Brace Capital, a micro-finance company has been relaunched as Equity Savings and Loans Limited, following the attainment of the requirements to operate as a Savings and Loans entity.
At a launch in Accra on Wednesday, Board Chairman, Samuel K. Owusu-Manu, said the company has recapitalised to the tune of GHS18.3 million, above the minimum capital for a Savings and Loans Company in Ghana. The next target therefore is to become a bank.
The board chairman noted the company,in existence since 2012, has made commendable strides in the financial sector, "we became noticeable amongst our competitors and the Bank of Ghana recognized us, as part of the ten most prominent non-bank microfinance Institutionsâ€.
Mr. Owusu-Manu said Equity Savings and Loans will continue investing in IT infrastructure to deliver tailored services that exceed the needs and expectations of clients.
The company is targeting presence in six regions within the next two year, and hopes to cover the entire country in four years, as part of its growth strategy,
First Deputy Speaker of Parliament, Joe Osei-Owusu commended Equity Savings and Loans for an outstanding performance in a turbulent microfinance environment, and challenged it to turn around the soiled image of microfinance companies in the country.
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