Global Access, a Ghanaian-owned savings and loans company, is set to deepen its efforts to increase its remittance business this year.
The company says it will come up with strategies to remain competitive and offer the best of services.
According to the Chief Finance Officer (CFO) of the Company, Mr James Addai, the vision of the financial institution is to be a dependable partner, a household name and the preferred choice for financial services in Ghana.
Global Access, which began as a remittance company, has expanded its operations and is set to zoom into full banking operations in at least five years.
With its ability to mobilise about $200million annually through its remittances business, Global Access has contributed immensely to financial inclusion in Ghana, Mr Addai noted.
“Through the remittance business we have touched the lives of many Ghanaians and businesses,” he stated.
With remittances constituting about 80% of its operations, Global Access is poised to leverage on that strength and raise more money this year.
“Being the third largest in remittances in the country we’re poised to have some competitive edge over other players in the industry,” Mr Addai said in an exclusive interview with The Finder.
According to him, with a limited branch network of about 18 nationwide, “if Global Access is the third largest in volume of remittances then one can say it is no mean achievement”.
Remittance flows to developing countries reached $441 billion in 2015 while global remittances which reached $601 billion in 2015 are expected to rise to $636 billion this year.
The World Bank reports that Ghana received $2.1billion in remittances in 2015. The United States of America and the United Kingdom are ranked among the top five countries from which funds are remitted.
The CFO was proud about the fact that the company has through its operations been a welcome support to Ghana’s foreign currency reserves without which the plight of the local currency would have been worse.
“Given the fact that Ghana is an import-dependent country, if we are able to pool dollars the way we have been doing it then we have been supporting the cedi considerably,” Mr Addai submitted.
The CFO revealed that the company will this year leverage on its resources to target a profit of GHS10 million.
Global Access, he noted would employ good strategies, including cutting down its costs to boost its income and become more profitable.
Join GhanaStar.com to receive daily email alerts of breaking news in Ghana. GhanaStar.com is your source for all Ghana News. Get the latest Ghana news, breaking news, sports, politics, entertainment and more about Ghana, Africa and beyond.
