Business News of 2014-01-07

Advans Ghana targets expansion in 2014

Advans Ghana Savings and Loans Company, a non-bank financial institution, focused on providing financial support to Small and Medium Enterprises (SMEs), is set to expand its clientele base and consolidate its position within the sector this year.

This, the company hopes to achieve by improving its product offering, as well as extend its services to other regions this year.

A statement issued by the company quoted its Chief Operations Officer, Mrs Barbara Odei, saying, “Advans Ghana is seeking to consolidate its position in the market and provide better service. We also look ahead to extend and to improve upon our product offering in the coming years.”

The company, which is licensed by the Bank of Ghana, started operations in Ghana in October 2008 and currently has over 47,000 active loan and deposit clients.

According to Mrs Odei, within the years of its operations, Advans Ghana had successfully delivered simple deposit and credit services to entrepreneurs and had been a focal point for SMEs, something she said the company would improve to help it achieve more in 2014.

2013 in review

The statement said in 2013, Advans Ghana received a €400,000 grant from the Agence Francaise Developpement (AFD) to help boost its capital base and reach out to more small and medium enterprises (SMEs) in the country.

It also said in positioning Advans Ghana as the preferred place to bank, the company added Western Union to the list of services that it already provides.

Advans Ghana also marked its 5th anniversary under the theme, “providing financial solutions to you”. The anniversary moment was used to give back to society by making donations to an orphanage, free health screening, environmental clean ups and financial literacy for both clients and non-clients.

It also said Advans Ghana, with the support of Star Micro Insurance and Micro Ensure, were able to put smiles on the faces of over 200 clients, who had their goods gutted by fire at the Kantamanto market. Advans Ghana had their outstanding loan totalling GH¢403,837.36 cancelled and supported the traders with GH¢200.

The year, however, was not all rosy as the regular increase in tariff coupled with inflation had an adverse effect on the companies operational cost.

The company is a member of the Advans Group based in Paris, France and currently has a total of 11 branches in Accra, Kumasi, Koforidua and Ho.