By Yussif Ibrahim
Kumasi, Nov. 03, GNA – Members of Micro Credit Association -Ghana (MCAG) have been advised to embrace technology to inject efficiency in their operations to achieve maximum customer satisfaction.
Mr. Wilberforce Ofori, Chairperson of the Governing Board of the Association, who gave the advice, said technology was the way to go as financial service providers to be able to navigate the challenging economic situation.
He was speaking at the 14th Annual General Meeting of the Association in Kumasi on the theme, “Exploring New Frontiers of Inclusive Finance through Technology and Business Innovation.”
It basically aimed to educate and encourage members on the need to explore technology in their business environment.
“Looking at the year ahead, we expect the external environment to remain challenging.
We however, trust that technology and a strong business innovation mind-set should help us navigate these unchartered paths, Mr. Ofori noted.
He encouraged members to continue providing support and services to those who are financially excluded such as the youth, women, Small and Medium Enterprises (SMEs) as well as Persons with Disabilities (PWDs).
To strengthen the association’s corporate governance and in compliance with its five-year strategic plan, the Board Chairman disclosed that, there was going to be a board evaluation to assess its performance and work.
Mr. Yaw Gyamfi, Executive Director of Ghana Microfinance Institutions Network, said the use of technology had positively impacted the operations of microfinance institutions and stressed the need to invest in technology to enhance service delivery.
Touching on some challenges facing the sector, Mr. Gyamfi said frequent default on the part of debtors was affecting creditors thereby leading to the collapse of most of their businesses.
“Most of these micro creditors go for loans from other banks, and failure of debtors to do repayment affect lenders in chain, collapsing most of our businesses,” he lamented.
He therefore, called on clients to repay their debt on time, saying that frequent default was a constant threat to the survival of their businesses.
Mr. Yaw Sarpong, a Representative of the Bank of Ghana, commended the MCAG for making strides in the banking sector, especially to small scale businesses.
GNA