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News And Events

Press Release: U-life is now BEIGE Assure
May 09, 2017. | thebeigegroup.com |

 

 

 

 

The BEIGE Group (BEIGE), the financial services provider, has announced the change of name of Unique Life Assurance Limited (U-Life) to BEIGE Assure Limited, following the successful acquisition of U-Life.

A licensed Life Assurance firm

The management of BEIGE Assure Limited will continue, and bring to full accomplishment, the one-year business transformation plan which included an injection of additional capital to increase the Stated Capital of the licensed Life Assurance firm. BEIGE has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.

Immediate impact of the acquisition

This change of name marks the final stage in the process of integrating U-Life into BEIGE. That is, to conform to the brand standards and procedures of BEIGE.

This move does not affect clients’ Policy(ies) and Contributions under our management. Rather, this puts us in a position to serve our clients better with a wider network of distribution offices nationwide and to provide effective life insurance services.

BEIGE’s evolution crystalizing

BEIGE’s evolution into a conglomerate which provides a broad range of financial services is gradually settling, with an extension of its portfolio of businesses from the initial Banking services to include Pensions, Insurance and Investments.

The company is setting a platform which would conveniently be able to provide financial services to more Ghanaians nationwide.

Together with its subsidiaries and affiliates, BEIGE is currently providing direct employment to over 4,000 people and serving a clientele base in excess of 600,000.

Professor Stephen Adei, Chairman, The BEIGE Group comments:

“We are edging closer to setting up a bigger platform that has the capacity to deliver complete financial services to Ghanaians like never before in this country. I’m enthused to a part of the team that is putting it all together. Our clients have been supportive in this process and I sincerely thank them for having faith in us and working with us throughout this evolution and integration process”

17.5% financial services VAT to reduce cost of services
April 24, 2017. | modernghana.com |

Some financial institutions have assured customers of lower cost of services with the implementation of the scrapping of the 17.5 percent VAT on financial services.

They contend that the development will increase patronage and attract more people currently in the unbanked population.

The Ghana Revenue Authority (GRA) last week directed all financial institutions to stop charging the tax after the repeal of the VAT Act in March 2017.

The financial institutions say the move will reduce cost of services to clients.

The Chief Executive Officer of BEIGE, Mike Nyinaku explains to Citi Business News clients will now be guaranteed services at cheaper cost.

“It is positive news because it makes the cost of service cheaper to our clients so it is also a welcoming relief. Because it affects pricing and naturally it makes services more expensive to clients so once that is scrapped, we are happy. We will therefore not frontload it to clients,” he said.

“…In any case as banks were charging we had just become a conduit for passing on the cost to clients and thus collecting tax on behalf of government. So once we are not doing that anymore our clients will have a reduction in the cost of services.” he added.

Some banks in the country have since begun complying with the directive from the GRA .

The banks have sent messages to their customers, notifying them of removing the 17.5 percent VAT charges on financial services.

Citi Businesss News can confirm that Ecobank, CAL Bank,UMB bank, Unibank, and Zenith Bank, among others have sent text messages to their customers announcing the ceasure of the charges.

It is expected that all banks will send messages to their clients to notify them as part of creating awareness.

Already, some stakeholders in the banking sector have expressed excitement at the move asking banks and all financial institutions in the country to quickly abide by the directive.  

One of the major advocates for the scrapping of the VAT on financial services is Banking Consultant, Nana Otuo-Acheampong.

Nana Otuo-Acheampong had described the charge as a disincentive to the growth of the banking industry.

After Finance Minister, Mr. Ofori-Atta announced the abolishment of the charge, Nana Otuo-Acheampong was optimistic the move will inure to the benefit of Ghanaians.

BEIGE records impressive outturn in 2016
April 05, 2017. | thebftonline.com |

BEIGE, the financial services provider, has returned an impressive performance in its portfolio of businesses last year, meeting all of its major targets and expectations.

Besides multiple acquisitions to complement its technical and resource capacity, BEIGE also invested in processes and human capital to strengthen its preparedness for the next phase of the institution’s evolution and operations – offering solutions in five broad financial service areas.

Performance of the banking arm

The banking arm of BEIGE which controls about 30 per cent market share out of the 37 savings and loans companies in the country, also posted GH¢19 million in profit before tax, a 77 per cent increase over the figure recorded the previous year.

BEIGE Capital Savings and Loans (BCSL) recorded an interest income of GHc301m, for the year ended December 2016, compared to the GHc172m recorded for the same period last year. This shows an increase of 75%. This was driven by continuous lending in the SME segment as well as continued emphasis on the creation of quality and liquid risk assets. BCSL maintained non-performing loans (NPLs) under 7% of its total loans book of more than GH¢500 million, which is well below the industry average of 17.7 per cent among universal banks.

BCSL’s total operating costs for the period amounted to GHc66m and personnel cost accounted for about 19% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 15% of operating expense for the period.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, who disclosed this in an exclusive interview said the banking arm of the group, BEIGE Capital, grew its assets by 46 per cent, from GH¢818 million in 2015 to about GH¢1.2 billion at the close of last year, a significant outturn in the profile of savings and loans companies.

Mr Nyinaku explained that the stellar performance last year had buoyed the company’s optimism even more for the ensuing year.

Processes

The growth in the business also affected its human resources and processes, with the banking arm alone employing over 2,000 people, while the group made significant investments in preparation of becoming a universal bank, including the deployment of a modern banking software, the T24.

“We today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

Mr Nyinaku explained that the company’s success in managing NPLs was due to its unique approach to credit delivery as well as lessons learnt from the challenges encountered in previous years. “We have quite some capacity with the informal sector and also are very careful about the kind of risk we take because we are not a very big bank.”

BEIGE evolution

As of today, BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a Banking, Pensions, Life Insurance, Health Insurance and Asset Management.

“Our evolution process which began late last year is still on-going and we hope to be fully done with it by end of this year. The process looks lengthy but it can only be so as there are a lot of stakeholders – staff, clients and others – all who must all be prodded along to understand what we are doing so they come along with us. “In the end, BEIGE would be that one big firm that provides a variety of financial services solutions to the general public,” the chief executive said.

BEIGE records impressive outturn in 2016
April 04, 2017. | 3news.com |

BEIGE, the financial services provider, has returned an impressive performance in its portfolio of businesses last year, meeting all of its major targets and expectations. Besides multiple acquisitions to complement its technical and resource capacity, BEIGE also invested in processes and human capital to strengthen its preparedness for the next phase of the institution’s evolution and operations – offering solutions in five broad financial service areas.

The banking arm of BEIGE which controls about 30 per cent market share out of the 37 savings and loans companies in the country, also posted GH¢19 million in profit before tax, a 77 per cent increase over the figure recorded the previous year. BEIGE Capital Savings and Loans (BCSL) recorded an interest income of GHc301m, for the year ended December 2016, compared to the GHc172m recorded for the same period last year. This shows an increase of 75%.

This was driven by continuous lending in the SME segment as well as continued emphasis on the creation of quality and liquid risk assets. BCSL maintained non-performing loans (NPLs) under 7% of its total loans book of more than GH¢500 million, which is well below the industry average of 17.7 per cent among universal banks. BCSL’s total operating costs for the period amounted to GHc66m and personnel cost accounted for about 19% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 15% of operating expense for the period.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, who disclosed this in an exclusive interview with the Daily Graphic, said the banking arm of the group, BEIGE Capital, grew its assets by 46 per cent, from GH¢818 million in 2015 to about GH¢1.2 billion at the close of last year, a significant outturn in the profile of savings and loans companies.

Mr Nyinaku explained that the stellar performance last year had buoyed the company’s optimism even more for the ensuing year. The growth in the business also affected its human resources and processes, with the banking arm alone employing over 2,000 people, while the group made significant investments in preparation of becoming a universal bank, including the deployment of a modern banking software, the T24. “We today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

Mr Nyinaku explained that the company’s success in managing NPLs was due to its unique approach to credit delivery as well as lessons learnt from the challenges encountered in previous years. “We have quite some capacity with the informal sector and also are very careful about the kind of risk we take because we are not a very big bank.”

As of today, BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a Banking, Pensions, Life Insurance, Health Insurance and Asset Management. “Our evolution process which began late last year is still on-going and we hope to be fully done with it by end of this year.

The process looks lengthy but it can only be so as there are a lot of stakeholders – staff, clients and others – all who must all be prodded along to understand what we are doing so they come along with us. “In the end, BEIGE would be that one big firm that provides a variety of financial services solutions to the general public,” the chief executive said.

BEIGE posts impressive 2016 outturn
April 04, 2017. | myjoyonline.com |

BEIGE, the financial services provider, has returned an impressive performance in its portfolio of businesses last year, meeting all of its major targets and expectations.

Besides multiple acquisitions to complement its technical and resource capacity, BEIGE also invested in processes and human capital to strengthen its preparedness for the next phase of the institution’s evolution and operations – offering solutions in five broad financial service areas.

Performance of the banking arm

The banking arm of BEIGE which controls about 30per cent market share out of the 37 savings and loans companies in the country, also posted GH¢19 million in profit before tax, a 77 per cent increase over the figure recorded the previous year.

BEIGE Capital Savings and Loans (BCSL) recorded an interest income of GHc301m, for the year ended December 2016, compared to the GHc172m recorded for the same period last year. This shows an increase of 75%. This was driven by continuous lending in the SME segment as well as continued emphasis on the creation of quality and liquid risk assets. BCSL maintained non-performing loans (NPLs) under 7% of its total loans book of more than GH¢500 million, which is well below the industry average of 17.7 per cent among universal banks.

BCSL’s total operating costs for the period amounted to GHc66mand personnel cost accounted for about 19% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 15% of operating expense for the period.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, who disclosed this in an exclusive interview with the Daily Graphic, said the banking arm of the group, BEIGE Capital, grew its assets by 46 per cent, from GH¢818 million in 2015 to about GH¢1.2 billion at the close of last year, a significant outturn in the profile of savings and loans companies.

Mr Nyinaku explained that the stellar performance last year had buoyed the company’s optimism even more for the ensuing year.

Processes

The growth in the business also affected its human resources and processes, with the banking arm alone employing over 2,000 people, while the group made significant investments in preparation of becoming a universal bank, including the deployment of a modern banking software, the T24.

“We today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

Mr Nyinaku explained that the company’s success in managing NPLs was due to its unique approach to credit delivery as well as lessons learnt from the challenges encountered in previous years. “We have quite some capacity with the informal sector and also are very careful about the kind of risk we take because we are not a very big bank.”

BEIGE evolution

BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a Banking, Pensions, Life Insurance, Health Insurance and Asset Management.

