The Ministry of Finance has set a target to increase the country’s banked population from 58% to 75 % by the year 2020. In line with the target, the ministry will in June this year launch a National Financial Inclusion Strategy targeted at financial literacy, a key tool for financial inclusion.
According to the ministry, most people shy away from investing their monies in banks largely due to inadequate information.
Speaking to Citi Business News on the matter, the Deputy Minister of Finance, Abena Osei Asare expressed optimism that the National Financial Inclusion Strategy will help people in the unbanked population gain confidence to make investments with financial institutions.
“We are going to launch this program in June and it’s going to break down all financial barriers. Most of the time people avoid banking because of their low financial literacy,” she reiterated.
“We are going to increase their capacity such that they can find out which bank, microfinance institution or savings and loans institution will best serve their interest as well as things they should look out for when making investments,” she added.
Mrs Asare made these comments on the sidelines of the launch of Equity Savings and Loans Limited.
The institution which was formerly known as Brace Capital was officially launched into the Savings and Loans industry.
The company is a wholly indigenous full-fledged Savings and Loans Company and is one of the strongest and fastest growing financial institutions in the country.
Mr Isaac Arthur, Chief Operating Officer (COO), Equity Savings and Loans, said the company is ready to offer tailor-made products to its teeming and prospective clientele base.
According to him, Equity Savings and Loans wishes to become a universal bank with the preferred choice of financial services in the country by individuals, large and small and medium enterprises.
Mr Arthur said the company is also committed to rendering services to individuals that need loans to start their businesses.
“Furthermore, the company will reach out to micro-customers who need funding to grow their businesses,” he explained.
Other unique products offered by the company include Equity Kiddie Account, Equity Susu Account, Equity Platinum Account Equity Reward Account and Equity Bonus Plan, among others.