Governor of the Bank of Ghana, Dr. Ernest Addison, has called on savings and loans companies to prioritize adherence to prudential regulations and ensure robust internal audit functions.
He emphasized that these measures are essential for maintaining safe and ethical financial operations.
Dr. Addison made these remarks during a dinner event marking the 20th anniversary of Opportunity International Savings and Loans Limited (OISL).
He highlighted the importance of growth coupled with strong risk management, which is vital for regulated financial institutions to operate securely, ethically, and within legal frameworks.
He encouraged savings and loans companies to enhance their corporate governance practices to support operational expansion.
The Governor also reassured the industry of the Central Bank’s dedication to its advisory role, ensuring all financial institutions comply with regulatory requirements to foster trust and confidence in the sector.
Additionally, he urged savings and loans companies to collaborate with banks and telecommunications firms to adopt emerging technologies.
The Central Bank will continue to work with sector players to address their challenges, he assured.
The anniversary dinner of Opportunity International Savings and Loans Limited showcased its journey and achievements, reflecting its growth and commitment to providing top-tier financial and non-financial services nationwide.
A variety of distinguished personalities from the financial sector attended the event, including Dr. Nii Ayi-Bonte II (Gbese Mantse), Nii Abossey Okai III (Chief of Abossey Okai, representing the Ga Mantse), and King Tackie Teiko Tsuru II.
The immediate past board chairman of OISL, welcomed guests, Mr. Katey Assem, noting,”We have stood the test of time, surviving and standing tall as one of the leading savings and loan companies in Ghana.”
He attributed the institution’s success to its commitment to sound corporate governance, risk management standards, accountability, transparency, and ethical conduct.
He also acknowledged the contributions of past and present board members, staff, and clients.
Mr. Kwame Owusu-Boateng, CEO of Opportunity International Savings and Loans Ltd, reiterated the company’s commitment to compliance with all regulatory frameworks and standards.
He highlighted the institution’s significant progress, growing from just three branches in 2004 to thirty-five branches and three agencies serving over 668,000 clients.
“In addition to the loans that are advanced to clients in these sectors, the institution also provides tailor-made non-financial services to create the right impact on its clients,” he said.
Mr. Owusu-Boateng also noted the institution’s achievements, including 45 industry awards since 2018 for innovative products like the Empowerment Loan, a special product for the physically challenged.
He reaffirmed the institution’s dedication to its core values, leveraging technology for sustainable growth, and expanding operations to the remaining six regions of Ghana.
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