We want to be the engine of growth for SMEs - WWBG
The Women’s World Banking Ghana (WWBG) has inaugurated a new ultramodern head office at Tesano in Accra, as part of the bank’s strategic plans to improve its brand’s visibility and strengthen its distribution channel in the country. Maclean Kwofi of GRAPHIC BUSINESS (GB) had a chat with the Chief
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Executive Officer (CEO) of the bank, Madam Charlotte Lilly Baidoo (CLB), who first spoke about the bank’s commitment to delivering excellent services to its existing and prospective customers.
CLB: About five years ago Women’s World Banking Ghana experienced a number of challenges ranging from poor visibility to stiff competition from the industry, making it very difficult for the institution to match the pace of growth for small microfinance institutions in the country.
The opening of the new ultramodern head office was aimed at making the bank more visible and known in the area we operated. Often seen as the market bank, the move to site this office in Tesano is to let everybody know we are not just a market bank, but rather a bank for everybody. We also want them to know that we are here to ensure we serve everybody diligently.
WWBG has come a long way in the Savings and Loans industry over the past 20 years. From a humble beginning as a Susu company, it has grown to become one of the best savings and loans companies in Ghana.
GB: What is your vision for the bank in the next three to five years?
CLB: The bank is poised to become one of the best savings and loans companies in the country that will not only promote women but also positioned to be the engine of growth for Small and Medium Enterprises (SMEs) as well as medium-scale enterprises.
This we are poised to achieve through a three-year strategic plan put in place to solve the challenges affecting the smallholder companies in the country.
GB: What strategic steps are you taking to achieve this vision?
CLB: Presently, the bank is implementing strategies to reach the unbanked and the disgruntled. We also see a full potential in the SME market and we are ready to penetrate that market to meet the needs of the dissatisfied customers of other financial institutions who have been treated unfairly.
We are also adopting vigorous marketing approach through the deployment of dedicated relationship managers who will not only recruit clients, but provide expert financial advice that will help the prospective client to make an informed judgment.
GB: What sets you apart from your competitors?
CLB: WWBG recognises that every customer has a unique set of needs and strengths; therefore one product cannot be designed to suite all categories of client.
With this in mind, we develop products with customers’ needs in mind. Some of these tailored products include the Hybrid Savings account named ‘BOA WO HU SUSU’ which is targeted at grass-roots customers.
In addition to this, clients have the opportunity to enjoy savings through our high interest yielding normal savings accounts, easily accessible funds through the use of personalised withdrawal books, life insurance cover on savings and ATM services for emergency.
We also extend to customers a royal treat when they sign on to our current account product where we offer customers the best services in clearing and next-to-nothing maintenance charges and SMS alert.
In terms of loans, we cater for the needs of individuals, corporate entities and traders, through products such as the micro loans, salary loans, ‘Ahomka’ loans and premium loans. We have a well-structured loan repayment plan, which encourages the loan clients to repay and save at the same time.
GB: Deposit mobilisation has been very difficult in the banking sector due to many reasons. What is WWBG doing differently to attain a competitive advantage?
CLB: Deposit mobilisation has also been an issue in the banking industry even in the advance countries, but to be able to mobilise cash, the banking process must be very convenient and customer friendly.
WWBG has been able to leverage tailor-made products which include door-to-door banking services. This strategic objective is to help reach the banked and unbanked in all market centres, where we mop up their excess liquidity for safekeeping.
GB: What should customers expect from the WWBG in 2016?
CLB: Our mission is to deliver prompt and convenient deposit services and easily accessible loans to women and other entrepreneurs.
This year we are poised to embark on vigorous sales drives that will target both SMEs and the lower clients. We also intend to further enhance our image through advertising and training so that it can position us in the market we serve.
GB: What major challenges have WWBG encountered and how were you able to insulate the company from those problems?
CLB: Well, the challenges we encountered were not that much, therefore to stay relevant in this competitive space, the bank concentrated on its core mandate. This is serving the needs of the micro business sector by cutting down on the advancement of loans to bigger firms while focusing on small enterprises whose needs are less stressful.
GB: Can you give a brief profile about yourself and some principles you hold dearly?
CLB: I have several years of experience within the West African sub-region with working experience in Ghana.
and Nigeria. My financial background started with the UT Financial Service in Ghana and I was mentored by Mr Kofi Amoabeng.
I began my career with UT Financial Service and was later sent to Nigeria to Head the Credit Unit of the financial institution. I also worked with the Express Savings & Loans as the General Manager and I moved to Ideal Finance.
In terms of my principles, my most basic principle is to always trust in God and to live by His principles. I am a very fair person who does not compromise on integrity and, I am a time-conscious person, therefore, I do not believe in the cliché: Ghana man’s time.
I also believe that mentoring and motivating others to excel in their areas of interest is very important and should be the core mandate of every leader.
GB: Any message to the staff of WWBG and customers?
CLB: To my staff I want to thank them for the good work done and encourage them to do more for the progression of Women’s World Banking Ghana and I also want to thank the shareholders for their trust and support over the years. We promise to work harder in order to double their investment.
Again we want to thank our customers especially those men and women out there who have supported the bank over the past two decades.
Let me end with what the former General Secretary of the United Nations (UN), Kofi Annan, once said, “There is no tool for development more effective than the empowerment of women.” As we celebrate the ‘International World Women’s Day’, I wish to congratulate and encourage all our gallant women in the country, for their hard work and support over the years.— GB