A Chinese investment company based in Ghana, Daily Wads (DW) has taken over Planters Capital after acquiring 80% shares of the Sunyani based indigenous microfinance company.
The company now operates under the new name Daily Wads Microfinance.
With its operational headquarters in Sunyani and a branch in Techiman, all in the Brong Ahafo Region, the company intends to establish its presence in Accra by the close of November 2018.
Company officials say the move will enable DW to meet the demands of its new target audience while positioning itself to advance into other local markets like Kasoa in the Central Region, Madina, Ashaiman and Tema all strategic markets in the Greater Accra Region.
The company, kasapafmonline.com understands, also intends to open four additional branches at strategic locations also in the Accra Metropolis alongside what has been mentioned earlier on.
At the takeover ceremony, the company officials also announced plans to increase the profile of the microfinance company to enable it become the preferred micro financial organization that has the innovative products to meet the demands of importers and exporters, especially, those who ply their trade in China and other African countries.
Managing Director of DW, Asafo Adjei, indicated that in spite of their new entry into the market, they come with experience, credible people who are going to steer and support small businesses.
“Our aim is to target the rural poor, middle class and business partners, especially those importing from China” he noted at the ceremony to announce the partnership between Planters Capital and DW in Accra.
In the view of Mr. Adjei, a recent study of the financial sector in Ghana revealed that commercial banks are able to serve about 5percent of households, meaning that 95percent are not being catered for which presents DW with a big opportunity to fill in that gap.
According to him, one of the key challenges confronting the microfinance sub sector is lack of confidence and funding, citing recent happenings in the banking sector to buttress his argument.
A representative of Planters Capital, Francis Adjade, told the gathering that the takeover of Planters Capital will see DW collaborate with Africa-China Union (ACU) to create access and platform for businesses in Ghana to do business with firms in China.
“The institution is policy-driven conscious of depositors’ funds and the regulatory requirements. All one has to do is to have a relationship with DW which is operating with ACU and get registered for them to do all your business transactions for you which comes with cost effective measures. What this means is that we are liberalizing trade, giving confidence and creating wealth for the people”, he noted.
Dr. Kofi Asamoah Baah, a representative from the Ministry of Special Development Initiatives, who graced the occasion, stated that government is “trying to sanitize the banking sector given what has happened to some indigenous banks.
He however commended the partnership between DW and Planters Capital, noting that “We are very excited about what DW is doing. The Ministry of Finance and Special Development Initiatives have absolute confidence in what you are doing and we hope you will continue to be part in constructing the future”.
Jim, a representative of ACU on his part, also promised of delivering good services to the people, stressing that “ACU has strong support from the Chinese Government”.