New boost for SMEs

Accra, April 24, GNA - Small and Medium Enterprises (SMEs) would soon enjoy easy access to loans, following the decision of management of SG-SSB Limited to offer competitive lending rates and to fast track the processing of applications for such facilities. Speaking on Thursday on the facts behind the figures programme on the Ghana Stock Exchange, the Managing Director of the Bank, Mr Allain Bellissard said the SMEs segment was considered a major strategic business portfolio.

The Bank would therefore increase its lending to the sector through aggressive marketing and improved customer care and contact, as well as monitoring to sustain portfolio quality. Besides, the bank would also look at how long it takes customers to access loans with the view to reducing the time. There will also be a reclassification of the entrepreneur segment as part of the SME segment. The bank's credit to businesses customers increased by 44.7 per cent fuelled by exposures to multinationals and large and local corporate businesses, particularly in the ICT, real estate/construction, manufacturing and cocoa sectors as well as the SME market.

Mr. Bellissard said the bank would build on these achievements to enhance its corporate portfolio to enable businesses to contribute positively to the growth of the economy. As part of a broad development strategy, the bank is soon to come out with new products to ensure the availability of appropriate financial services and delivery channels. In addition, the bank is also enhancing its Information Technology infrastructure by migrating from the current banking application Flexcube, an Iflex software, to the Delta software. The project dubbed: "Akoben" is to be completed by the first quarter of next year. This is to stand the bank in good position to face competition in the banking industry.

Other developments envisaged in the year are the consolidation of Visa card activity through the building of eight new automated teller machines and the linking of the ATMs and point of sales to the national switch. Mr. Bellissard said the bank would undertake aggressive deposit mobilisation and improve on customer service through intensive training of staff on customer care, marketing and selling skills. There will also be cost control measures to achieve increased result for the year. The bank recorded a net profit 11.5 million GH cedis while shareholders' funds inched up by two per cent from 57.3 million GH cedis to 58.4 GH cedis.