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Management of OISL commended for
good loan recovery rate
Takoradi, July 14,
GNA - The management of Opportunity International Savings
and Loans (OISL) Limited has been commended for its loan
recovery rate of 98 per cent and increased deposits from
7.70 million Ghana cedis to 13.81 million Ghana cedis about
79.35 per cent growth between May 2007 and May 2008.
Dr Mahamudu Bawumia, Deputy Governor of Bank of Ghana, who
made the commendation, described the bank’s operation as an
"enviable one" at the inauguration of the Takoradi Market
Circle branch of OISL, the 11th in the country.
The bank established four years ago is now operating in
seven out of the 10 regions with about 100,000 clients
making it one of the best non-banking financial institutions
currently operating in the country.
Dr Bawumia commended the management and staff for their
immense contribution to the development of the financial
sector and banking in general in line with the Bank of
Ghana's vision of promoting financial inclusion to cater for
the needs of the majority of Ghanaians in terms of access to
financial services.
He noted that after 50 years of attainment of nationhood, 80
per cent of the bankable population still did not have
access to a bank and urged other financial institutions to
complement government efforts to bring banking closer to the
people by evolving simplified banking procedures.
Dr Bawumia enumerated benefits of the e-zwich smart card and
urged the people to be part of the system because it
provided a unique way of identifying all customers of
financial institutions.
He said success of the new branch of OISL in the region
would depend on the commitment of the people to save to
accumulate funds for onward lending.
Mrs Gladys Asmah, Minister of Fisheries and Member of
Parliament for Takoradi said the new institution would
complement government's efforts to stimulate economic growth
to reduce poverty in the Sekondi-Takoradi Metropolis.
She noted that OISL had the expertise and needed credibility
as a recognised saving and loans agency to support economic
activities of the people and pledged the commitment of her
Ministry to support individuals and groups by providing them
with facilities such as outboard motors, fishing nets,
fingerlings and fish feed.
Mrs Asmah advised management of OISL to extend its services
to other parts in the region to help transform the lives of
the people.
Mr Benjamin Montemayor, Chief Executive Officer of OISL said
it was born out of a vision that formal financial services
could make a lasting transformation impact on the lives of
the poor.
He said the branch now had 550 borrowers and 1,000
depositors, most of them being micro and small entrepreneurs
of which women form about 80 per cent.
Mr Montemayor said through small savings, clients were able
to move from daily survival to plan for the future, a
transformational impact on the lives of families and
communities that encouraged management to reach more people.
Reverend Dr Kwabena Darko, Chairman of the Board of
Directors of OISL said it was determined to expand to
deprived areas in the country to provide assistance to the
people.
Mrs Asmah and Mr Chris Crane, Chief Executive of Opportunity
International of US jointly unveiled a plaque to commemorate
the occasion.
GNA
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