Leading finance house, NDK Financial Services Limited says it is focusing on deepening its operations as a finance house rather than evolving into a universal bank.
The company is celebrating 25 years of operations in the country and says it has no plans of becoming a bank. According to the founder, Oko-Nikoi Dzani, the company has as a policy decided to remain a finance house.
“We have over the years remained a lending institution and we think we are comfortable. Remember that, there is a thin line between what we do and that of banks. So there is no need to move into banking. We don’t have any disadvantage as a finance house” he said.
Speaking at the 25th Anniversary launch, Deputy Governor of the Bank of Ghana, Millison Narh said the Central Bank would soon issue a number of guidelines and directives in the areas of Risk Management and Corporate Governance among others to enhance regulation in the financial sector.
He added, the bank is also working to pass key laws to achieve this goal.
“The Bank of Ghana is also revising the Banking Act and soon the new Banks and Specialized Deposit Institutions (SDI) Bill would be passed into law to address the identified gaps in the existing Act. The Deposit Protection Bill is also about to be passed by parliament to provide protection for small savers by way of a better framework for dealing with these companies that are going down” he said.
He also lauded the company for its contribution to the country’s financial sector by way of customer satisfaction. NDK Financial Services Limited began operations from the old Kingsway building on the Kwame Nkrumah Avenue at the time when Non-Bank Financial Institutions were not under any formal regulation.
It currently has two branches – one in Accra and the other in Tema. The founder, Oko-Nikoi Dzani, said the company is targeting to expand its operations.
“We intend moving to Takoradi but again, you want to consolidate your gains before and so we are not in a hurry. Even though we are in Accra, that is not to say that we cannot do business in Takoradi. For instance, we’re financing transactions in the oil and gas industry and also building terminals and warehouses for customers who operate from Takoradi” he said.
With a total asset base of over 500 million Ghana cedis, the company has financially supported businesses and projects across all sectors in its 25 years of operations – including irrigation project in the Northern Region, Pharmaceuticals Importation to Korle-bu Teaching Hospital, Real Estate – Gated Communities of Manet, Devtraco, Road Construction and Fishing – Importation of fish.
The company in its 25 years of existence has also carried out several Corporate Social Responsibility (CSR) initiatives especially in the field of sports and education.
This includes the construction of Sand Based (1999) and Water Based (2009) pitches and Youth hockey development and participation in Local, Continental and International Tournaments.
In the field of education, it donated Furniture and Computer to Osu Schools and 5 Classroom Schools Block to the Ministry Of Education among others NDK Financial Services Limited has grown from a staff strength of 2 to about 90 currently.