“Our evolution process which began late last year is still on-going and we hope to be fully done with it by end of this year. The process looks lengthy but it can only be so as there are a lot of stakeholders – staff, clients and others – all who must all be prodded along to understand what we are doing so they come along with us. “In the end, BEIGE would be that one big firm that provides a variety of financial services solutions to the general public,” the chief executive said.

BEIGE records impressive out turn in 2016
April 03, 2017. | ghanaweb.com |

BEIGE, the financial services provider, has returned an impressive performance in its portfolio of businesses last year, meeting all of its major targets and expectations.

Besides multiple acquisitions to complement its technical and resource capacity, BEIGE also invested in processes and human capital to strengthen its preparedness for the next phase of the institution’s evolution and operations – offering solutions in five broad financial service areas.

Performance of the banking arm

The banking arm of BEIGE which controls about 30 per cent market share out of the 37 savings and loans companies in the country, also posted GH¢19 million in profit before tax, a 77 per cent increase over the figure recorded the previous year.

BEIGE Capital Savings and Loans (BCSL) recorded an interest income of GHc301m, for the year ended December 2016, compared to the GHc172m recorded for the same period last year. This shows an increase of 75%. This was driven by continuous lending in the SME segment as well as continued emphasis on the creation of quality and liquid risk assets.

BCSL maintained non-performing loans (NPLs) under 7% of its total loans book of more than GH¢500 million, which is well below the industry average of 17.7 per cent among universal banks.

BCSL’s total operating costs for the period amounted to GHc66m and personnel cost accounted for about 19% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 15% of operating expense for the period.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, who disclosed this in an exclusive interview with the Daily Graphic, said the banking arm of the group, BEIGE Capital, grew its assets by 46 per cent, from GH¢818 million in 2015 to about GH¢1.2 billion at the close of last year, a significant outturn in the profile of savings and loans companies.
Mr Nyinaku explained that the stellar performance last year had buoyed the company’s optimism even more for the ensuing year.

Processes

The growth in the business also affected its human resources and processes, with the banking arm alone employing over 2,000 people, while the group made significant investments in preparation of becoming a universal bank, including the deployment of a modern banking software, the T24.

“We today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

Mr Nyinaku explained that the company’s success in managing NPLs was due to its unique approach to credit delivery as well as lessons learnt from the challenges encountered in previous years. “We have quite some capacity with the informal sector and also are very careful about the kind of risk we take because we are not a very big bank.”

BEIGE evolution

As of today, BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a Banking, Pensions, Life Insurance, Health Insurance and Asset Management.

“Our evolution process which began late last year is still on-going and we hope to be fully done with it by end of this year. The process looks lengthy but it can only be so as there are a lot of stakeholders – staff, clients and others – all who must all be prodded along to understand what we are doing so they come along with us.

“In the end, BEIGE would be that one big firm that provides a variety of financial services solutions to the general public,” the chief executive said.

BEIGE posts impressive earning results in 2016
April 03, 2017. | ghananewsagency.org |

Accra, April 3, GNA – BEIGE, the financial services provider, has returned an impressive performance in 2016, meeting all of its major targets and expectations.

The banking arm of BEIGE, which controls about 30 per cent market share, in the savings and loans sector posted GH¢19 million in profit before tax, a jump of 77 per cent over the earnings in 2015.

BEIGE Capital Savings and Loans (BCSL) recorded an interest income of GH¢301 million, for the year ended December 2016, compared to the GH¢172 million recorded for the same period last year, an increase of 75 per cent.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku said the banking arm of the group, BEIGE Capital, grew its assets by 46 per cent, from GH¢818 million in 2015 to about GH¢1.2 billion at the close of last year, a significant result in the profile of savings and loans companies.

The earnings were driven by continuous lending to the SME sector and the creation of quality and liquid risk assets.

BCSL maintained non-performing loans (NPLs) under seven per cent of its total loan book of more than GH¢500 million, which is well below the industry average of 17.7 per cent.

BCSL’s total operating costs for the period amounted to GH¢66 million and personnel cost accounted for about 19 per cent of this.

Mr Nyinaku explained that the stellar performance in 2016 had buoyed the company’s optimism even more for the ensuing year.

Other core operating costs, including ICT, energy and equipment maintenance also made up about 15 per cent of operating expense for the period.

The growth in the business also affected its human resources and processes, with the banking arm alone employing over 2,000 people, while the group made significant investments in preparation of becoming a universal bank, including the deployment of modern banking software, the T24.

“We today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

Mr Nyinaku explained that the company’s success in managing NPLs was due to its unique approach to credit delivery as well as lessons learnt from the challenges encountered in previous years. “We have quite some capacity with the informal sector and also are very careful about the kind of risk we take because we are not a very big bank.”

As of today, BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a Banking, Pensions, Life Insurance, Health Insurance and Asset Management.

BEIGE records impressive outturn in 2016
April 03, 2017. | graphic.com.gh |

BEIGE, financial services providers, has returned an impressive performance in its portfolio of businesses last year, meeting all of its major targets and expectations.

Banking arm

The banking arm of BEIGE, which controls about 30 per cent market share out of the 37 savings and loans companies in the country, posted GH¢19 million in profit before tax, a 77 per cent increase over the figure recorded the previous year.

BEIGE Capital Savings and Loans (BCSL) also recorded interest income of GH¢301 million for the year ended December 2016, compared to the GH¢172 million recorded last year, again an increase of 75 per cent.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, who disclosed this in an exclusive interview with the Daily Graphic, said the feat was driven by continuous lending in the small and medium enterprises (SMEs) segment, as well as continued emphasis on creating quality and liquid assets.

“BCSL maintained nonperforming loans (NPLs) under seven per cent of its total loans book of more than GH¢500 million,” he explained. The figure is well below the universal banking industry average of 17.7 per cent.

BCSL’s total operating costs for the period amounted to GH¢66 million, with personnel cost accounting for about 19 per cent. Other core operating costs included Information and Communication Technology (ICT), energy and maintenance.

Mr Nyinaku said BEIGE Capital also grew its assets by about 46 per cent from GH¢818 million in 2015 to about GH¢1.12 billion at the close of last year, a significant outturn in the profile of savings and loans companies.

He explained that the stellar performance last year had buoyed the company’s optimism even more for the ensuing year.

Processes

The growth in the business also impacted its human resources and processes, with the banking arm alone employing over 2,000 people.

The group also made significant investments in preparation of becoming a universal bank, including the deployment of a modern banking software, the Temenos 24.

“We, today sit at a position that makes us a stronger institution than we ever had been since our inception, thanks to our consistent approach to marketing and business development,” the Group CEO said.

BEIGE evolution

As of today, BEIGE has evolved from being a single savings and loans company into a multi-layered financial services provider with a banking, pensions, life insurance, health insurance and asset management.

“Our evolution process which began late last year is still ongoing and we hope to be fully done with it by the end of this year. The process looks lengthy but it can only be so as there are a lot of stakeholders – staff, clients and others – all who must all be prodded along to understand what we are doing so they come along with us.

 

“In the end, BEIGE would be that one big firm that provides a variety of financial services solutions to the general public,” the chief executive said.

Identify Business Opportunities In Budget – Mike Nyinaku
March 31, 2017. | dailyguideafrica.com |

Mike Nyinaku, Chief Executive Officer (CEO) of The BEIGE Group (TBG), a financial services provider, has called on entrepreneurs to take advantage of opportunities in this year’s budget.

Mr. Nyinaku expressed confidence that the 2017 financial plan can help businesses to thrive.

The CEO, who founded The BEIGE Group, one of the leading financial institutions in the country in 2008, said the 2017 budget would motivate entrepreneurs.

According to him, 2017 would be a foundation building year towards the long-term growth and development of the country, adding, “This is a crazy but ambitious way to go as a country. The Entrepreneur Man of the year for 2016 hinted that there is opportunity for everyone in the budget.

There is also the need to continuously explore ways of expanding the economy to propel more Ghanaian businesses to become global champions, as well as help lift the majority of the population above poverty.

Touching on the success story of The BEIGE Group, which has subsidiaries in banking, pensions, insurance and investment, Mr Nyinaku said his outfit has been able to adapt and customise international credit delivery approaches to suit the unique circumstances of Ghana’s formal and informal sectors.

He expressed the willingness of BEIGE to partner other stakeholders on any potential partnership that would inure to the benefit of the economy.

Dubbed ‘Sowing the seeds for growth and jobs,’ the 2017 Budget, which was delivered earlier this month, among others, seeks to abolish the 1 percent Special Import Levy,  17.5 percent VAT/NHIL on financial services and 17.5 percent VAT/NHIL on selected imported medicines that are not produced locally.

Other initiatives, which are expected to boost entrepreneurship, include ‘One Village One Dam’ policy targeting small to medium-scale irrigation schemes to be identified and rehabilitated, while the “One District One Factory” initiative would also be implemented to ensure an even spatial spread of industries.

Mr. Nyinaku advised Ghanaians to rise up to the occasion by creating enduring ideas that can become business giants in the near future.

TBG’s evolution, when completed, will see every BEIGE office become a one-stop shop for banking, pensions, insurance and investment products and solutions.

BEIGE boss makes strong case for local banks
March 30, 2017. | 3news.com|

Mike Nyinaku

Despite the raging debate as to the fact that there are too many banks in the country, Mike Nyinaku, the Chief Executive Officer of The BEIGE Group, is cautioning that the debate must be put into proper context.

