The University of Professional Studies Accra (UPSA) Law School in partnership with Absa Bank has organized the 13th edition of it’s quaterly banking round table in Accra on the topic ‘’Regulating Microfinance In The Age Of Fraud; Restoring Confidence And Growth.
The roundtable brought to the fore seasoned industry players in the financial sector to discuss, deliberate and share opinions on regulating the microfinance sector, institute reforms, tacking fraud among others in the bid to restore confidence towards growth and development in the sector.
Pane lists at the roundtable includes Dr. Seth Kwame Anani of Bank of Ghana , Ken Kwamina Thompson – Former, CEO, Dalex Finance, Akwasi Aboagye – CEO Bayport Savings and Loans PLC, Adolph Kpegah – Chief Strategy and Operations Officer- ABSA Bank.
They urged Bank of Ghana to roll out robust policies as part of the drive for microfinance sector to work effectively and efficiently saying the initiatives will help address emerging trends in the sector and also bring in reforms that will create a level playing fields in their operations.
In his statement, the Former CEO of Dalex Finance , Ken Thompson said Bank of Ghana must retool it’s operations and digitalise all services and build a trust infrastructure and a roadmap to help address challenges in the sector and was quick to recall the enumerous promxy schemes where operators took advantage and misuse peoples money.
Mr. Ken Thompson who is also the Chairman of the Board of Directors of Agricultural Development Bank said fraud activities in the banking space occurs as a result of weak systems largely by organised crimes, adding that loans are given out and the people refuse to pay including interests and again called on the central bank to set up courts in that regard to deal with such cases.
Mr. Akwasi Aboagye , Chief Executive Officer of Bayport Savings and Loans PLC called on financial institutions to initiate steps and measures to avert fraud activities , adding that failure to address fraud helps victims or culprits to seek employment in other institutions.
The Chief Strategy and Operations Officer, Absa Bank, Adolph Kpegah urged stakeholders in the banking space to put in place the needed framework and reforms to help build sound microfinance institutions to operate for sustainable growth.
Head of Banking Supervision at the Bank of Ghana, Ishmail Adam urged financial institutions to boldly report fraudsters and crack the whip to serve as deterent to others , adding that move will bring sanity in the banking sector.
