Financial institutions operating in rural communities are lamenting the negative impact the current economic situation is having on their businesses.
Although these businesses say they are making efforts to complement the government’s target of financial inclusion drive, operational challenges persist.
They are thus calling on the government to support in providing financial services to rural communities.
Speaking at the launch of the 30th anniversary of Sinapi Aba Savings and Loans and Trust, the CEO, Tony Fosu, highlighted the essence of financial institutions and services in rural development and emphasized the need for government intervention to support livelihoods.
He mentioned that, “We are partners to the government in transforming the lives of micro-enterprises. Unfortunately, the structure of savings and loans institutions and the regulations is not supportive of the very poor, especially in rural communities. It is my belief that the government and regulatory institutions should team up to support institutions like Sinapi Aba and other savings and loans institutions, microfinance institutions especially those that serve the poor in rural communities. Sometimes it is costly to do business in rural communities, but because Sinapi Aba focuses not only on profitability but impact, we are able to operate.”
The CEO also lauded Sinapi Aba’s interventions in bettering livelihoods in rural communities and highlighted the need for extensive education on the essence of savings irrespective of the amount one earns.
Tony Fosu indicated that, “We have over six hundred thousand clients, and in all, we have impacted over two million households in Ghana since we started in 1994. We have worked with various government interventions and programs over the last 30 years.”
He also added, “We have been instrumental in the lives of many of these micro-enterprises, especially market women, agriculture, and many others. Our impact cuts across all sectors of the economy. We also have interventions that take care of the education of marginalized youth.”
The financial institution’s 30th anniversary is under the theme; 30 years of transforming lives, celebrating Sinapi Aba’s impact.
The launch of the anniversary was characterized by praises and choruses of thanksgiving for how far the institution has come.
