Bond Savings and Loans to use fintech to drive market in 2019

Bond Savings and Loans to use fintech to drive market in 2019
Source: Ghana | Charles Ayitey | JoyBusiness
Date: 03-01-2019 Time: 12:01:22:pm

Chief Executive Officer of Bond Savings and Loans says the firm is set to use technology to drive its activities in a bid to remain a market leader in the financial sector. 

George Ofosuhene tells JoyBusiness that Bond continues to engage financial technology firms on the best ways of using technology especially in mobilizing deposits. 

According to him, Bond will “continue to be focused on what we have planned to do and it is very simple. One is the fact that we want to use technology to make sure our clients are satisfied with the best. We are trying to make sure that customers can do their business with some connection with Bond.”
Confidence in micro-finance Company

Commenting on the prospect of the microfinance sector in 2019, George Ofosuhene, predicts uncertain times for savings and loans companies in 2019 as the Central Bank intends to clamp down on hundreds of microfinance institutions operating without the requisite license.
“I feel it will still be a difficult year to manage because of the spillover of 2018 (regarding the banking sector) and also the fact that the Central Bank intends to continuously sanitize the micro-finance system which could lead to some companies losing their licenses. There definitely would be issues relating to credibility and trust,” he said.

Meanwhile, he assured customers of deepened professionalism going forward.

“Bond is committed to letting our customers know that Bond is a company that knows what it is doing and understands the business of banking,” he assured.
Lending tips

Thankfully, we’ve been ushered into the New Year and the month of January – as expected – could be a long and winding one, unfavourable to many of us who may have exhausted our funds during the festive season. 

But there is a catch! The advent of some lending applications has made acquiring loans a little bit easier and convenient. 

“For everybody who intends to ask for a loan, start with the end in mind. The objective of going for a loan is often a focus but start from the end…that is “how am I going to service the loan?” This is exactly what financial institutions look out for,” he advised.

Bond was awarded the CIMG Savings and Loans of the year for the second time in 2018. The company also won the CIMG outdoor advert of the year and 50th position on Ghana club 100. The CEO won the Most Respected CEO in the non-bank financial services sector 2018.

Regulatory requirements

In its recent Monetary Policy Committee’s meeting, the Bank of Ghana said some savings and loans firms have shown signs of insolvency and will have to be liquidated.

But according to some financial experts, though the regulator seeks to implement measures to stabilize the sector, there’s the need to streamline the action to prevent any mishaps as seen in the banking sector.

Mr Ofosuhene, however, welcomed the Central Bank’s resolve and tells JoyBusiness his outfit is in a position to meet any regulatory requirement.

About Bond Savings and Loans

Bond Savings and Loans commenced operations as a Finance House in 2008. After five years in operation, it acquired the license to operate as a savings and loans company. 

With the tagline, “Your Success, Our Passion,” the company made remarkable strides in Ghana’s financial services sector, especially in recent years of economic turbulence in the country such as the closure of insolvent banks.