NIB Pledges More Support For SMEs

Samuel Sarpong (in front) strolls the market

THE NATIONAL Investment Bank (NIB) has assured small and medium–scale enterprises (SMEs) of its continuous assistance to them in terms of growing and sustaining them.

Managing Director of the National Investment Bank (NIB), Samuel Sarpong, made this known recently when he led a five-member team from the head office to visit some shops at Okaishie and CMB markets within the Central Business District.

Mr. Sarpong, following his recent appointment, has initiated a range of programmes aimed at restructuring the bank as part of measures to reposition the bank for growth. He believes direct interaction with individual customers and business operators will give management a deeper understanding of their specific needs.

Small and Medium Enterprises (SMEs) in particular have over the years lamented the challenges associated with accessing credit from commercial banks in the country, a phenomenon that makes it difficult for most SMEs to survive their first five years.

NIB is expected to become one of the strongest banks in the country following government’s assurance to recapitalize it on the heels of a Bank of Ghana requirement for all commercial banks in the country to have a minimum capital of 400 million cedis.

A revitalized NIB, according to Mr. Sarpong, would support the nation’s industrialization agenda by making funds easily accessible to, especially the manufacturing sectors of the economy.

The MD also intimated that “NIB is going to be more responsive to the needs of businesses than it has ever been. This includes the deployment of smart banking solutions and products that would meet the specific needs of all our customers.”

He, however, encouraged business owners to adopt practices and strategies such as proper record-keeping, prompt debt payments, regular savings, among others, to engender confidence among business partners and financial institution, thereby making it easy for them to access funds.

The MD was accompanied on the tour by the deputy managing director, George Alfred Thompson, Accra Main branch manager George Addae-Mensah, Excel Banking manager Aba Katu and Newlife Selorm Kudzo Amey of the Customer Services Unit.