Microfinance companies urged to embrace client service management
The Forum, sponsored by Star Microfinance Services Limited, and dubbed “Grow to greatness: Smart Growth for Private Businesses”, brought together Directors and CEOs of member companies from the Central, Volta, Eastern and Greater Accra regions.
Mr. Collins Amponsah-Mensah, National Board Chairman of the Association, noted that the Forum was to create the platform for key directors and board members to have direct access to information relating to regulations as well as offer an opportunity to Regulators to interact with microfinance practitioners.
He said there was the need to institute a platform where Directors and CEOs who are most often not available to attend general meetings to be brought together to deliberate on matters at the high level so as to harness the smooth implementation of activities of the Association for effective decision making.
Mr. Amponsah-Mensah said liquidity, corporate governance, and over-indebtedness were major risks that companies needed to manage properly to stay in business.
“These risks if managed would enable us have the right structures in place to sustain our businesses,” he stated.
The Association, which was established in 2011, has over 560 members drawn from all the 10 regions, divided into the northern and southern sectors.
Some key initiatives of the Association include the introduction of a Biometric loan verification system targeted at reducing over indebtedness, Microfinance Investment Vehicle (MIV) and a Deposit Security Fund.