Compliance, internal auditing key to safe and ethical financial operations – BoG Governor

Governor of the Bank of Ghana, Dr. Ernest Addison, has urged savings and loans companies to prioritize compliance with prudential rules and proper internal audit functions.

This, he noted, is key to the safe and ethical financial operations of businesses.

The Governor made this statement at a dinner event to climax the 20th anniversary of Opportunity International Savings and Loans Limited (OISL).

He stated that growth with strong risk management is crucial to ensuring that regulated financial institutions operate soundly, safely, ethically, and within regulatory and legal boundaries.

Savings and Loans companies should, therefore, enhance their corporate governance practices to facilitate operational expansion.

He assured the industry of the Central Bank's commitment to its advisory role to ensure all financial institutions adhere to the regulatory requirements and guidelines to foster trust and confidence in the sector.

He also encouraged savings and loan companies to collaborate with banks and telecommunications companies to embrace emerging technologies.

The Central Bank will continue to engage with sector players to address the challenges they face, he assured.

Opportunity International Savings and Loans Limited's anniversary dinner used to highlight its journey and accomplishments over the years, reflecting its growth and commitment to providing excellent financial and non-financial services across the country.

A diverse group of renowned personalities and dignitaries from across the financial landscape attended the event.

They included Dr. Nii Ayi-Bonte II (Gbese Mantse), Nii Abossey Okai III (Chief of Abossey Okai, who represented the Ga Mantse), and King Tackie Teiko Tsuru II.

Mr. Katey Assem, the immediate past board chairman of OISL, welcomed guests to the event, saying, "We have stood the test of time, surviving and standing tall as one of the leading savings and loan companies in Ghana."

He attributed the institution's success to its commitment to sound corporate governance and risk management standards, accountability, transparency, and ethical conduct at every level.

He acknowledged the contributions of past and present board members, staff, and clients.

Mr. Kwame Owusu-Boateng, Chief Executive Officer of Opportunity International Savings and Loans Ltd, also reiterated the company's commitment to compliance with all regulatory frameworks and standards.

He emphasized that the institution had made significant progress over the years, from just three branches in 2004 to thirty-five (35) branches and three (3) agencies serving over 668,000 clients.

"In addition to the loans that are advanced to clients in these sectors, the institution also provides tailor-made non-financial services to create the right impact on its clients," he said.

On its achievements, Mr. Owusu-Boateng said they included 45 industry awards since 2018 for innovative products such as the Empowerment Loan—a special product for the physically challenged.

He reaffirmed the institution's commitment to its core values, leveraging technology for sustainable growth, and expanding its operations to the remaining six regions of Ghana.