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
-
Meet 2 Ghanaian entrepreneurs on a mission to connect 1m African professionals to global companies by 2034
16 mins -
NCA approves Starlink’s satellite broadband application
17 mins -
Government orders FGR to revamp mining operations; assures workers of commitment to their welfare
23 mins -
Arne Slot philosophy could suit Liverpool – Van Dijk
33 mins -
EC replies Mahama: You also appointed someone who was tagged NDC
41 mins -
See colourful outdoor of Prof Naana Opoku-Agyemang as NDC’s running mate
1 hour -
Akufo-Addo commissions 15MWP Kaleo Solar Power Plant
1 hour -
GCB Bank PLC leads African financial integration, hosts ZICB delegation
1 hour -
Empowering Girls in ICT: FAWE Ghana advocates for gender equality in the Tech sector
3 hours -
Rangnick ‘contacted by Bayern Munich’ about manager job
3 hours -
Winneba Youth Choir celebrates 35th Anniversary with Aseda Concert sponsored by Fidelity Bank
3 hours -
Bonwire residents reject Agya Koo’s endorsement of Ejisu NPP MP aspirant
3 hours -
SSNIT to run out of reserves due to deficits – ILO
3 hours -
Lagos officials eye Jospong Group’s eco-friendly waste management module
3 hours -
Photos: NDC outdoors Prof Naana Opoku-Agyemang as running mate
3 hours