Unique Financial Trust Makes Great Strides

Unique Financial Trust Services (UTFS), a non-bank financial institution, which begun operations four years ago with only 20 million cedis 'loanable' funds has increased this to 15 billion cedis as at the end 2000 financial year.

According to the Trust's annual report for last year, the company also translated its net worth from 170 millions to 1.3 billion cedis over the period and paid taxes in excess of one billion cedis to the government.

The report said profit after tax increased from 50 million cedis in 1997 to 700 million cedis in 2000. Its total assets increased from 342 million cedis in 1997 to 8.7 billion cedis in 1999 and 17.1 billion cedis in 2000.

"Our company's performance and achievements over the past years has been above our widest expectations," said Mr Joseph Nsonamoah, Chairman of the Board of Directors, adding: "Such incredible performance is rare in Ghana because of the harsh and unpredictable economic conditions."

He said since the company started in 1997, it has established a very good track record of sound and safe lending and as a result kept all its investors satisfied.

UTFS provides short term lending for payment of duties on export-import or financing imports and exports where orders were secured. Other areas include factoring, discounting, financial advisory and short-term working capital for business.

Mr Prince Kofi Amoabeng, Chief Executive Officer (CEO) of the Trust, said initially the company's funds came solely from individuals.

"Over the years, there has been a shift in percentage terms of our dependence on institutional funds not withstanding the fact that investment from individuals has increased drastically."

Mr Amoabeng said the company has provided a 150 million cedis scholarship scheme to the Ayalolo Cluster of Schools for 16 students up to the tertiary level spread over 10 years under its community assistance programme.

Beneficiaries have received the first year scholarship.

It has also given 10 million cedis start-up donation to MEDHELP, a medical charity, to enable it to take-off.