SIC Life Savings and Loans launched
The Deputy Minister of Finance, Mona Helen K. Quartey, has charged non-bank financial institutions to be innovative in their operations.
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She said there had been a significant transformation in the global financial landscape which was being propelled by emerging economies, changing customer requirements and new technology; hence, the need for both the banking and non-banking sectors to be innovative and proactive in their dealings.
That, she said, also demanded that savings and loans companies put in much effort to reach those in the hinterlands.
Ms Quartey was speaking at the launch of SIC Life Savings and Loans in Accra yesterday.
She also advised the players in the sector to redouble their efforts in ensuring financial inclusion across the length and breadth of the country.
Official unveiling
The occasion was to officially give the SIC Life Savings and Loans, a subsidiary of the SIC Life Company Limited, the nod to operate as a savings and loans company.
This was after the Bank of Ghana had handed the company its licence to operate after meeting all the requirements before the commencement of business.
Ms Quartey commended the company, and urged the management to remain competitive on the market.
The company now has the green light to introduce a wide range of products including consumer assets and equipment finance, personal and business loans, fixed term investment, current and savings account and money transfer, among other things.
Innovative products
In a brief statement before the launch of the company, the Managing Director of SIC Life Savings and Loans, Mr Richard Appietu, said the company considered its customers central to its growth and as a result a lot of innovative products had been introduced to meet their needs.
He pledged the company’s support to provide an opportunity for the unbanked and under-banked in order for them to have access to money whenever they needed it.
“SIC Life Savings and Loans is not only here for loans and investments, but rather to provide advisory services, training and guidance for the successes of the businesses of our customers,” he said.
While recognising the current economic challenges, Mr Appietu assured customers of the company’s quest to do what would enable customers to have value for their money.
The Managing Director of SIC Life Company Limited, Mr Aaron Issa Anafure, noted that the company had come to stay and would ensure that it remained relevant and competitive on the Ghanaian market.
He said the company had envisaged to become the most preferred savings and loans company in the country in the not-too-distant future.
Assess risk profile
For his part, the Second Deputy Governor of the Central Bank, Mr Nashiru Issahaku, advised the players in the banking sector to continuously assess their risk profile before expanding and venturing into new frontiers.
He also added his voice to the call on the sector to be innovative through the introduction of innovative products and instruments to suit the needs of customers.