The Chief financial officer of Sinapi Aba Savings and loans limited has expressed concerns about what he describes as the perverted operations of some microfinance companies in the country.
According to Mr Tony Appiah, several companies setting up in the microfinance industry lack understanding of the concept and spirit behind the sector.
Sinapi Aba so far has a twenty -two year record as an institution set up to provide both financial and social interventions for low income earners in the informal sector.
The company has received several awards and commendations for helping provide tailor- made services to economically empower its customers.
Sinapi Aba continues to provide concessionary loans for small holder farmers in major farming communities to expand their farms and increase yields.
The institution also collaborates with donor agencies to help educational facilities build classrooms and construct toilet and sanitary facilities for pupils.
Sinapi Aba Savings and Loans also has a running flagship youth employment program dubbed the Youth Apprenticeship Program where young people are enrolled into local vocations and given daily stipends until they are due to launch out on their own.
But Mr Appiah laments other Microfinance institutions are overly concentrated on making the huge profits with little concern for the welfare of their customers.
“Our vision is to be an institution under the almighty God where the strong helps the week and all people have the dignity of providing for themselves; their families; their communities and their churches. But people picked the concept and didn’t have the vision. They are just there to give credit and to mobilize savings and therefore a lot of microfinance companies have failed because that passion of helping people to overcome their challenges were not there,” he lamented.
The Chief Financial Officer also called for the regulator and the citizenry to play their roles diligently to help weed out fraudulent Microfinance institutions operating in the country.