Bpsl Building
Non-bank Institutions To Lose Licences
The BPSL building which was inaugurated by Mr Millison Narh, the First Deputy Governor of the BoG
The BPSL building which was inaugurated by Mr Millison Narh, the First Deputy Governor of the BoG

The Bank of Ghana (BoG) is to revoke the operating licences of non-bank financial institutions (NBFIs) that have not adhered to its directive to increase their minimum paid-up capital to GH?7 million.

The BoG in December 2009 and July 2010 issued three notices to the NBFIs, directing them to increase their minimum paid-up capital from GH1.0 million to GH?7 million by December 2012.

But, according to the first Deputy Governor of the BoG, Mr Millison Narh, as at the end of December 2013, some institutions had still not met the minimum capital requirement.

He, therefore, urged shareholders of the undercapitalised institutions to beef up their capital levels to the regulatory minimum immediately or they would lose their operating licenses.

Mr Narh was speaking at a ceremony to inaugurate the Best Point Savings and Loans Limited (BPSL) in Accra.

The company is a joint venture between the Chief Executive Officer of Despite Group of Companies, Dr Osei Kwame Despite, and a business partner and board chairman of the company, Mr Ernest Ofori Sarpong.

Mr Narh said the BoG had recently increased the paid-up capital of savings and loans companies to GH?15 million.

Mr Narh urged the management of BPSL to see their employees as the most valuable asset of the company.

He also advised the members of staff to exhibit the highest level of professionalism and adhere to the work ethics necessary to facilitate good interaction between customers and the management of the company.

Commendation

He commended the savings and loans companies for their immense contribution to the economy.

?This has instilled the savings culture in the average Ghanaian and impacted positively on the livelihood of households and business in general,? he added.

The Deputy Minister of Finance, Mr George Riekett Kweku Hagan, urged savings and loans companies to serve their customers with the best products and practices and help the SMEs to get the needed financial muscle, while the government provided the conducive environment for their operations.

The inauguration was graced by Members of Parliament and actors in the showbiz industry.

Mr Ofori Sarpong said the company aimed at impacting and improving the lives of its customers through its innovative products.

With the vision to be the most cost-effective, efficient and unique savings and loans company, Mr Sarpong said the BPSL would create the platform for people with limited or no access to financial services to have the financial assistance to enhance their business and improve their households.

He said the BPSL would be a company with a difference in its standard, culture, corporate image and customer care for productive investment in support of the growth of its customers.

In his speech, the Managing Director of BPSL, Mr Kofi Ampofo Agyapong, gave an assurance of the company?s commitment to adhere to the regulations of the financial industry.

He added that the company had recruited highly motivated and self-driven professionals to run it.

He mentioned susu savings account, kids savings account, auto loans, SME loans and church loans, among others, as the products and services of the company.

Source Daily Graphic

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