Business News Tue, 13 Nov 2007

HFC opens new branch at Agbogbloshie

Accra, Nov. 13, GNA - The HFC Bank on Tuesday opened its 10th branch at Agbogbloshie in Accra with a promise to offer world class banking in a down-to earth manner to all customers irrespective of income.

Also at the branch is the Boafo Micro Finance Services Limited, jointly owned by HFC Bank and CHF International of the United States that would offer micro business loans and micro housing finance to low-income earners in the community.

Mr Asare Akuffo, Managing Director, HFC, said although there were 23 banks in the country at the moment, HFC stood out because it offered the most diversified range of financial services in the industry. "Our services range from commercial banking, mortgage finance, micro business finance, micro housing finance, asset management and funds management," he said.

He said because these services had been well received by customers, their business had grown rapidly over the three-and-a-half years since they obtained a Universal Banking License.

"Our deposits have grown by over 60 per cent per annum over the past two years and our assets have also grown at about the same pace. "We could not have achieved this without a high level of acceptance of our brand on the Ghanaian market."

Mr Akuffo said HFC planned to be represented nationwide by the end of 2009.

Mr Michael Osegge, Managing Director, Boafo Micro Finance Services Limited, said Boafo Micro Finance would facilitate the informal sector to access financial services from the formal banking sector. "These include savings and loans for low income people, making HFC Bank a truly universal bank, meeting the needs of all Ghanaians from the market woman to corporate businesses," he said.

Mr Osegge said in many parts of the world, it had been proven that Micro-finance was a powerful tool to fight poverty and hunger by facilitating increased household incomes.

He said loans would be granted to qualified persons for purposes of home improvement, working capital and other domestic needs.

"In the past seven months, Boafo has granted loans amounting to 17 billion cedis to 600 clients." He said the Boafo services would be extended to other branches of HFC bank in Tema, Kumasi, Techiman, Koforidua and Takoradi. Mr Ken Tetteh Mensah, Agbogbloshie Branch Manager, said HFC Bank since its establishment had sought to bring banking services to the doorstep of its customers.

Source: GNA