Accra, Ghana

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CIB to help sanitize microfinance industry

Patricia Sappor - President, Chartered Institute of Bankers
Patricia Sappor - President, Chartered Institute of Bankers

The Chartered Institute of Bankers(CIB) has pledged its commitment to sanitize the banking industry by offering training to microfinance institutions.

This follows the numerous cases of bad investments in microfinance institutions resulting in customers losing millions of cedis.

According to the institution, talks are currently underway with the central bank on how best to carry out the training which is expected to commence in 2018.

The members of the institution who paid a courtesy call on Vice President Dr. Mahamudu Bawumia said they are confident the training would help bring an end to the debacles that have hit the microfinance industry in recent times.

“We want to support government and also the central bank in sanitizing the system and building capacity for the microfinance sector by way of training so we have had discussions with the central bank and we are going to organize training for the microfinance institutions”, the President of the Chartered Institute of Bankers, Rev. Mrs. Patricia Sappor said.

She added that the institute will give accreditation to microfinance institutions to ensure that they do the right thing.

“One of the things we have talked about is also to give them accreditation so that their management team will also have chartered bankers and we believe that because of the integrity of the professional bankers if they have chartered bankers as part of their leadership they will ensure that the right thing is done,” she said.

In response, Dr. Bawumia lauded the institute for its achievements and commitment to make Ghana’s banking industry a better one.

“I’m very excited about all the initiatives that the Chartered Institute is bringing because a lot of the time, we just see a banking industry where we deposit money, get loans among other services but behind all of that you must have a trained banker otherwise you will have so many issues, you don’t see daily what the institute is doing in terms of training but it’s so critical to the banking industry in Ghana,” he noted.

Dr. Bawumia added that it is key for banking services in Ghana to meet global standards.

“It makes me very happy to see all these initiatives and I’m glad you are striving to be world class banking institution because the nature of financial services is a global one,” he said

By: Anita Arthur/

Citi Business News