Management of OISL commended for good loan recovery rate

Takoradi, July 14, GNA - The management of Opportunity International Savings and Loans (OISL) Limited has been commended for its loan recovery rate of 98 per cent and increased deposits from 7.70 million Ghana cedis to 13.81 million Ghana cedis about 79.35 per cent growth between May 2007 and May 2008. Dr Mahamudu Bawumia, Deputy Governor of Bank of Ghana, who made the commendation, described the bank's operation as an "enviable one" at the inauguration of the Takoradi Market Circle branch of OISL, the 11th in the country.

The bank established four years ago is now operating in seven out of the 10 regions with about 100,000 clients making it one of the best non-banking financial institutions currently operating in the country. Dr Bawumia commended the management and staff for their immense contribution to the development of the financial sector and banking in general in line with the Bank of Ghana's vision of promoting financial inclusion to cater for the needs of the majority of Ghanaians in terms of access to financial services.

He noted that after 50 years of attainment of nationhood, 80 per cent of the bankable population still did not have access to a bank and urged other financial institutions to complement government efforts to bring banking closer to the people by evolving simplified banking procedures.

Dr Bawumia enumerated benefits of the e-zwich smart card and urged the people to be part of the system because it provided a unique way of identifying all customers of financial institutions. He said success of the new branch of OISL in the region would depend on the commitment of the people to save to accumulate funds for onward lending.

Mrs Gladys Asmah, Minister of Fisheries and Member of Parliament for Takoradi said the new institution would complement government's efforts to stimulate economic growth to reduce poverty in the Sekondi-Takoradi Metropolis.

She noted that OISL had the expertise and needed credibility as a recognised saving and loans agency to support economic activities of the people and pledged the commitment of her Ministry to support individuals and groups by providing them with facilities such as outboard motors, fishing nets, fingerlings and fish feed.

Mrs Asmah advised management of OISL to extend its services to other parts in the region to help transform the lives of the people. Mr Benjamin Montemayor, Chief Executive Officer of OISL said it was born out of a vision that formal financial services could make a lasting transformation impact on the lives of the poor. He said the branch now had 550 borrowers and 1,000 depositors, most of them being micro and small entrepreneurs of which women form about 80 per cent.

Mr Montemayor said through small savings, clients were able to move from daily survival to plan for the future, a transformational impact on the lives of families and communities that encouraged management to reach more people.

Reverend Dr Kwabena Darko, Chairman of the Board of Directors of OISL said it was determined to expand to deprived areas in the country to provide assistance to the people. Mrs Asmah and Mr Chris Crane, Chief Executive of Opportunity International of US jointly unveiled a plaque to commemorate the occasion. 14 July 08