Business News of 2014-01-09

'Work to remove negative perception'

A new microfinance company, Price Capital Limited, has been inaugurated at Dunkwa-on-Offin in the Upper Denkyira East Municipality in the Central Region.
In an address, the Chief Executive Officer (CEO) of Price Capital Limited , Mrs Grace Nana Ama Oparah, called on players in the industry to work at removing the negative perception created in some quarters about the operations of microfinance companies.
She said in spite of the huge benefits microfinance companies brought into the economic development of small scale sectors, some recent developments were crippling their operations, which must be reversed at all cost.
She said Price Capital, which was the first microfinance company with headquarters at Dunkwa, was investing in information technology (IT) to ensure efficiency and build trust in their operations.
As part of the project, an electronic system had been installed at the headquarters building at Dunkwa-on-Offin to monitor the operations of both mobile bankers and office workers.
The CEO explained that the technology did not only provide customers SMS alerts of their deposits and withdrawals but also gave their net balances and a contact line for enquiries.
Mrs Oparah added that SMS alerts were given on customers’ investment maturity dates, loan disbursements and repayments dates and account opening details upon the opening of accounts.
The Board Chairman of the company, Mr Augustine Kwabena Kessie, gave the background of the company and promised customers that the company would comply with all the regulations of the Bank of Ghana in serving them.
He thanked the chiefs, customers and the general public for pushing the company that far within the short period of its operations.
The chief of Dunkwa, Nana Obeng Nuakoh III, expressed satisfaction about the operations of Price Capital and advised the board and management of the company to operate within the requisite rules governing their industry.
He again appealed to them not to toe the line of some of their colleagues who folded up and absconded with customers’ hard-earned monies.
Present at the ceremony included chiefs, church leaders, members of the business community, heads of other financial institutions, corporate bodies and customers of Price Capital.