<<Print>>

Express Capital Microfinance Ltd is now Direct Savings and Loans Company after meeting the requirement of Bank of Ghana for five years in operation as a microfinance institution.

Addressing the media at the launch of Direct Savings and Loans Company, the Chief Executive Officer (CEO), Mr. Ben Adu-Owusu assured that the services rendered by Express Capital Microfinance Ltd will not change under now Direct Savings and Loans.

According to him, the migration from microfinance to savings and loans will rather give the company new strength to work harder for their customers and even provide extra financial assistance to their client as they could not do under the microfinance sector.

The Chief Executive Officer for Direct Savings and Loans again said the firm recognizes the role that private sector investment and innovation play in Ghana’s economic development and assured it will remain steadfast in its commitment to contribute to the national interest.

He said the upgrading to Savings and Loans will give them more capacity to contribute immensely in the financial sector and serve their customers better; stressing that as a savings and loans company, it had more services to render to its customers.

“Ultimately, our core business does not change; of course by upgrading to savings and loans, it gives us more capacity to be able to serve our customers better,” he said.

“We are excited for them because of our new image as Direct Savings and Loans. We are going to try and do more for our customers. Over the years, most of our customers have grown and so their needs and capacity has also grown and so by upgrading now, it puts us in a position to be able to provide the type of service they need,” he added.

The Vice President, Dr. Mahamudu Bawumia however at the launch as quest speaker noted that the bank and non-bank financial institutions play a critical role in the development of the economy; therefore government will give them the necessary support needed to enable the sector to assist the economy and socio-economic development.

Dr. Bawumia revealed that Savings and Loans companies account for 45 percent of total credit of 3.97 billion of the non-banked financial sector institutions; thus, the sector undoubtedly contributes immensely to the transformation of a huge portion of the informal sector towards Ghana’s ultimate output [GDP].

“The establishment of this financial institution today will deepen the country’s financial sector which is in line with government’s commitment to developing a robust financial services sector needed for economic growth. With a noble vision, to support the growth of other indigenous small and medium size companies, it is the hope of government that Direct Savings and Loans will contribute towards the economic and development programme of Ghana,” he said.