Mr. Nyinaku, whose BEIGE Group is in the final stages of acquiring a universal banking license from the regulator opines that comparing developments in Nigeria and South Africa, banking evolution will not suffice as a justification as each of these countries are at different stages in their development.
Nigeria was just like Ghana, with about 80 financial institutions chasing after the same piece of pie, until a little over a decade ago, its Central Bank took the drastic measure of increasing the minimum capital requirement of banks by more than 1,000percent, with a very short grace period for the requirement to be met.
Ghana’s banking sector is dominated by the foreign and African owned banks from the United Kingdom, France, South Africa as well as Nigeria with the local players lagging behind in terms of capacity. Ghana with a population of 26 million people and a Gross Domestic Product (GDP) of almost $35 billion has universal bank tally of 35 whereas South Africa, a nation of 55 million inhabitants, with a GDP of close to $400 billion, has universal bank tally of less than 20.
Nigeria is a nation of almost 200 million inhabitants, with a GDP in excess of $500 billion, but with a universal bank tally of less than 25. Already, the central bank has categorically stated that increment in stated capital is to strengthen banks and make them ready to compete with global players and not to force mergers and acquisitions in the industry, although it would welcome such moves.
But according to Mr. Nyinaku, what happened in Nigeria is that there were more local banks than foreign banks at the time so it was the local ones that came together. Simply said, a couple of small indigenous banks merged to form big indigenous banks.
“In Ghana the situation is different. 17 or so out of the 34 or so fully licensed banks are of foreign origin. These banks are mere off-shore branches of their parent banks and by all standards rely heavily on the balance sheets of their parent institutions to support their undertakings. They have enormous capacity to raise equity hence – from their parents – thus are not threatened by any potential abnormal increases in minimum stated capital requirements. Having said that, considering that these banks are only branches or subsidiaries of bigger off-shore banks, they are not likely candidates for any possible mergers even if need be as such decisions must be taken at the parent level.
“What this means is even if some local banks are to consider a merger – which is ok, Ghana would be left with possibly about 24 banks, 17 of whom are foreign. Do you understand the implication of that? Foreign dominance in this sector would have been pushed to a level beyond its already alarming state. If there was room for there to be only about 25 banks in the country, half of which are foreign, that would be perfect condition at the least. Nigeria has about 26 banks, about 10 of which are of local origin. That’s a clear case of regulation designed and enforced with the ultimate aim in the interest of nation building.
The BEIGE Evolution The BEIGE Group, hich performed creditably well last year, has been in the market doing some acquisitions which Mr. Nyinaku says will make it possible for the firm to deliver an integrated service and improved value to clients.
“The acquisition of a Universal banking license provides a perfect complement to the other services BEIGE Offers thus making BEIGE the one-stop shop for financial services,” he said.

Beyond the bank consolidation talks…there must be a stronger local content perspective
March 28, 2017. | thebftonline.com |

Despite the raging debate as to the fact that there are too many banks in the country, Mr. Mike Nyinaku, the Chief Executive Officer of The BEIGE Group (TBG) is cautioning that the debate must be put into proper context.

Mr. Nyinaku, whose BEIGE Group is in the final stages of acquiring a universal banking license from the regulator opines that comparing developments in Nigeria and South Africa, banking evolution will not suffice for us as a justification as each of these countries are at different stages in their development.

Nigeria was just like Ghana, with about 80 financial institutions chasing after the same piece of pie, until a little over a decade ago, its Central Bank took the drastic measure of increasing the minimum capital requirement of banks by more than 1,000percent, with a very short grace period for the requirement to be met.

Ghana’s banking sector is dominated by the foreign and African owned banks from the United Kingdom, France, South Africa, Nigeria and other parts of the continent, with the local players lagging behind in terms of capacity.

Ghana with a population of 26million people and a Gross Domestic Product (GDP) of almost US$35billion has universal bank tally of 35 whereas South Africa, a nation of 55million inhabitants, with a GDP of close to US$400billion, has universal bank tally of less than 20.

Next door Nigeria is a nation of almost 200million inhabitants, with a GDP in excess of US$500billion, but with a universal bank tally of less than 25.

The big question: what should the Bank of Ghana do to make banks stronger and allow them finance big ticket transactions and mega infrastructure projects while making room for dominant local players?

Already, the central bank has categorically stated that increment in stated capital is to strengthen banks and make them ready to compete with global players and not to force mergers and acquisitions in the industry, although it would welcome such moves.

Mike’s opinion

But according to Mr. Nyinaku, what happened in Nigeria is that there were more local banks than foreign banks at the time so it was the local ones that came together.  Simply said, a couple of small indigenous banks merged to form big indigenous banks.

“In Ghana the situation is different. 17 or so out of the 34 or so fully licensed banks are of foreign origin. These banks are mere off-shore branches of their parent banks and by all standards rely heavily on the balance sheets of their parent institutions to support their undertakings. They have enormous capacity to raise equity hence – from their parents-  thus are not threatened by any potential abnormal increases in minimum stated capital requirements. Having said that, considering that these banks are only branches or subsidiaries of bigger off-shore banks, they are not likely candidates for any possible mergers even if need be as such decisions must be taken at the parent level.

“What this means is even if some local banks are to consider a merger – which is ok, Ghana would be left with possibly about 24 banks, 17 of whom are foreign. Do you understand the implication of that? Foreign dominance in this sector would have been pushed to a level beyond its already alarming state. If there was room for there to be only about 25 banks in the country, half of which are foreign, that would be perfect condition at the least.  Nigeria, has about 26 banks, about 10 of which are of local origin. That’s a clear case of regulation designed and enforced with the ultimate aim in the interest of nation building.

The BEIGE Evolution

The BEIGE Group which performed creditably well last year has been in the market doing some acquisitions which Mr. Nyinaku says will make it possible for the firm to deliver an integrated service and improved value to clients. “The acquisition of a Universal banking license provides a perfect complement to the other services BEIGE Offers thus making BEIGE the one-stop shop for financial services,” he said.

– See more at: http://thebftonline.com/business/banking-finance/23655/beyond-the-bank-consolidation-talksthere-must-be-a-stronger-local-content-perspective.html#sthash.5PosBAqf.dpuf

Debate on too many banks must be measured- BEIGE Group
March 27, 2017. | citifmonline.com |

Despite the raging debate as to the fact that there are too many banks in the country,Mr. Mike Nyinaku,the Chief Executive Officer of The BEIGE Group (TBG) is cautioning that the debate must be put into proper context.

Mr. Nyinaku,whose BEIGE Group is in the final stages of acquiring a universal banking license from the regulator opines that comparing developments in Nigeria and South Africa,banking evolution will not suffice for us as a justification as each of these countries are at different stages in their development.

Nigeria was just like Ghana, with about 80 financial institutions chasing after the same piece of pie, until a little over a decade ago, its Central Bank took the drastic measure of increasing the minimum capital requirement of banks by more than 1,000percent, with a very short grace period for the requirement to be met.

Ghana’s banking sector is dominated by the foreign and African owned banks from the United Kingdom, France, South Africa, Nigeria and other parts of the continent, with the local players lagging behind in terms of capacity.

Ghana with a population of 26million people and a Gross Domestic Product (GDP) of almost US$35billion has universal bank tally of 35 whereas South Africa, a nation of 55million inhabitants, with a GDP of close to US$400billion, has universal bank tally of less than 20.

Next door Nigeria is a nation of almost 200million inhabitants, with a GDP in excess of US$500billion, but with a universal bank tally of less than 25.

The big question: what should the Bank of Ghana do to make banks stronger and allow them finance big ticket transactions and mega infrastructure projects while making room for dominant local players?

Already, the central bank has categorically stated that increment in stated capital is to strengthen banks and make them ready to compete with global players and not to force mergers and acquisitions in the industry, although it would welcome such moves.

Mike’s opinion

But according to Mr. Nyinaku, what happened in Nigeria is that there were more local banks than foreign banks at the time so it was the local ones thatcame together.  Simply said, a couple of small indigenous banks merged to form big indigenous banks.

“In Ghana the situation is different. 17 or so out of the 34 or so fully licensed banks are of foreign origin. These banks are mere off-shore branches of their parent banks and by all standards rely heavily on the balance sheets of their parent institutions to support their undertakings. They have enormous capacity to raise equity hence – from their parents-  thus are not threatened by any potential abnormal increases in minimum stated capital requirements. Having said that, considering that these banks are only branches or subsidiaries of bigger off-shore banks, they are not likely candidates for any possible mergers even if need be as such decisions must be taken at the parent level.

“What this means is even if some local banks are to consider a merger – which is ok, Ghana would be left with possibly about 24 banks, 17 of whom are foreign. Do you understand the implication of that? Foreign dominance in this sector would have been pushed to a level beyond its already alarming state. If there was room for there to be only about 25 banks in the country, half of which are foreign, that would be perfect condition at the least.  Nigeria, has about 26 banks, about 10 of which are of local origin. That’s a clear case of regulation designed and enforced with the ultimate aim in the interest of nation building.

The BEIGE Evolution

The BEIGE Group which performed creditably well last year has been in the market doing some acquisitions which Mr. Nyinaku says will make it possible for the firm to deliver an integrated service and improved value to clients. “The acquisition of a Universal banking license provides a perfect complement to the other services BEIGE Offers thus making BEIGE the one-stop shop for financial services,” he said.

BEIGE Group CEO urges caution with moves to consolidate banks
March 27, 2017. | myjoyonline.com|

Despite the raging debate that there are too many banks in the country, Mike Nyinaku, the Chief Executive Officer of The BEIGE Group (TBG) is cautioning that the debate must be put into proper context.

Mr. Nyinaku, whose BEIGE Group is in the final stages of acquiring a universal banking license from the regulator, opines that comparing developments in Nigeria and South Africa banking industry with Ghana’s will not suffice as a justification since the two countries are at different stages of their development.

Nigeria was just like Ghana, with about 80 financial institutions chasing after the same piece of pie, until a little over a decade ago, its Central Bank took the drastic measure of increasing the minimum capital requirement of banks by more than 1,000percent, with a very short grace period for the requirement to be met.

Ghana’s banking sector is dominated by the foreign and African-owned banks from the United Kingdom, France, South Africa, Nigeria and other parts of the continent, with the local players lagging behind in terms of capacity.

Ghana with a population of 26 million people and a Gross Domestic Product (GDP) of almost US$35billion has universal bank tally of 35 whereas South Africa, a nation of 55 million inhabitants, with a GDP of close to $400 billion, has universal bank tally of less than 20.

Next door Nigeria is a nation of almost 200 million inhabitants, with a GDP in excess of $500 billion, but with a universal bank tally of less than 25.

The big question: what should the Bank of Ghana do to make banks stronger and allow them to finance big-ticket transactions and mega infrastructure projects while making room for dominant local players?

Already, the central bank has categorically stated that increment in stated capital is to strengthen banks and make them ready to compete with global players and not to force mergers and acquisitions in the industry, although it would welcome such moves.

Beyond the bank consolidation talks; there must be a stronger local content perspective
March 27, 2017. | ghanaweb.com |

Despite the raging debate as to the fact that there are too many banks in the country, Mr. Mike Nyinaku, the Chief Executive Officer of The BEIGE Group (TBG) is cautioning that the debate must be put into proper context.

Mr. Nyinaku, whose BEIGE Group is in the final stages of acquiring a universal banking license from the regulator opines that comparing developments in Nigeria and South Africa, banking evolution will not suffice for us as a justification as each of these countries are at different stages in their development.

Nigeria was just like Ghana, with about 80 financial institutions chasing after the same piece of pie, until a little over a decade ago, its Central Bank took the drastic measure of increasing the minimum capital requirement of banks by more than 1,000percent, with a very short grace period for the requirement to be met.

