Amma Frimpomaa is acting MD of SIC Life Savings and Loans

President Nana Addo Dankwa Akufo-Addo has nominated Ms Amma Frimpomaa Dwumah as Acting Managing Director (MD) of SIC Life Savings and Loans Company Limited.

Frimpomaa is a private legal practitioner who previously worked with Golden Pride Savings and Loans, and Bank for Africa.

Her appointment takes immediate effect.

It was announced in a letter dated  July 13, 2017 signed by the finance minister and addressed to the company’s secretary.

It said Frimpomaa would act until the appointment of a substantive MD by the company’s new Board of Directors, which was due to be re-constituted soon.

She replaces Mr Richard Appietu, the former  MD of SIC Life Savings and Loans.

Until its conversion into a savings and loans company in 2015, the company operated as SIC Life Trust Finance Limited, a wholly owned subsidiary of SIC Life Company Limited.

In July 2015, however, the Bank of Ghana granted its request for a licence to operate as a savings and loans company.

The development made it possible for the company to join the savings and loans business, with a rich heritage from its parent company, SIC Life Company, which leads the life insurance business.

The company’s asset base has since grown from GH¢8.1 million in 2013 to over GH¢200 million in June this year.

Frimpomaa is, thus, expected to help sustain that growth and get it to contribute more to financial intermediation, especially among small and medium enterprises. — GB