Celebrating 20 Years of Opportunity International Savings and Loans Limited: Governor Urges Compliance and Ethical Financial Operations
Bank of Ghana Governor Urges Savings and Loan Companies to Prioritize Compliance and Internal Audit Functions
Accra, June 18 – Dr. Ernest Addison, the Governor of the Bank of Ghana, has emphasized the importance of savings and loan companies prioritizing compliance with prudential rules and maintaining proper internal audit functions. Speaking at a dinner event to celebrate the 20th anniversary of Opportunity International Savings and Loans Limited (OISL), Dr. Addison highlighted the significance of these measures in ensuring safe and ethical financial operations.
He stressed that growth with strong risk management is essential for regulated financial institutions to operate soundly, safely, ethically, and within regulatory boundaries. Dr. Addison urged savings and loan companies to enhance their corporate governance practices to facilitate operational expansion and foster trust and confidence in the sector.
The Central Bank Governor reassured the industry of the Bank’s commitment to providing advisory support to ensure all financial institutions adhere to regulatory requirements and guidelines. He also encouraged collaboration between savings and loan companies, banks, and telecommunications companies to embrace emerging technologies for improved efficiency.
The anniversary dinner of Opportunity International Savings and Loans Limited, held at the Labadi Beach Hotel in Accra, showcased the institution’s journey and achievements over the years. Renowned personalities and dignitaries from the financial landscape, including Dr. Nii Ayi-Bonte II and Nii Abossey Okai III, graced the event.
Mr. Katey Assem, the immediate past board chairman of OISL, attributed the institution’s success to its commitment to sound corporate governance, risk management standards, accountability, transparency, and ethical conduct. Mr. Kwame Owusu-Boateng, the CEO of OISL, highlighted the company’s significant progress, from three branches in 2004 to thirty-five branches and three agencies serving over 668,000 clients.
Owusu-Boateng emphasized OISL’s commitment to compliance with regulatory frameworks and standards, as well as its focus on providing innovative products and non-financial services to create a positive impact on clients. The institution has received 45 industry awards since 2018 for products like the Empowerment Loan, tailored for the physically challenged.
In conclusion, OISL reaffirmed its commitment to core values, leveraging technology for sustainable growth, and expanding operations to all regions of Ghana. The event highlighted the institution’s dedication to excellence in financial services and its continuous efforts to meet the evolving needs of its clients.