Ghana’s banking sector is dominated by the foreign and African owned banks from the United Kingdom, France, South Africa, Nigeria and other parts of the continent, with the local players lagging behind in terms of capacity.

Ghana with a population of 26million people and a Gross Domestic Product (GDP) of almost US$35billion has universal bank tally of 35 whereas South Africa, a nation of 55million inhabitants, with a GDP of close to US$400billion, has universal bank tally of less than 20.

Next door Nigeria is a nation of almost 200million inhabitants, with a GDP in excess of US$500billion, but with a universal bank tally of less than 25.
The big question: what should the Bank of Ghana do to make banks stronger and allow them finance big ticket transactions and mega infrastructure projects while making room for dominant local players?

Already, the central bank has categorically stated that increment in stated capital is to strengthen banks and make them ready to compete with global players and not to force mergers and acquisitions in the industry, although it would welcome such moves.

Mike’s opinion

But according to Mr. Nyinaku, what happened in Nigeria is that there were more local banks than foreign banks at the time so it was the local ones that came together. Simply said, a couple of small indigenous banks merged to form big indigenous banks.

“In Ghana the situation is different. 17 or so out of the 34 or so fully licensed banks are of foreign origin. These banks are mere off-shore branches of their parent banks and by all standards rely heavily on the balance sheets of their parent institutions to support their undertakings. They have enormous capacity to raise equity hence – from their parents- thus are not threatened by any potential abnormal increases in minimum stated capital requirements.

Having said that, considering that these banks are only branches or subsidiaries of bigger off-shore banks, they are not likely candidates for any possible mergers even if need be as such decisions must be taken at the parent level.

“What this means is even if some local banks are to consider a merger – which is ok, Ghana would be left with possibly about 24 banks, 17 of whom are foreign. Do you understand the implication of that? Foreign dominance in this sector would have been pushed to a level beyond its already alarming state. If there was room for there to be only about 25 banks in the country, half of which are foreign, that would be perfect condition at the least. Nigeria, has about 26 banks, about 10 of which are of local origin. That’s a clear case of regulation designed and enforced with the ultimate aim in the interest of nation building.

The BEIGE Evolution

The BEIGE Group which performed creditably well last year has been in the market doing some acquisitions which Mr. Nyinaku says will make it possible for the firm to deliver an integrated service and improved value to clients. “The acquisition of a Universal banking license provides a perfect complement to the other services BEIGE Offers thus making BEIGE the one-stop shop for financial services,” he said.

BEIGE Academy participates in UG Career Fair
March 24, 2017. | beigeacademy.com|

The BEIGE Academy, the talent development arm of The BEIGE Foundation, has signed up graduates from University of Ghana, Legon to offer them training opportunities. The Academy too advantage of the opportunity offered by the country’s premier university, UG , Legon through its Career and Counselling center, which aims to assist students in formulating and achieving personal, academic and professional goals.

The weeklong celebration, which took place in February and themed, “Own our

Career; Don’t Dream, Be it” was designed to create an informal platform to allow interactions between employers and potential employees. At the end of the three days interaction with

representatives of Academy, an estimated number of 200 continuing students signed up for the BEIGE Discovery Program. These graduates will be duly informed on the schedules of training through their email addresses, contact numbers and text messages.

BEIGE boss calls on entrepreneurs to take advantage of 2017 budget
March 23, 2017. | 3news.com|
Chief Executive Officer of The BEIGE Group (TBG) Mike Nyinaku has called on entrepreneurs to take advantage of opportunities in this year’s budget. Mr. Nyinaku expressed confidence that the 2017 financial plan can lay the platform for business ideas to thrive, since one of its core focus is to provide an enabling environment for business growth and job creation.
The BEIGE Group founder described the 2017 budget as bold and a wake-up call for entrepreneurs. According him, 2017 will be a foundation building year towards the long-term growth and development of the country, adding: “This is a crazy but ambitious way to go as a country”. The Entrepreneur Man of the year for 2016 hinted that there is opportunity for everyone in the budget.
There is also the need to continuously explore ways of expanding the economy to propel more Ghanaian businesses to become global champions as well as to help lift a majority of the population above poverty.
Touching on the success story of The BEIGE Group, which now has subsidiaries in Banking, Pensions, Insurance and Investment, Mike Nyinaku said his institution has been able to adapt and customise international credit delivery approaches to suit the unique circumstances of Ghana’s formal and informal sectors.
He expressed the willingness of BEIGE to partner other stakeholders on any potential partnership that will inure to the benefit of the economy. The 2017 Budget, which was delivered on March 2, among other things, seeks to abolish the 1 per cent Special Import Levy, the 17.5 per cent VAT/NHIL on financial services, and 17.5 per cent VAT/NHIL on selected imported medicines that are not produced locally.
Other initiatives which are expected to stimulate the entrepreneurship landscape include “One Village One Dam” campaign, targeting small to medium scale irrigation schemes to be identified and rehabilitated, whilst a “One District One Factory” initiative will also be implemented to ensure an even spatial spread of industries.

On the back of what Mr. Nyinaku described as a ‘milestone’ budget, he advised that Ghanaians must rise up to the occasion by creating enduring ideas that can become business giants in the near future.

Budget: a wakeup call to entrepreneurs – Mike Nyinaku
March 23, 2017. | thebftonline.com |

Mike Nyinaku, Chief Executive Officer of The BEIGE Group (TBG), a financial services provider, has called on entrepreneurs to take advantage of opportunities in this year’s budget.

Mr. Nyinaku expressed confidence that the 2017 financial plan can lay the platform for business ideas to thrive, since one of its core focus is to provide an enabling environment for business growth and job creation.

Mike, who founded The BEIGE Group, one of the leading financial institutions in the country in 2008, described the 2017 budget as bold, and a wake-up call for entrepreneurs.

According him, 2017 will be a foundation building year towards the long-term growth and development of the country, adding: “This is a crazy but ambitious way to go as a country. The Entrepreneur Man of the year for 2016 hinted that there is opportunity for everyone in the budget.

There is also the need to continuously explore ways of expanding the economy to propel more Ghanaian businesses to become global champions as well as to help lift a majority of the population above poverty.

Touching on the success story of The BEIGE Group, which now has subsidiaries in Banking, Pensions, Insurance and Investment, Mike Nyinaku said his institution has been able to adapt and customise international credit delivery approaches to suit the unique circumstances of Ghana’s formal and informal sectors.

He expressed the willingness of BEIGE to partner other stakeholders on any potential partnership that will inure to the benefit of the economy.

Dubbed “Sowing the seeds for growth and jobs,” the 2017 Budget, which was delivered earlier this month, among other things, seeks to abolish; the 1 percent Special Import Levy, the 17.5 percent VAT/NHIL on financial services, and 17.5 percent VAT/NHIL on selected imported medicines that are not produced locally.

Other initiatives which are expected to stimulate the entrepreneurship landscape include, to embark on “One Village One Dam” campaign, targeting small to medium scale irrigation schemes to be identified and rehabilitated, whilst a “One District One Factory” initiative will also be implemented to ensure an even spatial spread of industries.

On the back of what Mr. Nyinaku described as a ‘milestone’ budget, he advised that Ghanaians must rise up to the occasion by creating enduring ideas that can become business giants in the near future.

TBG’s evolution, when completed, will see every BEIGE office become a one-stop shop for Banking, Pensions, Insurance and Investment products and solutions.

2017 Budget is wake-up call for entrepreneurs – Mike Nyinaku
March 23, 2017. | myjoyonline.com |

Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, has called on entrepreneurs to take advantage of opportunities in this year’s budget.

Mr Nyinaku expressed confidence that the 2017 financial plan can lay the platform for business ideas to thrive since one of its core focus is to provide an enabling environment for business growth and job creation.

Mike, who founded The BEIGE Group, one of the leading financial institutions in the country in 2008, described the 2017 budget as bold, and a wake-up call for entrepreneurs.

According to him, 2017 will be a foundation building year towards the long-term growth and development of the country, adding: “This is a crazy but ambitious way to go as a country. The Entrepreneur Man of the year for 2016 hinted that there is an opportunity for everyone in the budget.

There is also the need to continuously explore ways of expanding the economy to propel more Ghanaian businesses to become global champions as well as to help lift a majority of the population above poverty.

Touching on the success story of The BEIGE Group, which now has subsidiaries in Banking, Pensions, Insurance and Investment, Mike Nyinaku said his institution has been able to adapt and customise international credit delivery approaches to suit the unique circumstances of Ghana’s formal and informal sectors.

He expressed the willingness of BEIGE to partner other stakeholders on any potential partnership that will inure to the benefit of the economy.

Dubbed “Sowing the seeds for growth and jobs,”the 2017 Budget, which was delivered earlier this month, among other things, seeks to abolish; the 1 percentSpecial Import Levy, the 17.5 percent VAT/NHIL on financial services, and 17.5 percent VAT/NHIL on selected imported medicines that are not produced locally.

Other initiatives which are expected to stimulate the entrepreneurship landscape include, to embark on “One Village One Dam” campaign, targeting small to medium scale irrigation schemes to be identified and rehabilitated, whilst a “One District One Factory” initiative will also be implemented to ensure an even spatial spread of industries.

On the back of what Mr Nyinaku described as a ‘milestone’ budget, he advised that Ghanaians must rise up to the occasion by creating enduring ideas that can become business giants in the near future.

TBG’s evolution, when completed, will see every BEIGE office become a one-stop shop for Banking, Pensions, Insurance and Investment products and solutions.

BEIGE supports Ghana @ 60 with GHS 60,000
March 15, 2017. | myjoyonline.com |

The BEIGE Group, a financial services provider has presented a cheque for GHS60,000.00 to the Ghana @ 60 Planning Committee.

The donation is targeted at supporting the plethora of activities lined up for the yearlong celebration.

Presenting the cheque on behalf of The BEIGE Group, Mr. Charles Odonkor, the Deputy Managing Director of BEIGE Capital Savings and Loans, one of the subsidiaries of The BEIGE Group, lauded calls by the government to corporate Ghana to support the 60th Independence Celebration activities. Thus, the company felt the need to contribute its quota towards the Diamond Jubilee activities as a worthy gesture.

“We are more than happy to contribute our quota towards this important landmark of ours. The nation’s success is our success, thus contributing towards such an agenda is in the right direction. We are therefore prepared to support the government in mobilising for Ghana’s future,” he said.

He added that BEIGE is a Ghanaian owned company and it will not hesitate to support the celebration of such an important milestone in the history of the country.

