Best Microfinance unveils head office
A Ghanaian-operated non-bank financial institution, Best Microfinance Services Limited (BMSL), has unveiled its head office at a ceremony in Accra.
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Located on the first floor of the Eagle Height at Sakumono in Accra, the company will provide basic financial services to individuals, micro and small businesses in the area and adjoining communities.
With its intention to become a savings and loans company within the year, the company seeks to offer a wide range of banking services including current and savings accounts operation, cash management, loans and cheque clearing services, inward remittances and funds transfers.
The programme was corroborated by the Communication for Development and Advocacy (CDA) Consultancy, a gender activist group.
Electronic banking services
In an address, the Chief Executive Officer (CEO) and Founder of the BMSL, Rev Edward Randolph-Koranteng, said the company would provide the needed services for its customers.
With the dynamics in the financial institution, he said the company would provide electronic banking services to its numerous customers.
“As a company, we’ll offer a hundred per cent cash backed guarantee investment to our clients to mitigate the risk of losing their funds deposited here.
“This initiative will boost client confidence as they deposit their funds with the company,” he said.
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In the coming weeks, Rev Randolph-Koranteng stated, the company would roll out various innovative products that would suit its customers.
He announced that the BMSL had entered into agreement with some multinational companies in the banking sector to help roll out branchless banking services across the world.
Relevance of microfinance institutions
The Principal of the National Banking College, Mr Philip Buabeng, underscored the importance of microfinance institutions in the country.
According to him, they provide services to the informal, semi-formal and formal sectors of the economy, adding that “they fill the gap left by the banking sector.”
He, however, recounted some of the challenges the sector had been battling with over the years, noting that such challenges should not discourage them from their core responsibilities.