By Edmund Mingle
Saturday, 17 November 2007
HFC Bank Limited has opened a new branch at Agbogbloshie in Accra as it steps up its expansion programme to offer micro-finance to small scale enterprises in the country.
The new branch, which is located in one of the largest market centres of the capital, has a "Boafo" Microfiance centre that will operate a microfinance scheme to offer micro business loans and housing finance to low income earners.
The scheme is a joint venture between HFC bank and CHF International, a US based financial service provider, to create an effective platform for the bank to support the development of small scale businesses.Apart from the general universal banking services that the branch will offer, customers would also have access to ATM services.
"The services that we will offer at this branch will be of the highest standard," Asare Akuffo, managing director of the HFC bank, assured clients as he opened the branch.
He believes the location of the new branch would afford the bank the opportunity to provide its full range of universal banking services to clients.
Mr. Akuffo noted that HFC plans to be represented nationwide by the end of 2009, adding that management was pursuing strategies to that effect.
"We can assure our customers and shareholders that the future plans of HFC will ensure that they continue to receive the best products and services," he said.
Michael Osegge, executive director of the scheme, explained that the scheme which was developed by CHF International seven years ago, has so far provided over ¢17 billion micro finance loans to support small scale enterprises throughout the country.
In addition, he said the scheme has assisted in addressing the banking needs of traders and entrepreneurs in the informal sector.