Receiving the cheque, the Chairman of the Ghana 60 years on Planning Committee, Mr. Ken Amankwah commended BEIGE for its magnanimous contribution and show of patriotism.

Mr. Amankwah called on other corporate bodies to emulate the example of BEIGE to enable the committee to achieve the goals set for the year-long activities.

The BEIGE Group is a financial services provider with business interest in Banking, Pensions, Insurance and Investment.

BEIGE supports Ghana @ 60 with GHȼ60,000.00
March 14, 2017. | ghananewsagency.org |

Accra, March 14, GNA – The BEIGE Group, a financial services provider, has presented a cheque for GHȼ60, 000.00 to the Ghana @ 60 Planning Committee.

The donation is targeted at supporting the plethora of activities lined up for the yearlong celebration.

Presenting the cheque on behalf of The BEIGE Group, Mr. Charles Odonkor, the Deputy Managing Director of BEIGE Capital Savings and Loans, one of the subsidiaries of The BEIGE Group, lauded calls by the government to corporate Ghana to support the 60th Independence Celebration activities.

Thus, the company felt the need to contribute its quota towards the Diamond Jubilee activities as a worthy gesture.

“We are more than happy to contribute our quota towards this important landmark of ours. The nation’s success is our success, thus contributing towards such an agenda is in the right direction. We are therefore prepared to support government in mobilising for Ghana’s future,” he said.

He said BEIGE is a Ghanaian owned company and it would not hesitate to support the celebration of such an important milestone in the history of the country.

Receiving the cheque, the Chairman of the Ghana@ 60 Planning Committee, Mr. Ken Amankwah, commended BEIGE for its magnanimous contribution and show of patriotism.

He called on other corporate bodies to emulate the example of BEIGE to enable the Committee to achieve the goals set for the year-long activities.

The BEIGE Group is a financial services provider with business interest in Banking, Pensions, Insurance and Investment.

Ghana@60 c’tee receives GH¢60k from BEIGE
March 14, 2017. | 3news.com |
The BEIGE Group, a financial services provider, has presented a cheque for GH¢60,000 to the Ghana, 60 Years On Planning Committee. The donation is targeted at supporting the plethora of activities lined up for the yearlong celebration.
Presenting the cheque on behalf of The BEIGE Group, Charles Odonkor, the Deputy Managing Director of BEIGE Capital Savings and Loans, one of the subsidiaries of The BEIGE Group, lauded calls by the government to corporate Ghana to support the 60th Independence Celebration activities. Thus, the company felt the need to contribute its quota towards the Diamond Jubilee activities as a worthy gesture.
“We are more than happy to contribute our quota towards this important landmark of ours. The nation’s success is our success, thus contributing towards such an agenda is in the right direction. We are therefore prepared to support government in mobilising for Ghana’s future,” he said.
He added that BEIGE is a Ghanaian owned company and it will not hesitate to support the celebration of such an important milestone in the history of the country.
Receiving the cheque, the Chairman of the Ghana 60 years on Planning Committee, Ken Amankwah commended BEIGE for its magnanimous contribution and show of patriotism. Mr. Amankwah called on other corporate bodies to emulate the example of BEIGE to enable the committee to achieve the goals set for the year-long activities.
The BEIGE Group is a financial services provider with business interest in Banking, Pensions, Insurance and Investment.

BEIGE ventures into health
March 14, 2017. | graphic.com.gh|

The BEIGE Group (TBG), a financial services provider, has ventured into the provision of health insurance services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed private health insurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and that involved a one-year business transformation plan which included an injection of new capital.

Empire Mutual Health offers health insurance policies for corporate bodies and individuals.It started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015.It is licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Mike Nyinaku, CEO of TBG explained that the acquisition of Empire Mutual Health was an essential compliment to the platform TBG is building.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” Mike said.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE supports Ghana @ 60 with GHS 60,000
March 14, 2017. | ghanaweb.com |

The BEIGE Group, a financial services provider has presented a cheque for GHS60,000.00 to the Ghana @ 60 Planning Committee. The donation is targeted at supporting the plethora of activities lined up for the yearlong celebration.

Presenting the cheque on behalf of The BEIGE Group, Mr. Charles Odonkor, the Deputy Managing Director of BEIGE Capital Savings and Loans, one of the subsidiaries of The BEIGE Group, lauded calls by the government to corporate Ghana to support the 60th Independence Celebration activities. Thus, the company felt the need to contribute its quota towards the Diamond Jubilee activities as a worthy gesture.

“We are more than happy to contribute our quota towards this important landmark of ours. The nation’s success is our success, thus contributing towards such an agenda is in the right direction. We are therefore prepared to support government in mobilising for Ghana’s future,” he said.

He added that BEIGE is a Ghanaian owned company and it will not hesitate to support the celebration of such an important milestone in the history of the country.

Receiving the cheque, the Chairman of the Ghana 60 years on Planning Committee, Mr. Ken Amankwah commended BEIGE for its magnanimous contribution and show of patriotism.

Mr. Amankwah called on other corporate bodies to emulate the example of BEIGE to enable the committee to achieve the goals set for the year-long activities.

The BEIGE Group is a financial services provider with business interest in Banking, Pensions, Insurance and Investment.

BEIGE ventures into Health Insurance
March 10, 2017. | ghanaewsagency.org |

Accra, March 10, GNA – The BEIGE Group (TBG), a financial services provider, has ventured into the provision of Health Insurance Services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana.

The transaction has been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.

Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals.

Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015.

It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.

Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Mike Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services.

“We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running,” Mr Nyinaku said.

Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE acquires Empire Mutual Health Insurance
March 10, 2017. | thebftonline.com |

The BEIGE Group (TBG), a financial services provider, has ventured into the provision of Health Insurance Services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.

Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals. Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015.

It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.

Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” Mike said.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE Capital & JETHRO Ltd Celebrate Successful Temenos T24 R15 Implementation
March 09, 2017. | thebftonline.com |

February 6th 2017 will go down in the history of BEIGE Capital Savings and Loans (BCSL) as a day to be remembered, a remarkable day indeed as the bank opened its doors to its customers offering their services on the new banking platform running Temenos T24 Release 15. This feat is by no small means significant considering the huge investment in terms of time, money and other resources to make this achievement one to celebrate.

It is no hidden fact in the financial sector that implementing a new core banking platform is easily the most challenging endeavor a bank can embark upon. The decisions that led to this successful implementation started a long time ago and that decision was followed by several carefully made decisions culminating in the choice of the Temenos partner to carry out the implementation.

This was no small task, as so many factors had to be considered like sector expertise, culture of the partner organization, core value synergy and most of all referenceable track record of successful implementations not only in West Africa but in other jurisdictions. After several months of careful deliberations, the Board of the Bank made the decision to appoint JETHRO Ltd (a reputable Temenos Partner) to implement Temenos T24 R15 across the bank.

As part of the value add, The management of JETHRO had sent a strong team to advice the bank offering several best practice advices and followed this up with a report which in essence put the initial roadmap in place ahead of the project kickoff.

Once the project kicked off, JETHRO had the full support of The Management of BEIGE Capital Savings and Loans (BCSL).  The support was of immense value to the project making it possible to overcome the challenges that are typical of a project of this magnitude.

The CEO Mr. Mike Nyinaku despite his busy schedule was on hand to attend to the Team led by JETHRO CEO Mr. Aderemi Babatunde when he visited the Bank to ensure the project was going on smoothly.

The BCSL project team led by Mr. Dawda were outstanding through their commitment, devotion and expertise and contributed immensely to the success story we share today.

BEIGE ventures into health insurance
March 09, 2017. | 3news.com |
The BEIGE Group (TBG), a financial services provider, has ventured into the provision of health insurance services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana. The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.
Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals. Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015. It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.
Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.
Commenting on the acquisition, Chief Executive Officer of TBG Mike Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building. “We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he said.
TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE ventures into health insurance
,March 09, 2017. | ghanaweb.com |

The BEIGE Group (TBG), a financial services provider, has ventured into the provision of Health Insurance Services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.

Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals.

Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015. It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.

Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building. “We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” Mike said.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE ventures into health insurance
March 09, 2017. | myjoyonline.com |

The BEIGE Group (TBG), a financial services provider, has ventured into the provision of Health Insurance Services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.

Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals. Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015. It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.

Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services.

“We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running,” he said.

“Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” Mike added.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE Ventures Into Health Insurance
March 09, 2017. | peacefmonline.com |
The BEIGE Group (TBG), a financial services provider, has ventured into the provision of Health Insurance Services following the acquisition of Empire Mutual Health Insurance (EMH), a licensed health insurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence procedures and involves a one-year business transformation plan including an injection of new capital into EMH.

Empire Mutual Health is an Insurance company that offers quality and comprehensive health insurance policies for corporate bodies and individuals. Empire Mutual Health started its business operations in 2012 until it was acquired by The BEIGE Group in September 2015.

It is committed to the provision of medical care to corporate institutions and family units in Ghana through a network of healthcare service providers.

Empire Mutual Health is a private company registered under the Companies Code of Ghana 1963 Act 179 and licensed by the Private Health Insurance Scheme (PHIS) unit of the National Health Insurance Authority (NHIA) to carry on the business of private commercial health insurance.

Commenting on the acquisition, Mr. Nyinaku explained that the acquisition of Empire Mutual Health is an essential compliment to the platform TBG is building.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Health Insurance Products to the market so we’d hit the ground running.

Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” Mike said.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE Capital system upgrade to boost competitive capacity
February 27, 2017. | 3news.com |
md-photo-1Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24.
This follows BCSL’s announcement in December last year to unveil a transformational core banking software. According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.
The Chief Executive Officer of BEIGE, Mike Nyinaku, explained that the decision to replace the company’s core banking application platform is in line with its medium term direction.
“Our client numbers are growing steadily and we required a more robust and intelligent system that would give us the competitive edge. I believe we have it now,” he said.
He also noted that the new platform would enhance operational efficiencies and improve BCSL’s compliance and risk management functions. “It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.
Customer Assurance
Mr. Nyinaku has assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers can enjoy more of the upgraded service offerings of T24. He commended his IT Team and the support team from the integrator (GS).
“I doff my hat for the team results achieved every step of the project to ensure we go live,” he concluded.
On the word of Mr. Olufemi Muraino, Regional and Country Director of Global Solutions Ltd, the software has proven to be one of the most technically advanced Banking System available since its launch in July 2005.
“Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital.
“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a better position to serve our customers better,” Mr. Nyinaku assured customers.

Source: http://3news.com/beige-capital-system-upgrade-to-boost-competitive-capacity/

BEIGE Capital system upgrade to boost Competitive Capacity
February 27, 2017. | ghananewsagency.org |

Accra, Feb 27, GNA – Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24.

