Audio By Carbonatix
Microfinance firm, Express Capital, says they are working to transform the institution into a commercial bank in the next ten years.
The institution, which has been in operation for over a year now, says it has captured a substantial part of the market with a fast growing clientele.
Chief Executive of Express Capital, Ben Adu Owusu told Joy Business their aim of becoming a commercial bank has been influenced by the company's plan to expand to new areas.
"We don't intend to be in the microfinance business for long", he said adding that the immediate plan is become a finance house and then, subsequently, a universal bank.
Mr. Owusu said he backs government's move to increase the minimum capital for microfinance institutions in the country.
"The way things were going, someone has to step in and manage [the situation]", he said in reference to the issue of fraudulent microfinance companies that have absconded with their client's savings.
Latest Stories
-
Time is right to change Man Utd formation – Amorim
43 seconds -
Akufo-Addo’s record not entirely negative despite economic challenges – Anyenini
4 minutes -
Dafeamekpor chairs Kenpong Travel’s 2026 World Cup Travels management team
37 minutes -
Group petitions OSP, EOCO,AG, over alleged unlawful role of unlicensed firm in GoldBod operations
1 hour -
Ghana in Praise 2026 set to open new year with national worship gathering
1 hour -
Keeping Ofori-Atta for 8 years was Akufo-Addo’s worst decision – Winston Amoah
2 hours -
Whose security? whose interest?: U.S. military action, Nigeria’s internal failure, and the dynamics of ECOWAS in West Africa
2 hours -
Abuakwa South MP names baby of 13-year-old teenage mother after First Lady
2 hours -
Police thwart robbery attempt at Afienya-Mataheko, 4 suspects dead
3 hours -
Don’t lower the bar because things were worse before – Kojo Yankson on Mahama gov’t
3 hours -
Jefferson Sackey rallies support for Dr. Bawumia
3 hours -
2024 elections helped stabilise Ghana’s democracy – Sulemana Braimah
3 hours -
Playback: 2025 Year in Review
4 hours -
Ghana’s crypto transactions hit $10bn by November – SEC
4 hours -
SEC says VASP law will protect investors, ensure market integrity
4 hours