Seminar for financial operators ends in Kumasi

About 30 participants made up of senior managers, managers and credit officers from financial institutions in the Northern, Brong Ahafo, Ashanti and Greater Accra Regions, have attended a three-day training programme at Danyame, in Kumasi.

The training was on debt recovery and credit management.

Mr. Felix Gyamfi, Programme Coordinator for Credit Intelligence Group Limited, a debt recovery company based in Accra, organisers of the programme, said the seminar was aimed primarily at sharpen the skills of participants to manage and the recovery debts efficiently.

He said the theme for the course: “Effective and Efficient Credit and Debt Management in a Business Concern,” was appropriate because most financial institutions in the country are battling with high rate of loan delinquency and defaults, hence the urgent need to address the situation.

Mr. Gyamfi said due to the current global advancement in technology and human behaviour, financial institutions needs to shift from the traditional “bully” type of debt recovery, to a more scientific and human approach, in order to be in business and be on top of the current competitive financial environment.

The participants were taken through topics like introduction to credit and risk assessment, introduction to credit policy, default and delinquency management, modern techniques in debt recovery, negotiations in debt recovery and customer service in credit management.

The Managing Director of the Credit Intelligence Group Limited, Mr. Kweku Amoafo Meshack, said for every business to succeed, it is important for partners involved to pull their resources together to create and share.

Mr. Amoafo Meshack who was the main facilitator for the training, urged financial institutions not to be only interested in giving out loan facilities to clients for profit, but should also be part of their clients’ businesses in order to understand and appreciate defaults.

He advised credit officers to develop and maintain constant links with their clients to ensure effective and efficient servicing of loans contracted.

The Managing Director described the financial business as a cycle made up of various stakeholders, hence the need for entrepreneurs to perform so that the cycle would not break down, resulting in economic crunch.

He therefore urged the stakeholders to compliment each other’s efforts to make their businesses thrive.**