This follows BCSL’s announcement in December last year to unveil a transformational core banking software.

According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.

The CEO of BEIGE Capital, Mr. Mike Nyinaku, explained that the decision to replace the company’s core banking application platform was in line with its medium term direction.

He said: “Our client numbers are growing steadily and we require a more robust and intelligent system that would give us the competitive edge. I believe we have it now.”

He also noted that, the new platform would enhance operational efficiencies and improve BCSL’s compliance and risk management functions.

“It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.

Mr. Nyinaku assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers could enjoy more of the upgraded service offerings of T24.

He commended his IT Team and the support team from the integrator (GS).

“I doff my hat for the team results achieved every step of the project to ensure we go live,” he concluded.

On the word of Mr. Olufemi Muraino, the Regional and Country Director of Global Solutions Ltd, the software has proven to be one of the most technically advanced Banking Systems available since its launch in July 2005.

“Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital,” he added.

“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a position to serve our customers better,” Mr. Mike Nyinaku assured customers.

BEIGE Capital system upgrade to bost competitive capacity
February 23, 2017. | thebftonline.com |

MD Photo 1Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24. This follows BCSL’s announcement in December last year to unveil a transformational core banking software.

According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.

The CEO of BEIGE, Mr. Mike Nyinaku, explained that the decision to replace the company’s core banking application platform is in line with its medium term direction. He said, “our client numbers are growing steadily and we required a more robust and intelligent system that would give us the competitive edge. I believe we have it now.” He also noted that, the new platform would enhance operational efficiencies and improve BCSL’s compliance and risk management functions. “It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.

Customer Assurance

Mr. Nyinaku has assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers can enjoy more of the upgraded service offerings of T24. He commended his IT Team and the support team from the integrator (GS). “I doff my hat for the team results achieved every step of the project to ensure we go live,” he concluded.

On the word of Mr. Olufemi Muraino, Regional and Country Director of Global Solutions Ltd, the software has proven to be one of the most technically advanced Banking System available since its launch in July 2005. “Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital,” he added.

“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a better position to serve our customers better,” Mr. Mike Nyinaku assured customers.

 

 

BEIGE Capital system upgrade to boost Competitive Capacity
February 23, 2017. | ghanaweb.com |

MD Photo 1Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24. This follows BCSL’s announcement in December last year to unveil a transformational core banking software.

According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.

The CEO of BEIGE, Mr. Mike Nyinaku, explained that the decision to replace the company’s core banking application platform is in line with its medium term direction.

He said, “our client numbers are growing steadily and we required a more robust and intelligent system that would give us the competitive edge. I believe we have it now.”

He also noted that, the new platform would enhance operational efficiencies and improve BCSL’s compliance and risk management functions. “It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.

Customer Assurance.

Mr. Nyinaku has assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers can enjoy more of the upgraded service offerings of T24. He commended his IT Team and the support team from the integrator (GS).

“I doff my hat for the team results achieved every step of the project to ensure we go live,” he concluded.

On the word of Mr. Olufemi Muraino, Regional and Country Director of Global Solutions Ltd, the software has proven to be one of the most technically advanced Banking System available since its launch in July 2005.

“Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital,” he added.

“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a better position to serve our customers better,” Mr. Mike Nyinaku assured customers.

BEIGE Capital System Upgrade To Boost Competitive Capacity
February 23, 2017. | peacefmonine.com |

MD Photo 1Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24.

This follows BCSL’s announcement in December last year to unveil a transformational core banking software.

According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.

The CEO of BEIGE, Mr. Mike Nyinaku, explained that the decision to replace the company’s core banking application platform is in line with its medium term direction. He said, “our client numbers are growing steadily and we required a more robust and intelligent system that would give us the competitive edge.

I believe we have it now.” He also noted that, the new platform would enhance operational efficiencies and improve BCSL’s compliance and risk management functions. “It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.

Customer Assurance.

Mr. Nyinaku has assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers can enjoy more of the upgraded service offerings of T24.

He commended his IT Team and the support team from the integrator (GS). “I doff my hat for the team results achieved every step of the project to ensure we go live,” he concluded.

On the word of Mr. Olufemi Muraino, Regional and Country Director of Global Solutions Ltd, the software has proven to be one of the most technically advanced Banking System available since its launch in July 2005.

“Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital,” he added.

“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a better position to serve our customers better,” Mr. Mike Nyinaku assured customers.

BEIGE Capital upgrades system to boost competitive capacity
February 23, 2017. | myjoyonline.com |

MD Photo 1Global Solutions (GS), the regional partner of TEMENOS banking software in West Africa, has confirmed the successful migration of BEIGE Capital Savings and Loans (BCSL) onto the world acclaimed core banking application platform Temenos T24.

This follows BCSL’s announcement in December last year to unveil a transformational core banking software.

According to GS, TEMENOS banking software has emerged as the preferred choice for over 600 premier universal banks in the world, including some very prominent banks in Ghana.

The CEO of BEIGE, Mr. Mike Nyinaku, explained that the decision to replace the company’s core banking application platform is in line with its medium-term direction.

He said, “our client numbers are growing steadily and we required a more robust and intelligent system that would give us the competitive edge. I believe we have it now.”

He also noted that the new platform would enhance operational efficiencies and improve BCSL’scompliance and risk management functions. “It would also provide for us an advanced platform to launch innovative digital banking products and services for our customers,” he added.

Customer Assurance

Mr. Nyinaku has assured customers of BCSL that the few hitches encountered as a result of changes in account numbers, during the migration, would be fixed in a short time so customers can enjoy more of the upgraded service offerings of T24. He commended his IT Team and the support team from the integrator (GS).

“I doff my hat for the team results achieved every step of the project to ensure we go live,” he adds.

Mr. Olufemi Muraino, Regional and Country Director of Global Solutions Ltd, said the software has proven to be one of the most technically advanced Banking System available since its launch in July 2005.

“Temenos T24 is a complete end-to-end banking operation solution, CRM and product lifecycle management software platform, that powers core banking operations. It is highly customizable to meet the peculiar platform operational needs of BEIGE Capital,” he added.

“We are confident about the growth prospects ahead of us and have no doubt that when we’re done with the migration, we would be in a better position to serve our customers better,” Mr. Mike Nyinaku assured customers.

BEIGE Group Acquires U-Life
February 13, 2017. | dailyguide.com |

MD Photo 1The BEIGE Group (TBG), a financial services provider, has announced the successful completion of its acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan, including a growth in U-Life’s capital base.

TBG has already invested a significant majority stake in U-Life and has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.

Impact

U-Life will continue to provide policy administration and claims services.

Customers will also continue to access the company’s full suite of life and casualty products and services. Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG.

Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group to provide a broad range of financial services.

Market position

This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increases the group’s assets under management.

Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan.

Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll out of a variety of insurance products to the market so we’d hit the ground running,” Mr. Nyinaku added.

Unique Life Assurance Company Limited was established in August 2007, and offers life products for the lower to middle-income market.

The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.

 

BEIGE acquires U-Life; settles claims & initiates transformation plan
February 09, 2017. | ghanaweb.com |

MD Photo 1The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base. TBG has already invested a significant majority stake in U-Life and has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.

Immediate impact of the acquisition

U-Life will continue to provide policy administration and claims services. Customers will also continue to access the company’s full suite of life and casualty products and services. Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG. Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group, to provide a broad range of financial services.

The impact on BEIGE

This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increase the group’s assets under management. Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan. Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE’s evolution trajectory

TBG’s evolution has extended its portfolio of businesses from the initial Banking services to Pensions, Insurance and Investments. The company recently acquired two (2) corporate trustee firms as a market entry strategy into Pensions. These moves go to confirm related press statements made earlier by the CEO, Mr. Mike Nyinaku.

Commenting on the acquisition, Mr. Nyinaku explained that the decision to acquire U-Life was a comfortable one as the business has shown promising prospects. “Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we’d hit the ground running,” Mr. Nyinaku said.

Unique Life Assurance Company Limited was established in August 2007 and offers life products for the lower to middle-income market. The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.

Key among the products Unique Life offers are : Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Ahutor Policy, Driver Pa Policy, among others.

BEIGE acquires U-Life….Settles claims & initiates transformation plan –
August 22, 2016. | thebftonline.com |
91122657.295The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana. The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base. TBG has already invested a significant majority stake in U-Life and has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.Immediate impact of the acquisition

U-Life will continue to provide policy administration and claims services. Customers will also continue to access the company’s full suite of life and casualty products and services. Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG. Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group, to provide a broad range of financial services.

The impact on BEIGE

This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increase the group’s assets under management. Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan. Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE’s evolution trajectory

TBG’s evolution has extended its portfolio of businesses from the initial Banking services to Pensions, Insurance and Investments. The company recently acquired two (2) corporate trustee firms as a market entry strategy into Pensions. These moves go to confirm related press statements made earlier by the CEO, Mr. Mike Nyinaku.

Commenting on the acquisition, Mr. Nyinaku explained that the decision to acquire U-Life was a comfortable one as the business has shown promising prospects. “Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we’d hit the ground running” Mr. Nyinaku said.

Unique Life Assurance Company Limited was established in August 2007 and offers life products for the lower to middle-income market. The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.

Key among the products Unique Life offers are; Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Ahutor Policy, Driver Pa Policy, among others.

BEIGE acquires U-Life
February 09, 2017. | 3news.com |
MD Photo 1The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana. The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base.
TBG has already invested a significant majority stake in U-Life and has also paid over GH¢1.3million in claims to ensure that commitments to customers are met on time.
U-Life will continue to provide policy administration and claims services. Customers will also continue to access the company’s full suite of life and casualty products and services. Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG. Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group, to provide a broad range of financial services. This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increase the group’s assets under management. Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan.
Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients. BEIGE’s evolution trajectory TBG’s evolution has extended its portfolio of businesses from the initial Banking services to Pensions, Insurance and Investments. The company recently acquired two corporate trustee firms as a market entry strategy into Pensions. These moves go to confirm related press statements made earlier by the CEO, Mike Nyinaku.
Commenting on the acquisition, Mr. Nyinaku explained that the decision to acquire U-Life was a comfortable one as the business has shown promising prospects. “Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.
“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we’d hit the ground running,” Mr. Nyinaku said. Unique Life Assurance Company Limited was established in August 2007 and offers life products for the lower to middle-income market.
The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi. Key among the products Unique Life offers are : Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Ahutor Policy, Driver Pa Policy, among others.
BEIGE acquires U-Life
February 09, 2017. | myjoyonline.com |

MD Photo 1The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base. TBG has already invested a significant majority stake in U-Life and has also paid over GHC1.3million in claims to ensure that commitments to customers are met on time.

