Extend credit with education to depositors – Otumfuo

The Asantehene Otumfuo Osei Tutu II has advised bank officials to constantly ensure that customers who benefit from their credit facilities are equipped with a lot more business information that enables them to do profitable business and pay back the loans they take.

According him some borrowers only have the desire to secure loans from their bankers, but lack the relevant business information and skill -- particularly in the area of book-keeping and basic accounting, which is contributing very significantly to Non-Performing Loans, NPLs.

It is therefore in this regard that it is extremely important bankers intensify the policy of credit with education, and even extend this policy to their depositors.

“Never think that they have money and have brought it to you for safe-keeping so they don’t need your business education,” he stressed.

Otumfuo emphasised that bankers should be so much interested in the kind of business their depositors do and further offer them free business advice to enable them grow their businesses and be able to further swell the bank’s deposit base.

Otumfuo gave the advice when management of First Capital Plus Bank Limited (FCP) paid a courtesy call on him at the Manhyia Palace in Kumasi.

He said the banking industry has become extremely competitive, and management of FCP should be very strategic in their operations to survive.

Otumfuo congratulated management of the bank for getting endorsement from the central bank to operate as a universal bank.

The management of FCP Bank paid a courtesy call on Otumfuo to formally announce the bank’s operations on the soil of which he, Otumfuo, is the custodian and to ask for his royal blessing.

The purpose of the visit was also to support the charity activities of Otumfuo, particularly his education foundation. The bank donated GH¢20,000 to support the Otumfuo Education Fund.