In a robust endorsement of stringent regulatory adherence, Dr. Ernest Addison, the Governor of the Bank of Ghana, stressed the critical importance of compliance and internal auditing for savings and loans companies.
While addressing attendees at the 20th-anniversary of Opportunity International Savings and Loans Limited (OISL), Dr. Addison emphasized that adherence to prudential rules and the establishment of rigorous internal audit functions are pivotal to ensuring safe and ethical financial operations.
Highlighting the intrinsic link between growth and robust risk management, Dr. Addison asserted that for regulated financial institutions to operate soundly and ethically within legal boundaries, a solid framework of corporate governance is essential.
“Growth with strong risk management remains crucial,” he stated, urging savings and loans companies to refine their corporate governance practices to support their operational expansion. This approach, he believes, will fortify the institutions against potential financial missteps and bolster their reputation within the financial sector.
Central Bank’s Commitment to Regulatory Support
Reassuring the industry of the Central Bank’s unwavering support, Dr. Addison pledged the institution’s advisory role to help financial entities meet regulatory requirements and guidelines. This support aims to foster trust and confidence in the sector, ensuring that all financial institutions maintain a high standard of ethical conduct.
Dr. Addison also advocated for collaboration between savings and loans companies, banks, and telecommunications firms to leverage emerging technologies, thereby enhancing operational efficiencies and customer service delivery.
Reflecting on the milestone event, Mr. Katey Assem, the immediate past board chairman of OISL, celebrated the institution’s resilience and prominence in the Ghanaian financial landscape. “We have stood the test of time, surviving and standing tall as one of the leading savings and loan companies in Ghana,” he remarked.
Mr. Assem attributed OISL’s success to its steadfast commitment to sound corporate governance, risk management standards, accountability, transparency, and ethical conduct.
Achievements and Future Aspirations
Mr. Kwame Owusu-Boateng, the CEO of OISL, reiterated the company’s dedication to compliance with all regulatory frameworks and standards.
The CEO outlined the significant progress OISL has made since its inception, growing from three branches in 2004 to an extensive network of thirty-five branches and three agencies, serving over 668,000 clients. This expansion underscores the company’s capability to adapt and thrive in a dynamic financial environment.
“In addition to the loans that are advanced to clients in these sectors, the institution also provides tailor-made non-financial services to create the right impact on its clients,” Mr. Owusu-Boateng noted.
Mr. Owusu-Boateng highlighted the institution’s achievements, including receiving 45 industry awards since 2018. Among these accolades is recognition for innovative products like the Empowerment Loan, specifically designed for the physically challenged, reflecting OISL’s commitment to inclusivity and social responsibility.
Mr. Owusu-Boateng reaffirmed OISL’s commitment to its core values, emphasizing the strategic role of technology in driving sustainable growth. He announced the institution’s ambitious plans to expand its operations to the remaining six regions of Ghana, further solidifying its presence and impact across the country.
The celebration of OISL’s 20th anniversary provided a platform to reflect on the importance of compliance, internal auditing, and strong corporate governance in the financial sector.
Dr. Addison’s call to action for savings and loans companies to prioritize these elements underscores a broader commitment to ensuring the sector operates within safe and ethical boundaries. As OISL continues to grow and innovate, it serves as a model of resilience and adherence to high standards, paving the way for a robust and trustworthy financial ecosystem in Ghana.
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