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20-Apr-2015  
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The Reverend Edward Randolph-Koranteng, Chief Executive Officer (CEO) of BEST Microfinance, a non-banking financial institution,  has urged stakeholders in the banking sector, to adopt web-based banking services to ease traffic in  banking halls.

He pointed out that  the banking industry must take advantage of technology to change their operations and serve as motivation to attract more customers.

He said BEST Microfinance was creating a web-based banking services to create avenue for customers to get banking services through their mobile phones.

Speaking to the Ghana News Agency, after the official opening of BEST Micro-finance ultra modern head office at Sakumono, Rev Randolph-Koranteng explained the use of the technology was to ensure access to the mobile web from a mobile phone.

Rev Randolph-Koranteng noted that the Net-Based banking Services will operate on a standard Wireless Application Protocol (WAP) technology, which was an open international standard for applying layer network communications in a wireless communication environment.

He said a WAP browser provided all the basic services of a computer-based web browser,  but simplified to operate within the restrictions of a mobile phone,  such as its smaller view screen.

Rev Randolph-Koranteng said BEST Micro-finance would team up with technology service providers to provide for the introduction of the new innovative product into the banking industry.

On the operations of BEST Micro-finance, the CEO said the firm was dedicated to contributing to the overall quality of life and economic health of the communities it served, while maintaining a high level of financial soundness and integrity.

Rev Randolph-Koranteng, said the branch was staffed by experienced professionals with vast knowledge and understanding in banking, and had innovative services to meet the demands of a burgeoning local population.

He said the company had signed a collaboration agreement with the Roraima Group, to facilitate the roll out of an innovative Branch less banking service,  throughout 430 outlets in Ghana, as it positioned the company as a financial hub subject to the approval of the regulator to allow customers to access on-line banking services from other financial outlets.

Rev Randolph-Koranteng said the company had also  instituted a 100 per cent cash-backed guarantee investment product to all its prospective clients, to mitigate the risk of losing their funds, as a way of helping boost client’s confidence as they deposited their funds with Best Micro-finance.

Mr Philip Buabeng, Principal of the National Banking College, expressed concern about  the poor banking culture of Ghanaians,  and urged  stakeholders in the industry to transform the system.

He noted that over 40 per cent of Ghanaian adults were said to be financially excluded, that is to say that they do not use any form of financial mechanisms to manage their lives.

He said a large percentage of people were deprived of the requisite banking services that would fulfill their needs.

He said the role of micro-finance companies had become an important stop-gap to supplement the business of mainstream banks,  and also meet the unmet financial service needs of, especially the informal sector.

Mr Buabeng urged the company to provide strong governance structures and to ensure that robust risk management systems were in place for the continuous safety and soundness of the institution.

He encouraged management to pursue stringent prudential requirements for liquidity and exposure limits, making sure there was always a liquidity buffer and support, and should not lend beyond capacity.

He called for transparency and responsible pricing,  as well as appropriate and ethical debt collection practices, among other things, and publish regular performance benchmarks and standards to aid in self-discipline and regulation.

Mr Buabeng said in spite of the huge opportunities available Micro-finance institutions faces challenges, including weak institutional capacities, weak ownership and governance, as well as financial sustainability issues.

He, therefore, commended Best Micro-finance, whose leadership is made up of experienced bankers, and the fact that the company has so far been compliant in key regulatory requirements.

BEST Micro-finance ultra-modern Head office complex is  located in the Eagle Heights Towers, close to the Sakumono Community Hospital.

The Company, had  been operating from an office in Kasoa in the Central Region for the past two years, and would now operate a branch at its new Head office at Sakumono, to provide services to prospective customers in the catchment area.
 
 
 
Source: GNA
 
 

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