Innovation, key to the growth of the financial sector- Vice Prez of Groupe Ideal

Vice President of Groupe Ideal, Charles Arkuh has advised players in Ghana’s financial services sector to up their game and take strategic decisions in order to sustain the industry.

Mr Arkuh points out that the advent of new services such as the emergence of mobile money requires thinking and strategic positioning to ensure businesses continue to thrive. 

According to Mr Arkuh, the emergence of the mobile money program is a good venture as such financial institutions need to partner or collaborate with players in the telecommunications sector to maximize the potential utilization of technology.

“It is critical thinking that led to this creativity. I therefore challenge the industry to come up with products to enable them take advantage of the development to further boost business in the years to come.”

Touching on the issue of non-performing loans in the financial service sector, Mr Arkuh noted that it is an area of great concern to all financial institutions. He cited instances where prospective borrowers attempted to outwit the system with the use of fake documents. He urged banks and other industry players to strengthen their risk management practices so as to minimize the risk of default.

‘’There should always be the issue of trust in both ways for the clients and the institution. “Customers must check the basic regulators requirement before investing with a financial institutions firm to avoid the recurrence of the DKM scandal. Again, financial institutions should do checks thoroughly before giving out loans” he acknowledged.

Moreover, on the way forward for the industry, he advised clients who intend to invest with financial institutions to do a little background check to assure them that they are dealing with a credible institution. This will go a long way to avoid another ‘DKM’ scandal happening.

He further cautioned Ghanaians to spend wisely and remember always to save and invest with one of Ideal Financial Holdings subsidiaries like Ideal Finance Limited, FirsTrust savings and Loans, and Ideal Capital Partners Limited, an investment and assets management firm.