Immediate impact of the acquisition

U-Life will continue to provide policy administration and claims services. Customers will also continue to access the company’s full suite of life and casualty products and services.

Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG.

Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group, to provide a broad range of financial services.

The impact on BEIGE

This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increases the group’s assets under management.

Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan.

Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE’s evolution trajectory

TBG’s evolution has extended its portfolio of businesses from the initial Banking services to Pensions, Insurance and Investments. The company recently acquired two (2) corporate trustee firms as a market entry strategy into Pensions. These moves go to confirm related press statements made earlier by the CEO, Mr. Mike Nyinaku.

Commenting on the acquisition, Mr. Nyinaku explained that the decision to acquire U-Life was a comfortable one as the business has shown promising prospects.

“Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we’d hit the ground running,” Mr. Nyinaku said.

Unique Life Assurance Company Limited was established in August 2007 and offers life products for the lower to middle-income market. The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.

Key among the products Unique Life offers are : Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Ahutor Policy, Driver Pa Policy, among others.md-photo-1

BEIGE acquires U-Life
February 08, 2017. | peacefmonline.com |
MD Photo 1The BEIGE Group (TBG), a financial services provider, has announced the completion of its successful acquisition of Unique Life Assurance Company Limited (U-Life), a licensed life assurance firm in Ghana.

The transaction had been ongoing for some time to ensure compliance with regulatory due diligence and involves a one-year business transformation plan including a growth in U-Life’s capital base.

TBG has already invested a significant majority stake in U-Life and has also paid over GHc1.3million in claims to ensure that commitments to customers are met on time.

Immediate impact of the acquisition

U-Life will continue to provide policy administration and claims services. Customers will also continue to access the company’s full suite of life and casualty products and services.

Without interrupting the smooth flow of the day-to-day business activities, the business model of the institution and their management structure would be improved to conform to the standards of TBG.

Thus, U-Life would be rebranded to conform to the brand standards of BEIGE and its procedures also transformed to reflect the standards of The BEIGE Group, to provide a broad range of financial services.

The impact on BEIGE

This acquisition further strengthens TBG’s market position in the provision of financial services and significantly increase the group’s assets under management. Approximately 550 Insurance employees from operations, predominantly marketing, will join U-Life and provide dedicated support beyond this one-year business transformation plan. Together with its subsidiaries and affiliates, TBG is currently providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE’s evolution trajectory

TBG’s evolution has extended its portfolio of businesses from the initial Banking services to Pensions, Insurance and Investments. The company recently acquired two (2) corporate trustee firms as a market entry strategy into Pensions. These moves go to confirm related press statements made earlier by the CEO, Mr. Mike Nyinaku.

Commenting on the acquisition, Mr. Nyinaku explained that the decision to acquire U-Life was a comfortable one as the business has shown promising prospects.

“Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he added.

“We are carefully executing an agenda whose end is to place us in a position of advantage as we seek to establish a platform that will serve as Ghana’s supermarket for Financial Services. We have the distribution network that would support an effective roll-out of a variety of Insurance Products to the market so we’d hit the ground running,” Mr. Nyinaku said.

Unique Life Assurance Company Limited was established in August 2007 and offers life products for the lower to middle-income market. The company has 12 branches nationwide in Accra, Tema, Kumasi, Takoradi, Koforidua, Hohoe, Suhum, Nkawkaw, Sunyani, Techiman, Tarkwa and Obuasi.

Key among the products Unique Life offers are : Workers Policy, Prestige Policy, Schooling Policy, Loan Protection Policy, Mortgage Policy, Ahutor Policy, Driver Pa Policy, among others.

BEIGE Capital set to groom youth for job market.
November 16, 2015. | |myjoyonline.com | modernghana.com
BEIGE Capital, a leading non banking financial institution in the country, has inducted another batch of young people into its career development hub known as BEIGE Academy.

The company early this year rolled out a comprehensive program as part of its corporate strategy to develop a solid human capital to maintain its leadership on the market.

At a special ceremony held at the academy’s office in Accra, over 100 young people were ushered into the academy to undergo intensive training to prepare them for the company and other companies on the job market.

Mrs Louisa Laryea, Chief Operating Officer of The BEIGE Capital interacts with some of the inductees

 

The inductees will go through 9 months of intensive training program in time management, corporate etiquette, grooming, effective communication, handling procrastination and self confidence building techniques.

The training which is in three trimesters is tailored to identify and develop Ghanaian youth.

From this group of trainees, The BEIGE Group will build an army of quality talents to meet  its human resources needs.

During the training the inductees will be dispatched to various Strategic Business Units (SBU’s) of The BEIGE Group, where they will go through on job practical work.However, they will be expected to write tests at the end of every trimester after performance appraisals.

“After the 9 months, The BEIGE Group will put you on a specific training program which eventually leads to a supervisory role in the group”, Abena A. Adu Larbi, Centre Manager of the BEIGE Academy told the inductees.

Speaking at the ceremony, Board Chairman of The BEIGE Group, Professor Stephen Adei  noted with regret that it has become difficult to find young educated young people who are reliable, disciplined and hard working.

He added that the group has refused to join those who criticize young for their perceived lack of competence.

“That is why you have been selected among the best to be trained for the future,” he told the inductees. He asked them to utilize the opportunity well since not every youth has been fortunate to be selected.

 

SOURCES: myjoyonline.com,  modernghana.com & GNA
Mike Nyinaku adjudged the most influential young business leader
January 27, 2017. | thebftonline.com |

MD Photo 1The Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, hasbeen adjudged The Most Influential Young Business Leader in Ghana. This follows a poll organised by Avance Media, a rating agency on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into: Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said, “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”. Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas. After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten (10) years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Mike Nyinaku adjudged The Most Influential Young Ghanaian Business Leader
January 27, 2017. | citifomonline.com |

91122657.295The Chief Executive Officer ofThe BEIGE Group(TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana.

This follows a poll organized by Avance Media, a rating agency on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into: Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said, “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”.Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas.After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten (10) years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Mike Nyinaku adjudged ‘Most Influential’ business leader
January 27, 2017. | myjoyonline.com |

MD Photo 1The Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana.

This follows a poll organised by Avance Media, a rating agency, on the 50 most influential young Ghanaians.

The ranking poll was categorised into Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said, “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”.

Mr Nyinaku also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas.After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded TBG in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE CEO adjudged “Most Influential Young Ghanaian Business Leader”
August 27, 2017. | ghananewsagency.org |

91122657.295Accra, Jan. 27, GNA – Mr Mike Nyinaku, the Chief Executive Officer of The BEIGE Group (TBG), has been adjudged “The Most Influential Young Business Leader,” whilst Anas Aremeyaw Anas, Investigative Journalist picked the “Overall Most Influential Young Ghanaian” award.

This follows a poll organised by Avance Media, a rating agency on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into: Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, Mr Prince Akpah, Managing Director for Avance Media, commended all those who participated in the polls.

He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mr Nyinaku said: “I am humbled, especially the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”.

He also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

Mr Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku Adjudged The Most Influential Young Ghanaian Business Leader
January 26, 2017. | peacefmonline.com |
MD Photo 1The Chief Executive Officer of The BEIGE Group(TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana. This follows a poll organised by Avance Media, a rating agency on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into: Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said, “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me.

I pray for strength so I do not let Ghana down”. Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas. After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten (10) years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Mike Nyinaku adjudged The Most Influential Young Ghanaian Business Leader
January 26, 2017. | ghanaweb.com |

91122657.295The Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana. This follows a poll organised by Avance Media, a rating agency on the 50 Most Influential Young Ghanaians.

The ranking poll was categorised into: Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others.

The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International.

Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls. He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond.

Reacting to the news on the ranking, Mike Nyinaku said, “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”.

Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”

The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas. After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for ten (10) years.

TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

BEIGE’s Mike Nyinaku adjudged The Most Influential Young Ghanaian Business Leader
January 26, 2017. | 3news.com |
MD Photo 1The Chief Executive Officer of The BEIGE Group (TBG), Mike Nyinaku, has been adjudged The Most Influential Young Business Leader in Ghana. This follows a poll organised by Avance Media, a rating agency, on the 50 Most Influential Young Ghanaians.
The ranking poll was categorised into Business, Entertainment, Law and Governance, Leadership and Civil Society, Lifestyle, Media, Science and Technology, among others. The 50 Most Influential Young Ghanaian ranking is an initiative of Avans Media in partnership with Reputation Poll, EOD Partners, Jaguar Designs, CELBMD Africa, My Naija Naira, Dream Ambassadors Foundation GH, iCare Hub Africa, Global Skill Exchange, Core Foundation, and Project Know Thyself International. Speaking on the exercise, the Managing Director for Avance Media, Prince Akpah, extended his appreciation to all those who participated in the polls.
He also used the opportunity to encourage the youth to take a cue from the lifestyle and inspirational stories of these young achievers who are defining youthfulness in Ghana and beyond. Reacting to the news on the ranking, Mike Nyinaku said: “I’m humbled. And I’d be quick to note the weight of responsibility such honours put on me. I pray for strength so I do not let Ghana down”. Mike also used the occasion to encourage all young people to keep pushing themselves towards their aspirations remarking that “work as though your last breath depended on it.”
The overall most influential young Ghanaian was won by the ace Investigative Journalist, Anas Aremeyaw Anas. After receiving nominations from the public during its nomination process, Avance Media chose 50 of the Most Influential Young people who are blazing trails in various categories introduced under the ranking.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a professional accountant with OIC International-Ghana (OICI-GH) and Deloitte & Touche (D&T) for 10 years. TBG is a financial services provider with business interests in Banking, Pensions, Insurance and Investments. Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

“BIG MO” – Mike Nyinaku
January 25, 2017. | graphic.com.gh |

This Speech was delivered by Mike Nyinaku (CEO of The
BEIGE Group) during the 2016 Ghana Economic Forum,
under the theme “A Ghanaian Owned Economy”

Your Excellency, Mr. President, Honorable Ministers and Members of Government, Members of the Diplomatic Corps, Business Leaders, Distinguished Ladies and Gentlemen. I’m honoured to have been chosen once again to be amongst the speakers for this forum. It’s truly an honor and I thank you.

As has already been mentioned by previous speakers, the organisers have chosen to maintain the same theme – A Ghanaian Owned Economy – for this event for the 5 year period. I support this as it makes it easy for referencing and also helps us monitor our progress. My definition of a Ghanaian Owned Economy remains that economy where at least 40% of GDP is derived from the economic activities of businesses of Ghanaian ownership…not origin. OWNERSHIP.

