Sinapi Aba Savings and Loans Limited is adopting strategic financial reforms and partnerships to stay buoyant in the lending industry as the country grapples with microeconomic instability.
The recent cedi depreciation and economic difficulties is taking a toll on businesses in the country.
But Chief Executive of the microfinance institution, Tony Fosu says strategic investment capital from their international partners is cushioning the company as it commits to supporting the marginalized in society.
He was speaking at the 30th Anniversary ceremony of the Sinapi Aba.
“We are supported in times like this by having strategic partners like the Development Bank of Ghana who is able to give us unlike Commercial Banks they are able to give longer term financial capital for us to lend to these people,” he said.
Despite the country’s economic woes, the Microfinance institute remains resolute and committed to supporting businesses and individuals to blossom.
“After failing my BECE, I came to Kumasi in search of greener pastures. It wasn’t easy until my master and brother managed to secure me a Sinapi Aba YAP slot. After almost three years, I am happy that I am a master of my own training more young girls under the program.
The machine I was supposed to buy, Sinapi Aba bought it for me, my cost of the shop that my brother was supposed to pay for, God worked through Sinapi Aba and they payed it for me. Sinapi Aba did everything for me.” she said.
This is the success story of Martha Awintsimah, a beneficiary of the Sinapi Aba Youth Apprenticeship Program who travelled from the Ahafo region in an adventurous quest to earn a living.
After many months of grit to prevail, she is now one of the over thousands of young underprivileged individuals to have gained from Sinapi Aba.
Martha now owes a shop where she is training other young underprivileged girls in dressmaking, fashion design and other sewing skills.
Sinapi Aba Savings and Loans, a microfinance institution, has since its thirty years of existence transformed the lives of individuals and small-scale businesses in Ghana.
Sinapi Aba serves over 600,000 clients in 44 branches and was the first Microfinance institution to adopt digital financial operations for cybersecurity.
Deputy Director of Banking Supervision- Bank of Ghana, Ismail Adam- advised Microfinance institution to embrace digital advancements while assuring of the apex bank’s commitment to supporting financial institutions to shore up the Ghanaian economy.
“Leverage technology that your clients will like and would want to subscribe to. Bank of Ghana will continue to support financial institutions, you are the financial institution that are there to promote economic development and economic growth through the products and service that you turn out,” he said.
Spouse of Asantehene, Lady Julia Osei Tutu commended efforts of the Trust to support the marginalized in society.
“From its modest beginnings Sinapi Aba has blossomed into a vital source of financial stability, providing not just economic shelter but also serving as a catalyst for success and the lifeline for families grappling with poverty,” she said.
The anniversary celebration of the company is on theme “30 years of Transforming lives: celebrating Sinapi Aba’s impact”.