uniCredit Ghana Limited has been officially launched with the objective of helping small businesses, savers and borrowers to increase financial resources through conventional banking standards to improve of life and wealth creation.
It is also to provide attractive financial services, such as deposit services and credit delivery to individuals and micro, small and medium enterprises that will otherwise be ignored by banks and other financial institutions.
uniCredit Ghana Limited formally Kantamanto Savings and loans Company Limited was licensed by the Bank of Ghana (BoG) in 1995 to operate as a non-bank financial institution.
The ownership of the company changed in April 2005 and is currently owned by Star Assurance Company Limited, StarLife Assurance Company Limited, uniBank Ghana Limited, Integrated Properties Limited and Hoda Holdings Limited.
With approval from the BoG, the name of the company was changed from Kantamanto Savings and loans Company Limited to uniCredit Ghana Limited in March 2007.
Mr. Stephen Ameyaw, Managing Director of the company at the official ceremony in Accra indicated that uniCredit’s efforts at promoting savings mobilization have paid off, with increase in outstanding deposits, while the credit business has continued to improve.
The Company’s number of depositors increased from 7,250 in 2006 to 32,910 in 2008 and stood at 42,343 as at the end of September 2009.
Its outstanding deposits also increased from GH 0.9million in 2006 to GH 8.6million at the end of 2008 and increased further to GH 14.5 million at the end of September 2009.
Whilst, total loans granted increased from GH 1.2million in 2006 to GH13.7 million in 2008,and for the first nine month of 2009,the total loan granted amounted to GH 17.2 million.
Dr Kwabena Duffuor, Minister of Finance and Economic Planning, whose speech was read on his behalf, stated that government over the years has supported micro, small scale enterprises and the low-income group, through advancing credits under the micro finance scheme.
This objective, he said, was to assist the sector to have access to appropriate financial products and services which offers the opportunity, ability and confidence to make informed decisions about the financial solution, organize money effectively to expand business operations and employment base leading to wealth creation and reduction in poverty.
He reiterated government’s commitment to creating and maintaining an enabling environment for financial sector development aimed at stimulating growth and market demand for financial services to support accelerated poverty reduction.
Dr Duffuor urged that the financial institutions should aggressively put in place innovative and attractive packages and incentives aimed at mobilizing more domestic savings to facilitate credit to local entrepreneurs and the informal sector in general to expand their businesses.
“The non-bank financial institutions must focus much more on the unbanked sector of the economy to mobilize enough resources to support the financial needs which will facilitate the much needed growth and development for the country.” Dr Duffuor remarked.
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