GHANAIAN MICROFINANCE INSTITUTIONS MUST HAVE ROBUST DATABASE-PROF ANNIM

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BY AFIA NYARKO ASARE
Government Statistician, Professor Samuel Annim, has called on Microfinance Institutions in Ghana to have a comprehensive database and up to date information of their operations and performance on their websites to aid research and Assessment.
Professor Annim made the call during his address at the 10th Anniversary celebration and Annual General Meeting of the Micro Credit Association Ghana that was held at the Capital View Hotel in Koforidua in the Eastern Region as the Special Guest of Honor. 
He bemoaned the poor data on microfinance institutions in Ghana and called on the Micro Credit Association to update its data to enable them assess their prudential performance and also ensure financial stability and development.
The themed for the event was, “A decade of Micro-Credit service in Ghana; achievements, challenges and prospects” seeks amongst other things to deliberate on how best to incorporate innovations and enhance customer experience and marque loyalty.
The Guest of Honor also fortified the Association to take stock of its activities over the 10 years of its existence and develop a framework to categorize and upscale its members.
Furthermore, he opined the Association and its members to embrace digitization as a means to promote efficiency and reduce operational cost. MCAG and its members were also urged to address challenge of poor product specification in order to grow its market share.
Professor Annim emphasized that these challenges when addressed will make Micro Credit a force to reckon with, in the fight to alleviate poverty.
Finally, he congratulated the Association on their anniversary and divulged that there is a pending census next year and all must endeavor to participate.


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