Verification equipment linking Ghana card to customers accounts too expensive – Savings and Loans Association

The Ghana Association of Savings and Loans Companies (GHASLC) has expressed concern about the cost of verification equipment in linking Ghana Card to customers bank accounts.

Its Executive Secretary, Tweneboah Kodua Boakye, therefore wants the authorities, particularly the Bank of Ghana to listen to members’ concerns as they work towards full compliance.

“A key concern with this directive, however, is the need to procure these expensive devices for the sake of verification and these devices are also procured from only one Institution in Ghana with no option of an alternative. We hope the authorities will listen to our concerns as we work towards full compliance”, he mentioned at the Annual General Meeting”.

On the Electronic Transaction Levy (E-Levy), GHASLC, expressed concern that customers of its members will not be disadvantaged.

“Now e-levy is with us. Following the various engagements, we have had with the Ghana Revenue Authority, it is our expectation that our customers will not be disadvantaged. Let us continue to educate our clients on the position of the law and how they can take advantage of the exceptions”.

Savings and Loans sector records strong balance sheet in the 2021 financial year 2021

The sector as of December 2021 recorded a sizeable increment in total assets, deposits and loan portfolio by 25.48%, 33.44% and 64.08%.

Speaking to Joy Business at the association’s Annual General Meeting, the Board Chairman, Kwame Owusu Boateng, said despite the negative impact of the COVID-19 pandemic, Savings and Loans Companies performed well.

He admitted that achieving this feat was challenging, but the association worked assiduously with its members to improve on the previous year’s performance of the sector.

“Comparatively to last year, we have improved on loan portfolio. The propensity to grow has been challenged due to the global challenge (COVID-19)”.

The Board Chairman also revealed that the association is putting in place measures to ensure the stimulation of transactions to prevent the Electronic Transaction Levy (E-Levy) from crippling the savings and loans space.

Source: Myjoyonline

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