Business News of Tuesday, 13 November 2012
ManCapital, one of the leading micro finance institutions operating in the country is poised to provide first class service to its customers.
This comes in a wake when company last week received its final license, after it has met the Central Bank’s needed requirements.
Some of the requirements include submission of prudential returns, compliance with the limits on deposits and loans, and prior approval by the Bank of Ghana before the introduction of new products onto the market, among others.
According to the Chief Executive Officer of ManCapital, Michael Allan Asare, the company will embark on a massive expansion drive, introduce new products on the market as well as satisfy the needs of customers.
He said the company will provide first class service as well as introducing various strategies to increase its clientele base.
ManCapital was among some 90 micro- finance companies that received their final license last week, after the Central Bank has issued provisional license to 249 companies.
Speaking at the ceremony, Mr. Philip Cobbinah, Deputy Head of the Banking Supervision Department of Bank of Ghana, reminded the successful institutions that the handing over of the licenses came with obligations that must be met.
Mr. Cobbinah warned that the institutions would be fined GH¢12,000 and also risked withdrawal of their licenses on infringement of any of the regulations.
He said while the Bank of Ghana knew that Micro-finance regulation was not going to be a simple process because of the varied array of institutions, there was the need for the parties to help in protecting customers in their effort to maximize profits so as to provide meaningful microfinance services to the poor.
Mr Cobbinah expressed the hope that the partnership would help in the fight against poverty and speed up the pace of economic growth and development.
Mr Kwame Sarpong Osei-Bonsu, Assistant Director of Banking Supervision Department, said the Bank of Ghana was helping the microfinance institutions to enhance their systems and improve corporate governance.
He said while record keeping and controls systems were weak in most of the microfinance institutions, the Bank of Ghana was offering trainings to address the capacity needs as well as stepping up off and on-site supervision to ensure that the institutions operated within the law.
Mr Osei-Bonsu, who is also head of the Non-Deposit Taking (NDT) and Micro Finance Institutions (MFIs) at the Bank of Ghana (BOG), said the 90 institutions given their final licenses had gone through rigorous approval processes and would be constantly monitored to ensure that their operations were in line with regulations to enhance service delivery and safeguard the public interest.
Man Capital is an independent consumerist resolute institution which provides a comprehensive knack of business financial solutions and consultancy services. Our aim is to build a deep and long lasting relationship with our clients through the provision of tailored financial solutions, leveraging off the expertise and product capabilities of the micro economic market and the loan markets. We offer the market with a complete package of financial services that meet the needs of private and professional clients, worthy individuals, economic active poor individuals, corporate clients, public entities and other financial institutions.
Man Capital was incorporated in October, 2010 and regulated by the Central Bank of Ghana. It is an active member of Ghana Association of Microfinance Companies.
Man Capital also offers clients with top quality financial advice driven by an ethical and highly professional approach to business resulting in a long term, mutually confident and beneficial relation.
ManCapital helps clients not only to build but also to create wealth and financial security through sound planning and portfolio management. It also brings together some of the leading providers of financial products and services for businesses of any size. The company works closely with these providers to find the most appropriate financial solutions for our clients. Man Capital provides clients with world class research and innovative investment solutions that drive the growth of our clients’ businesses.
The company is committed to providing expeditious delivery of finance and quality corporate advisory services using motivated, goal oriented and innovative approaches. Man Capital is a dynamic organization operating within the framework of shared integrity.