Sinapi Aba Savings and Loans Limited is adopting strategic financial reforms and partnerships to stay buoyant in the lending industry as the country grapples with microeconomic instability.
The recent cedi depreciation and economic difficulties are taking a toll on businesses in the country.
But the Chief Executive of the microfinance institution, Tony Fosu says strategic investment capital from their international partners is cushioning the company as it commits to supporting the marginalized in society.
He was speaking at the 30th Anniversary ceremony of the Sinapi Aba.
“We are supported in times like this by having strategic partners like the Development Bank of Ghana who can give us unlike Commercial Banks they can give longer-term financial capital for us to lend to these people," he said.
Despite the country’s economic woes, the Microfinance institute remains resolute and committed to supporting businesses and individuals to blossom.
"After failing my BECE, I came to Kumasi in search of greener pastures. It wasn’t easy until my master and brother managed to secure me a Sinapi Aba YAP slot. After almost three years, I am happy that I am a master of my training more young girls under the program.
The machine I was supposed to buy, Sinapi Aba bought it for me, the cost of the shop that my brother was supposed to pay for, God worked through Sinapi Aba and they paid it for me. Sinapi Aba did everything for me." she said.
This is the success story of Martha Awintsimah, a beneficiary of the Sinapi Aba Youth Apprenticeship Program who traveled from the Ahafo region in an adventurous quest to earn a living.
After many months of grit to prevail, she is now one of the thousands of young underprivileged individuals to have gained from Sinapi Aba.
Martha now owns a shop where she is training other young underprivileged girls in dressmaking, fashion design, and other sewing skills.
Sinapi Aba Savings and Loans, a microfinance institution, has since its thirty years of existence transformed the lives of individuals and small-scale businesses in Ghana.
Sinapi Aba serves over 600,000 clients in 44 branches and was the first Microfinance institution to adopt digital financial operations for cyber security.
Deputy Director of Banking Supervision- Bank of Ghana, Ismail Adam- advised Microfinance institution to embrace digital advancements while assuring of the apex bank’s commitment to supporting financial institutions to shore up the Ghanaian economy.
"Leverage technology that your clients will like and would want to subscribe to. Bank of Ghana will continue to support financial institutions, you are the financial institution that are there to promote economic development and economic growth through the products and service that you turn out," he said.
Spouse of Asantehene, Lady Julia Osei Tutu commended efforts of the Trust to support the marginalized in society.
"From its modest beginnings Sinapi Aba has blossomed into a vital source of financial stability, providing not just economic shelter but also serving as a catalyst for success and the lifeline for families grappling with poverty," she said.
The anniversary celebration of the company is on the theme “30 years of Transforming lives: celebrating Sinapi Aba’s impact”.
Latest Stories
-
Akufo-Addo unveils statue honouring himself at Effia-Nkwanta Hospital
5 mins -
Athletes with disabilities demonstrate against visa racketeering ring exploiting the sport
16 mins -
It is not Speaker’s duty to decide where an MP sits in Parliament – Bagbin
23 mins -
Ghana shares urban development milestones at WUF12 in Cairo
27 mins -
We now have a credible final certified register – EC says as they present 2024 register to parties
34 mins -
Togbi Sri III calls for progress at 2024 Hogbetsotso Festival
47 mins -
The case for social contract between CEOs and Presidential Candidates in Ghana: A path to sustainable growth and accountability
50 mins -
Economist advocates for licensing Ghana’s independent power generators under Free Zones Act
53 mins -
Presidential aspirants must come clear on plans to deal with climate change issues
59 mins -
Insurance Hub prioritises client-centered solutions and youth financial security
1 hour -
Bel Aqua Ghana’s Healing Together Vigil 2.0 promotes mental health awareness
1 hour -
COCOBOD Chief champions local expertise in Ghana’s Tree Crop Diversification Initiative
1 hour -
Using Supreme Court to undermine Parliament sets a dangerous precedence – Bagbin
1 hour -
Apply same swiftness in Afenyo-Markin’s suit to Anti-LGBTQ+ case – Bagbin tells Supreme Court
1 hour -
Oti Region: Guan district to get Argo-processing factory – John Mahama
2 hours