The Deputy Minister of Finance and Economic Planning, Mr Fiifi Kwetey has cautioned operators in the microfinance industry to legitimise their operations or risk being sanctioned by their regulator.
The caution which follows the new licensing requirements prescribed by the Bank of Ghana for operators in the financial services is to ensure legitimization of operations and to bring sanctity into the industry.
“Please permit me to use your platform to caution any operators out there who are not up to date with their licensing to do so immediately as failure to do so would attract serious sanctions from the regulator,” he said.
Mr Kwetey was speaking at a ceremony to unveil the new corporate logo for Consumer Finance Company (CFC), a finance house in the Accra.
Mr Kwetey explained the contribution of these financial institutions cannot be overemphasised which has spurred the government on to ensure the active participation by private capital companies in the industry.
He said “this commitment is evidenced by the number of private institutions licensed to operate in the financial services sector. I wish to assure you of all the support that the Government can provide to ensure the smooth running of businesses in the sector.”
Despite this commitment, Government he said would not compromise on the need for players in the industry to strictly comply with the rules and regulations that govern their operations.
He added that the Government acting through the Bank of Ghana as the regulator of the financial services sector will therefore continue to actively engage all existing and prospective participants in the sector to ensure that the mutual interest of the nation and of those institutions is well protected.
Mr Kwetey had this advice for potential operators, “I wish to take this opportunity to advise all individuals and groups to with intentions to operate in the financial sector to legitimise their business activities by ensuring that all the required permits and licenses are properly procured before commencement of their business activities.”
The Deputy Minister also congratulated the Board and Management of CFC for ensuring compliance with the laws as expected per the terms of their license and for contributing immensely to the provision of financial services and employment opportunities in the country.
He thus encouraged them to extend their support to individuals and businesses in the informal sector.
The Chairman of CFC, Mr Theodore Gyau in his address emphasised the need for other finance houses in the country to bridge the gap in the area of personal and Small and medium Enterprises financing.
This he said was necessary as a result of the high expectations placed on banks to meet all credit needs adding these institutions however have their limitations.
He added that access to credit is very important for national development adding Consumer Finance Company provides timely, convenient and collateral- free loans to Ghanaian workers.
CFC’s new logo, The Nserewa Symbol according to the Marketing Manager of the company, Ms Patricia Afriyie Boateng was chosen because of its rich meaning as it stood for wealth, affluence, abundance and sanctity.
She also explained that in line with CFCs aim to make the working class wealthy with the abundance of life’s little essentials in order to have the peace of mind to go about their daily affairs, that logo was chosen.
She said customers are also promised a positive change and an upgrade in the company’s service delivery.
Speaking at the unveiling ceremony in Accra, Ms Boateng said the corporate colours of the new CFC logo were Magenta and Cyan which she said would give their new logo the ability to appeal and attract diverse workers and professionals in the society.
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