BoG will enforce Capital requirement of NBFIs

An Assistant Director of the Banking Supervision Department of the Bank of Ghana, Mr. Stephen Senyo Sapati, has stated that the Bank of Ghana will vigorously enforce the minimum requirements for Non-Bank Financial Institutions (NBFIs). He said Institutions within this group who have not met the minimum requirements must take steps to remedy the situation or risk losing their status, in line with provisions of the Banking Act.

Mr. Sapati made these remarks during the official opening of the 10th branch of uniCredit at Amanful in Takoradi. He said the total assets of the Non-Bank Financial Institutions (NBFIs) surged by 20.68% from GH¢3,196.52million as at end of March 2013 to GH¢3,857.56million as at end of August, 2013.

Total credit within the same period even grew faster, by 27.62% from GH¢1,684.58million to GH¢2,149.80million. Paid-up Capital of the sector also grew, by 24.52% to GH¢480.56million.

Mr. Sapati commended the management of uniCredit for the company’s steady growth, witnessed consistently since its inception. He said the Company’s paid-up capital as at end of August 2013 stood at GH¢8.29million with shareholders’ funds reaching GH¢12.46million. He said the comparative positions in March, 2013 were GH¢7.29million and GH¢9.52million respectively.

Mr. Sapati pointed out that the company has exceeded the minimum statutory capital requirement for Savings and Loans Companies in Ghana -- and this makes uniCredit more capable of withstanding unanticipated losses.

Mr. Stephen Ameyaw, Managing Director of uniCredit, noted that the primary objective of the company is to provide attractive deposit and credit delivery services to individuals and micro, small and medium enterprises. He added that the long-term objective of the company is to help small savers and borrowers to improve on the quality of their lives through wealth-creation, and thereby increase their financial resources.

He said the trust and confidence reposed in the company by the public as a safe place for deposits has increased, mainly as a result of the provision of efficient, innovative products and services.

Mr. Ameyaw assured the people of Sekondi/Takoradi that uniCredit will endeavour to diversify and improve on product quality so as to enable the company respond to the varied needs of existing clients and also to attract potential ones.

uniCredit, formerly Kantamanto Savings and Loans Company Limited, was licenced by the Bank of Ghana in 1995 to operate as a Non-Bank Financial institution under the Financial Institutions (Non-Banking) law, 1993 (PNDC 328).

With approval from the Bank of Ghana, the name of the company was changed from Kantamanto Savings and Loans Company Limited to uniCredit Ghana Limited in March 2007.