The management of non-bank financial institution, Best Point Savings and Loans, has stressed that micro, small and medium enterprises (MSMEs) form the backbone of the Ghanaian economy and the company will continue to find innovative means to meet their financial needs.
“We understand their business and we are always ready to offer them the needed support they require to enable them to grow. We have attractive credit facilities and savings products that suit the business needs of MSMEs,” the Managing Director of the company, Dr. Fred Safo-Kantanka, told the Daily Graphic in Accra.
The MD was sharing some thoughts on how the company won two awards at the Corporate Ghana Awards 2021.
“We are so much committed to this sector and for which reason we have allocated half of our 2022 budget to support such businesses”.
In addition to being crowned the 2021 Savings and Loans Company of the Year for its outstanding contributions in its sector, Best Point’s mobile banking product, Best Mobile Banking, was adjudged the 2021 Product of the Year in the savings and loans category.
Dr. Safo-Kantanka said in spite of the impact of COVID-19, the company worked hard last year and was able to exceed its profit target as of November.
“I attribute the great feat to the effort of the management and staff as well as the very competent board of the company,” the managing director said.
The non-bank credit provider has set out to digitalise its product offering and introduced Best Mobile Banking.
The electronic product enables customers to undertake basic banking transaction on any type of phones.
The product allows customers to transfer funds from their Best Point account to their mobile money wallet and vice versa. Customers can also transfer funds from their Best Point account to other bank accounts.
Users can top up airtime and buy data bundles on all networks as well as pay bills such as DStv, GOtv, Startimes, Box Office and utilities from mobile banking solution.
Dr. Safo-Kantanka explained that the digital product, which was launched in September last year, signed on 14,000 customers by the close of the year, against a target of 4,000 users for the period.
“This has helped to give our customers more banking channels and made banking easier and stress free for them,” he said, adding that the Best Mobile Banking had also contributed greatly to the financial inclusion agenda of the government.
Dr. Safo-Kantanka expressed gratitude to customers for making it possible for the company to win the awards, saying “We appreciate their loyalty and we will still continue to make their dreams our business”.
Best Point Savings and Loans Ltd, a wholly owned Ghanaian company, was licensed by the Bank of Ghana in accordance with the Non-Bank Financial Institutions Act, 2008 (Act 774) to provide saving opportunities and loans MSMEs which usually need quick loans to oil their operations.
The company has 18 networked branches across the country.