo savings and
credit product designed to grow businesses in the informal
sector of the economy.
Mr Lawrence Adu-Mante, Managing Director of GCB, said
micro-finance constituted an effective instrument for
poverty eradication through job creation.
He said the idea was to extend a helping hand to traders,
market women, artisans, hawkers, shoe-makers, repairers and
those in the informal sector to develop and expand their
businesses which would impact positively on their standards
of living.
Mr Adu-Mante said processes for accessing funds under the
Kudi Nkusuo scheme had been streamlined, the credit value
reviewed and there had been an adoption of strong
communication and promotional strategies to suit clients.
He said contributors were allowed a withdrawal of specified
percentage of their total contributions in cases where loans
had been acquired.
Mr Adu-Mante said the product would enable beneficiaries to
acquire the necessary technologies, equipment and machinery
for their operations.
"This will enhance their productivity, increase their rate
of output, competitiveness and profitability.”
Professor Gyan Bafour, Deputy Minister of Finance, urged
Ghanaians to cultivate the habit of savings saying, "A
little savings today, a better life tomorrow."
He said government had laid structures to lift the burden of
poverty and called on all to take advantage of them.
Prof. Baffour said the goal of the Growth and Poverty
Reduction Strategy (GPRS II) was to ensure sustainable
equitable growth, accelerated poverty reduction and the
protection of the vulnerable within a decentralized
environment.
"This is to eliminate widespread poverty and growing income
inequality among the productive poor who constitute the
majority of the working population," he said.
Ms. Adwoa Asaa Boateng of GCB Marketing Department said the
scheme started with an initial deposit of three Ghana Cedi
followed by a daily collection by a team of trained
personnel.
GNA
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