He said it was, therefore, timely that the Ministry of Business Development was created to focus on sustainable growth and development of the SME sector. Mr Tachie was speaking on behalf of the Minister of Business Development at the re-launch of the KingsBan Capital Microfinance Limited in Accra.

Kingsban Capital Microfinance Limited was incorporated on July 17, 2012; and commenced operations, officially, on March 11, 2013. On June 24, 2013, the name of the company was changed from Kingsbanc Capital Microfinance Limited to Kingsban Capital Microfinance Limited.

Over the past five months, the company has successfully restructured its operation and this has resulted in the constitution of a New Board of Directors, the introduction of new technology to enhance, a new corporate identity and recruitment of staff to fill new positions.Mr Tachie said the Ministry launched its flagship programme, the national entrepreneurship and innovation plan support small scale businesses in the country.

The Plan is a multi-pronged approach aimed at creating the conducive and business-friendly environment to stimulate enterprise activities and provide integrated national support for start-ups and small businesses that would in turn generate employment for the teeming youth of Ghana. He said the vision of government was to build the friendliest environment and people friendly economy in Africa to be led by the striving private sector to create jobs, improve on livelihoods and prosperity for all Ghanaians.

He said to trigger this strategic intent, government had focused on reducing the high cost of doing business and has initiated measures within the micro economic space to stabilise the cedi, this was to help reduce significantly the high cost of borrowing and also to attract new investments into existing businesses.

He said government was speedily working at reducing the regulatory burden from businesses, simplifying and rationalising rules and regulations and aligning them with international standards in other to improve on business competitiveness of the country.

Mr Robert Kow Bentil, the Managing Director, Kingsban Capital Microfinance Limited said just a few years ago, the company was ready to take their place in a highly competitive financial service industry to contribute its quota to the growth of the nation.

“Our growth over the years has been slow but steady, since entering the industry in 2012, we have grown from initial staff strength of eight to 23,” he added.  He commended the other financial institutions department of the Bank of Ghana for their close supervision over the activities of microfinance companies, which had minimised the incidence of these few and unfortunate cases witnessed as a nation.

“Kingsban Capital Microfinance Limited see you as partners in meeting the needs of a teeming number of Ghanaians desirous of superior financial service in the form of secure and high-yielding saving products and affordable loans for individuals and micro-enterprise,” he said.

He assured the Bank of its readiness to comply with all directives and requirements from the Bank guiding its operations as a microfinance company. Dr Ebenezer Ashley, a Financial Consultant said the role of microfinance institutions within the financial sector; and socio-economic development and growth of the country cannot be overemphasised.

He said in recent years, the Ghanaian economy had witnessed the formal establishment of several microfinance institutions and the non-bank financial institutions have satisfied the necessary conditions to facilitate their operations; and to receive funds from the public.

“In spite of the seeming challenges militating against their success and meaningful contribution to the development and growth of the Ghanaian economy, many microfinance institutions operating within our jurisdiction are striving for innovation and excellence,” he added.

He said the board, management and staff of Kingsban Capital were expected to exude strong financial intellectualism and demonstrate effective ideas in microfinance and banking in general to assure rapid transformation of the company from microfinance to savings and loans and eventually to a full-fledge bank.

He called on key stakeholders in the financial market to entreat to play an active role by providing the requisite intellectual and financial resources needed by Kingsban Capital to effectively occupy its enviable position in the financial industry.