First Allied gives loan to Kente weavers

Kumasi (Ashanti Region) 1 Nov. '98

The First Allied Savings and Loans Limited, a financial institution in Kumasi has granted loans totalling 100 million cedis to 30 Kente cloth weavers and sellers at Adangwomase in the Kwabre District unde its new innovative scheme. Mr Ato Burndam, Executive Director (Operations) disclosing this in an interview in Kumasi said the scheme known as, "Distance Banking Group Financing" is aimed at sustaining micro and small scale businesses. He said the scheme being implemented on a pilot basis was started in June this year and it would be extended to neighbouring communities in the district. Mr Burndam said Ntonso, where the people are known to be Adinkra cloth weavers as well as Wonoo and Bonwire, also Kente weavers would benefit from the scheme adding that, the innovative concept would not be limited to Kente or Adinkra weavers alone but would also be extended to farmers and people with productive capacities. The Executive Director explained that for a community to benefit from the scheme, it must have formed an association with a properly elected officers and operating with a constitution. In addition, he said, the membership should not be less than 30 and they should have a common trade or vocation complementing each other and has registered with the Registrar-General's Department in Accra.