LIVE SUPPORT LINE: +233 302 252071

Javascript DHTML Drop Down Menu Powered by
News & Features: Adehyeman News

Adehyeman Savings To Focus On Microfinance

Adehyeman Savings and Loans Company Limited, a new non-financial institution in the country, has expressed its determination to focus its attention on the microfinance sector of the economy which has been neglected by the formal financial sector.

It said after a year of operation in the country, the company had been able to assist individuals, small companies and groups in the microfinance sector by disbursing loans to the tune of ¢8.5 billion in 2006 alone.

The Chief Executive Officer of the company, Mr Joe Emmim, said “out of this amount, ¢3.9 billion went to 500 individuals, ¢500 million to 20 small enterprises and ¢4.1 billion to 400 individuals in 80 groups.”

Mr Emmim said the company was confident about its operations because “our repayment rate is about 99 per cent with minimal arrears”.

The company was incorporated as a private limited liability company in July, 2004 and has since paced up its growth as a non-bank financial institution. By virtue of that the Bank of Ghana granted it license to focus on providing financial services to micro, small and medium enterprises in Ghana.

Mr Emmim said because the company was new in the country, it started by targeting traders (wholesalers, retailers and hawkers) in the Central Business District of Accra, specifically in areas such as Makola, Okaishie, Opera Square, Rawlings Park and Kantamanto.

He said its customers were mainly in the business of selling downstream items such as biscuits, flour, sugar, second-hand clothes, ear-rings, watches, necklaces, laces, clothes, electrical appliances, among others on large scale.

Mr Emmim said the role of such people in the provision of employment and generating cash through taxes could not be over emphasised, adding that “they are a force to reckon with”.

He said only 10 per cent of the population had bank accounts and indicated that it was the resolve of the company to double its loan portfolio this year.

Mr Emmim said the company would open branches in Accra and Kumasi this year, and continue to offer financial services to people previously excluded from the formal financial sector.

“The microfinance sector is underserved and so we are just scratching the surface. The fact is only 10 per cent of the population have bank accounts and, therefore, we expect to double our deposit base and loan portfolio in 2007” he noted.

On how the loans could be sourced, Mr Emmim explained that the company’s clients had to save for a minimum of two months before they could be given a loan.

That, he said, allowed the company to study the savings pattern of the clients as it did not take landed property as collateral.

“Instead, we use a certain percentage of their savings as cash collateral and the application process is simple, without much interview, and loans are disbursed within 48 hours”.

He said the company had plans to sustain its growth by increasing its customer base and expand its product line.

Source/Author: Charles Benoni Okine

More news in the [News & Features: Adehyeman News] categories

Adehyeman Savings and Loans adds two new branches
Adehyeman Introduces Auto Loan Product
Adehyeman Savings And Loans Limited goes to Kumasi and Swedru
Adehyeman Savings To Focus On Microfinance
Javascript DHTML Drop Down Menu Powered by


»  Corporate Account Form

»  Personal Account

»  Deposit Slip

»  Cash Withdrawal Slip


RoyalPlus Accounts

Basic Requirements

  • Prospective client should have an existing RoyalFlex or RoyalMax ...

» Company/Group Accounts
» RoyalCare Account
» RoyalFlex Accounts
» RoyalKid Account
» RoyalMax Accounts
» RoyalPlan Account
» RoyalPlus Accounts
» Agro Loan
» Auto Loan - Taxi & Trotro
» Fast Kudi
» Group Loan
» Nkosuo Loan
» Quick Loan
» Salary Loan
» Board Members
» Management Profile
» Vision & Mission Statements
» Atonsu - Agogo Branch
» Dome Branch
» Head Office/ Avenor Branch
» Kumasi Branch
» Kwashieman Branch
» Makola Branch
» Ofankor Branch
» Swedru Branch

About Us  |  Products  |  Loan Products  |  Deposit Products  |  Branch Network  |  Financials  |  News & Features  |  Downloads  |  FAQ's  |  Contact Us  |  

Copyright 2013 Adehyeman Savings and Loans Company Ltd.   | All rights reserved