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Business News of Monday, 17 August 2015

Source: Charles Addo/GhanaWeb

Kwesi Botchwey endorses Dalex SWIFT; calls for public to invest

The Chairman of the National Development Planning Commission, Prof. Kwesi Botchwey has overwhelmingly recognized and endorsed the hard work of Dalex Finance, and the company’s Chief Executive, Mr Ken Thompson for launching new non-banking product, Dalex SWIFT.

He has therefore pledged to sign onto the investment scheme urging the general public to also invest with the company to promote financial inclusion in order to reduce poverty significantly.

Dalex SWIFT is a new investment product from the company aimed at providing access to savings and investments at a reasonable cost for all households to a full range of financial services, including savings or deposit services, payment and transfer services and credit and insurance.

SWIFT is a contributory investment scheme that allows everyone despite their earnings to deposit any amount starting from GH¢1.00 at their own convenience with mobile phone number of prospective clients serving as investment account number.

Prof. Botchwey who delivered keynote address at the product launch said evidence had shown that there is a consistent link between financial sector development and economic growth and commended management of Dalex Finance and Leasing Company for the initiative.

According to the former Ghana’s Finance Minister, the Bank of Ghana (BoG), has been at the forefront in effort to improve financial inclusion in the country.
This he said is because BoG recognized that improving financial access is essential for the effectiveness of monetary policy.

To him, financial inclusion has become even more important following Ghana’s signing onto a 3-year International Monetary Fund (IMF) program.
Prof. Botchwey in his address said even though the mobile money market is expanding, there is the need to address issues such as agents and customer related fraud and system security among others.

He expressed the hope that Dalex SWIFT would help bring development to the doorsteps of the poor and promote the culture of savings among Ghanaians.

“I have no doubt that Dalex SWIFT will go a long way in enhancing the great potential held by mobile money as the game-changer in accelerating the agenda of financial inclusion in the country”, Prof. Botchway indicated.

The Chief Executive of Dalex Finance, Mr Ken Thompson, explained that SWIFT contribution could be any amount starting from as low as GH¢1.00 and could be made through more than 20,000 points, including mobile money agents, post offices and bank branches, in addition to the unlimited convenience of mobile money wallet.

“SWIFT invests contributions made in any 30-day period will pay a competitive compound interest from month to month until the maturity of the investment,” he said.

He added that as a financial company rated as the number 16 on the Ghana Club 100, Dalex Finance would provide maximum security to investments, saying the contribution’s investment is with a large well established financial institutions regulated by the Bank of Ghana.

On his part, the Business Development Manager at Dalex Finance, Mr Joe Jackson, explained that aside allowing for daily, weekly, monthly and ad hoc contributions, it was also easy to invest from one’s periodic earnings, however low one’s earning, since contributions could be as low as GH¢1.00.

In addition, he said, SWIFT offers competitive returns on investment as the return investment is higher than the bank and clients get interest on interest earned.

Mr Jackson said an added advantage was that even though it was an investment, an investor in SWIFT could get a loan from Dalex without ‘breaking’ his/her investment.

He gave an assurance that the SWIFT guarantees security as Dalex Finance is not only number 16 on Ghana Club 100 but also a large well-established financial institution regulated by the Bank of Ghana.

Nana Oye Lithur Minister for Gender, Children and Social Protection in her solidarity message expressed gratitude to the company for the introducing what she called ‘a product with potential to deliver women from poverty” and implored the company to do all it can to secure the product to ensure it live its dream.

Telecom giants MTN and Vodafon Ghana through the representatives at the launch lauded the initiative and assured of system support to make the product succeed.