The Managing Director
of BEIGE Capital Savings and Loans, Michael Nyinaku has applauded the Bank of
Ghana for its strategic and quick action of restoring the confidence of the microfinance sector.
“I will commend the
Central Bank for acting in a manner that has stabilised and contained
confidence in the microfinance industry. Whatever challenges some institutions
are facing will be temporal, everything will settle in relation to the
microfinance gabs we have,” Nyinaku told the B&FT, adding that it will be
difficult to put a blame on the Central Bank for the recent challenges that hit
the sector.
The microfinance
business has recently come under a lot of fire from the regulator, customers
and stakeholders in the country. Most of these microfinance institutions in the
country have causes a lot of individuals and small and medium-scale businesses
to lose their trading capital and investment.
Unfortunately, some of them
at the time took advantage of its customers and exploited them for their
selfish personal gains. Nevertheless, a lot of them are serving their stated
purpose and adding value to the lives of people in this country.
The story of DKM is
just one of the numerous negative incidents that have occurred in recent times.
It has been revealed that some of its customers have experienced such loss of
investment to other microfinance institutions in the past.
Mr. Nyinaku believed
that the BoG, as a regulatory body, employs best industry standards and
strategies to ensure that the industry is resilient and robust in the
operations within the financial sector.
“The Central Bank did
their best, but they cannot be regulating every institution on a daily basis,” saying
“the system will take its own level. Competition in the industry would overtime
streamline them and ones that were not well structured enough to survive will
eventually not get to the top and that I believe is what is happening,”he added.
Mr. Nyinaku, who has
led BEIGE to become of the leading indigenous financial institutions in the
country, indicated: “People are naturally disposed to doing wrong, but how they
react when some of these things happen is what matters. They cannot prevent them
from happening like the Police. But when they happen how quickly do they act.”
BEIGE Capital is
currently the leading Savings and Loans Company with an asset size of GHc818million
and a stated capital of GH 120million and employ over 1,000 staff.
The company has
consistently grown it asset size from GH38m in 2011 to GHc 818million in 2015.
Available data
indicates that the microfinance giant has supported the SME Industry with over
GH400million in loans and advances to customers which currently serves over
600,000 customers.
BEIGE Capital leads a
pack of over 30 registered savings and loans companies. BEIGE Capital was recognised
as the Best Savings and Loans Company in 2015 by the Entrepreneurs Foundation
of Ghana at the made in Ghana Awards 2015.
Mr. Nyinaku was
recently recognised for his sterling contribution to the country’s financial
sector and was recognised as one of Ghana’s 100 Most Influential individuals in
2015 by Global Media Alliance.
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