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Business News of Monday, 23 December 2019

Source: Michael Oberteye

Yilo Star Microfinance holds first stakeholders’ meeting

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The Yilo Star Microfinance at Somanya in the eastern region has held its first ever stakeholders meeting at the Somanya branch of the company which doubles as its head office, bringing together hundreds of patrons of the financial institution.

Explaining the reason for the meeting, Head of Operations for Yilo Star Microfinance, Jonathan Owusu Ansah said the event was aimed at briefing and assuring customers of the sustainability of the microfinance following the recent cleaning of the financial system by the Bank of Ghana.

According to him,Yil oStar Microfinance remains resilient, strong and firm in its operations.

He expressed satisfaction at the turnout of the meeting and encouraged patrons of the bank not to panic with further assurance that the bank was ready to support them in anyway it could.

The Operations Manager maintained that the institution will continue to ensure adherence and compliance to the directives of the regulators to ensure that it doesn’t suffer the same fate as others have.

But that was not all as the meeting equally afforded the company the opportunity to meet its customers to educate them about their various products and services.

Mr. Owusu Ansah commended the efforts of the Bank of Ghana in cleaning the banking system and advised Ghanaians to be vigilant with the kind of banks or financial institutions they deal with.

Representing the Managing Director, Head of Credit, Mr. Isaac Raphael Date praised the trust reposed in the company by its stakeholders which has prepared the grounds for a fertile working relationship between the two parties.

The Head of Credit who underscored the importance of such trust for a healthy working relationship indicated that Yilo Star "is here to stay" despite rumours of its impending collapse, adding that the Bank of Ghana had massive confidence its operations.

He reassured customers of the bank's commitment to safeguard their investments and urged them to approach leadership of the bank with any challenges they encounter.

On her part, Market Queen of the Agomanya Market, Manye Susanne Kpabitey Korkor admonished women whom she observed took more loans from the credit institutions, to be responsible in their use of loans taken from the financial institutions.

The market queen who expressed concern over the apparent "change of lifestyle" of most market women after taking loans said loans ought to be used for the purposes for which they were acquired rather than on lavish and extraneous things.

This development, Manye Korkor said, often resulted in defaults as debtors were unable to repay their loans.

She discouraged women from taking loans to start businesses, suggesting that only those already in active business ventures should consider taking loans.

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