Advise clients on management of businesses; Financial institutions urged

Financial institutions have been urged to go the extra mile by educating their clients on proper management of their businesses, records and resources to promote development.

The General Manager of the Asante Akyem Rural Bank, Mr Atta Gyamfi, who gave the advice, explained that educating the clients would prevent them from making mistakes which could lead to losses and also help their businesses to grow to improve their income.

Mr Gyamfi was speaking to the Daily Graphic at the sidelines of the inauguration of a new branch of bank at Roman Hill, a suburb of Kumasi.

This brings to nine the number of branches of the bank in the Ashanti region since its establishment 1990.

Education

The GM said although the bank’s core business was not to educate clients, educating them would promote their businesses which in the long run improve on their activities so they could take more loans to support their businesses.

Mr Gyamfi appealed to business entities to adopt measures to learn good business practices which were the tools for the development of every business.

Insurance

He also urged businesses to make it a point to insure their businesses against fire and burglary to protect both their property and stock when the unfortunate happened.

Mr Gyamfi stated that as a good example, the bank has insured the businesses of more than 2000 clients to the tune of Gh₡460,000 representing 10 per cent of more than Gh₡4.6 million of loans they have offered their clients.

He cautioned the clients that the best way they could protect their investment was the adoption of prudent business practices as well as insuring their businesses against fire and burglary.

Success story

The GM recounted the success story of the bank and attributed it to the adoption of prudent business strategies such as efficient financial management, risk management as well as proper supervision of staff to ensure that they work effective.

Another strategy according to him was training of all staff on customer service which was very crucial in every business that dealt with clients as it could either help the business gain the trust of clients or drive them away from their operations.