Need to develop financial products to attract rural folks

Accra, Jan. 19, GNA - The 2011 Banking and Insurance Fair was launched on Wednesday with a call on operators in the financial sector to develop innovative products that would attract rural folks to save. The three-day fair dubbed 93Financial Fair" is expected to create a platform for financial institutions to market their brands and introduce ne= w products and services.

Speaking at the launch in Accra, Mr Ogyiri Sackey, Managing Director o= f Kotlers Management, a private financial institution that is organising the fair, expressed worry over the low level of interest most Ghanaians exhibited for products in the financial sector. According to him, most Ghanaians, especially rural folks, were not interested in patronising products from both the banking and insurance sectors, stressing the countryside dwellers preferred unorthodox forms of savings.

Mr Sackey expressed optimism that lots of business opportunities existed in the countryside and urged operators in the financial sector to cash in on the economic opportunities. He urged the management of financial institutions to be guided by high sense of professionalism, trustworthiness and sincerity to attract prospective customers to the financial sectors. "It is the lack of trust and ignorance that make people refrain from patronising the products," Mr Sackey said. The fair, which is slated for March 17 to March 19, is expected to attract a target market of more than 20,000 visitors consisting of small an= d medium scale entrepreneurs, corporate entities and individuals. 1