It’s not too ambitious an aim to have because that seems to be the case with most of the countries that a small mind like mine would consider as showing signs of prosperity. I can speak of Cote d’voire, Nigeria, Egypt and until recently, South Africa AND advanced nations like Japan and others.

In sync with the organisers I’ve thus chosen to do a sequel to the presentation I made in 2015. Last year I touched on the evolution of entrepreneurship in Ghana, why I believe in GH and I also shared some

personal thoughts about PPP. Today I intend to advance my presentation on entrepreneurship, but from a totally different perspective. I would certainly gossip about the government. Again I’d share why I still have faith in GH and finally, I’d share with you something personal.

It’s normal to expect most of the SMEs (Small and Medium Scale Enterprises) in any country to be owned and run by natives but there’s also an emerging trend where natives are beginning to own respectable shares in MNCs (Multinational National Corporations) operating in their respective countries. This is because MNCs are very crucial in any society and as a matter of fact most SMEs revolve around them and would not survive if these companies or corporations cease to exist. To gather sufficient basis to support my claim I considered some statistics available for Toyota & General Motors – of Japan and the US respectively. Let’s do some small mathematics here…

Toyota employs about 350,000 people worldwide, about 72,000 of whom live in Japan. The company also has a total of over 5,000 direct suppliers. It’s estimated that Toyota’s indirect suppliers exceed 50,000. This group of persons – their direct staff, direct and indirect suppliers – also have their own network of distributors and suppliers who they deal with at several levels. They all buy food, drinks, go to church, buy clothes, patronize hotels, buy cars, fuel and the list goes on. When you work the math, about 20million people representing almost 16% of the population of Japan have their livelihood connected to the existence of Toyota.

I gathered similar statistics also for General Motors. Now, the sheer numbers of lives that are impacted by these companies alone have turned them into micro–economies within their country’s larger economy. And because some of their suppliers are from outside their mother countries, the stakes are so high that it’s in the interest of their local government as well as external governments to keep these institutions running. There would be complete chaos if they fail and trust me GENERAL MOTORS or Toyota would never die. I’ve come to realise that, as societies evolve, these monster corporations are created in order to move wealth around within the system as well as to preserve the wealth for a long time within the system. If Toyota collapses, it means a certain farmer at Kiyamishito, a remote village in Japan loses income because the company that provides canteen services for that company that supplies just seat-belts to Toyota would have run out of business. The impact of these MNCs are too enormous to comprehend. Now let us ask ourselves, would all of these people make more money than the MNC itself? C’mon. Certainly NO. And for me that is where it begins to hurt when I notice that the MNC in question is not from that country. Yes you would pay tax… BUT how much, aaahhhh! Only 25% of profits you choose to DECLARE… I’M SURE YOU KNOW WHAT I MEAN…And what happens to that 75% remaining…It’s for the shareholders. If shareholders are not locals, the funds would be repatriated and safely so because it won’t make sense for risk management purposes to keep the funds here. Besides, it’s their money anyway. That’s the reality of the case.

So can you imagine if MTN was owned hypothetically by a mass of Ghanaian shareholders… What would they do with their profits? That money would just be going round and round in Ghana. Isn’t it a shame that 60 years after independence we cannot count even 10 MNCs from Ghana? And by this I’m not talking companies owned by individuals who may have some skeletal branches outside GH; I mean companies listed on the stock exchange, employing massive numbers and who have been able to extend their dominion across our borders. That’s what I’m talking about. You may disagree but I believe that at this rate it would take almost forever for us to build MNCs of our own. Do you know why? It is because the folks who can make it happen – either knowingly or unknowingly – are waiting for it to happen by natural occurrence.

As they always would say…Yerr and so the private sector is the engine of growth and as for us we just create the enabling environment for private sector to thrive. Yerr…our work is done. So the businessmen must move. No Sir! You are wrong. By creating the environment, small companies like mine would thrive and find our level. We would be able to provide livelihood and economic opportunities to a few thousands of individuals but that’s where it ends…and I’d explain this soon. You don’t have to expect BEIGE Capital to organically grow into becoming Ecobank, just like that. It doesn’t happen. A company like Ecobank was created into being by forces of greater influence. Same can be said for others like Dangote, GLO, UBA and the like. And for that to happen there has to be a willingness on the part of the force that has influence over the system and can make things happen – in this case, the government – and also a willingness on the part of owners of the vessel that has potential to be exploded. Without this, if you are waiting for such monster companies to emerge through organic transformation then we would be waiting for a long time. As I struggle to build my business I have come to realise that there are various levels of entrepreneurship categorized by order of the level of influence. And over the years I have come to identify 4 broad categories.

  1. For me, level 1 is the level of entrepreneurship that enables one achieve influence over one’s household and handful of people. The waakye seller across your street, my mum’s pre-school in Dansoman, that bakery in your neighbourhood are classic examples. There are thousands of such examples littered around us and such undertakings provide employment opportunities to as many as 100 persons, depending on the nature of the business. There’s at least one of such entrepreneurs in every household in GH.
  1. Level 2 is that scale of entrepreneurship that goes beyond the household to impact on one’s larger community.  Undertakings of such nature have capacity to employ up to 1,000 persons and often such ventures tend to have multiple channels for distribution so they are visible at multiple locations. Such businesses are of enormous value, have significant impact on the micro economy, they require a little more sophistication & technical skill to manage and hence are fewer in number as compared to those in level 1.
  1. Then the level 3 scale…and I’d bore you with some maths again…These ventures provide direct employment to between 1,000 and up to 5,000 or more persons. I’d happily refer to the GN Groupe, led by Paa Kwesi Ndoum as one of such. Again, assuming we have 5 persons per household then businesses at level three can be said to be directly affecting the lives of over 25,000 people who are all connected to their employees.

Now let’s assume that such a business hypothetically trades with 500 direct suppliers who in turn directly                     employ an average of 25 staff each. Using the same number of persons per household then by extension this                 level 3 business is impacting directly and indirectly on the lives of at least 100,000 individuals. If any business             is of such nature, you would not need me to tell you it should be of national relevance.

And obviously as we are climbing up the ladder the numbers and availability of such undertakings reduce,                     naturally.

  1. Come to level 4, and you can estimate the numbers yourself. This is the stage I call GLOBAL INFLUENCE and as discerning fellows I’d leave you to find out how many of them you can find as being of Ghanaian origin…And if you find any, please keep the details to yourself, I beg you.

So now please hear me out on why I believe we are far from producing our own MNCs … Your business needs to be at level 4 or at least the upper bands of level 3 for you to assume MNC status. You see, by the time most Ghanaian companies attain that level of real stability & maturity, most of the promoters are tired because they would have been running for well over 20 years or more. Most of them would be in their late fifties and some past 60. At that age, Charlie…entrepreneurs ABRE! Obviously these gallant men would have contributed to society by providing employment and support to the social system and all…they are tired and want to rest. Their entrepreneurial spirit would have declined somehow and they would rather like to keep it cute and safe within the family. And as if that is not enough, at that stage you would be fighting your EMPLOYEES, the regulator, the GRA, the municipal authorities, sometimes the government and the entire system.

When you are beset with all of these, let’s be real – you would start asking questions like… Why should I kill myself for this? After all, what do I want? So what happens is, when some of our business leaders manage to push their businesses to level 3, they peak there – that’s it – And really why not? Because they owe society no obligation to keep expanding – at that stage they would have reached their limits within the system we operate within.

It would now be the turn of the state to propel THAT vessel into global significance if indeed that means anything to the state. That’s how it’s happened everywhere. So if I become president I’d take a keen interest in those businesses that have reached a stage where they can be propelled into global significance….and I’d BLOW THEM up. But wait, not just that I’d ensure that they are mandated to give back to society bountifully and of course throw some support to my party…OR? Talk is cheap I know… but I also know that where there’s a will, there’s a way. If in doubt ask Obasanjo how he fired up DANGOTE, GLO, UBA and others that have become global giants today.

These huge companies that you see around, 20 years ago were only domiciled in Nigeria. In comes Baba who says let me create opportunities for billionaires to emerge. And through influence over the system he makes room for such organisations to flourish to the extent that they have the guts to explore into territories beyond their boundaries.

Today these huge corporations are littered all over the continent and even in the West, taking territories and enlarging their coast. In Ghana, they dominate some of our industries with audacity, we patronize them with zeal and sometimes refer to them as though they are supermen. They are not. And hear me out, by making it possible for his country business folks to be this large, what OBJ has done is:

  • stir up a completely new way of thinking for present Nigerian entrepreneurs who now don’t limit themselves to NIJA but see the world as their platform
  • and more importantly he has raised the achievement bar for upcoming entrepreneurs who would have to build upon the milestones being set by their leaders today.

At this rate, there’s no doubt in my mind that the next generation of entrepreneurs from that country would shock the world. The guys behind these companies were like Kofi Amoabeng and Togbui Afede in their prime. They are not at all smarter than Edward Effah or Keli Gadzekpo… What they had was a force behind them that influenced a system to create opportunities for budding entrepreneurs – regardless of their perceived political colour – because those leaders saw the bigger picture. I doubt if anyone would want to suggest that all the employees of GLO belong to the same political party.

Ladies and gentlemen, now let’s come to Ghana. Looking at what is happening, are we just going to stand there and watch…? Why we have succeeded in creating a system that is so intimidating of its own yet very opportune for others beats my imagination… that’s Ghana for you!

I turned 40 barely three weeks ago. And I must confess I’ve had mixed feelings prior to this milestone. So soon, that reality of adulthood has hit me and so very hard. I can no longer bask in the pride of being celebrated as a youth achiever anymore. Early this year, after about 15 years of working non-stop, I finally took a leave for about 2 months so that I can have some time for myself. And during this leave I went through a period of introspection during which I tried to assess how far I have come in this short life. They say life begins at 40 so like most of you have already experienced, I’ve been going through that phase where one keeps assessing one’s self to see if one’s turned out well or not, knowing that time is gradually passing you by.

Whilst doing so, I took a keener interest in the lives of some of our business and social leaders some of whom I admire dearly. Permit me to mention a few and here I’d PROUDLY MENTION Bishop Dag Heward Mills and Dr. Kwabena Adjei of Kasapreko. I noticed that in the lives of each of these persons was a time when their work and brand value gained significant publicity and image. And for each of them, during these periods, they gained significant yardage, chalked life changing milestones that propelled their career to another stage. Thereafter, the pendulum of opportunity swung unto another person. Thus how far they have come now was largely attributable to what use they made of the mileage they attained during that period of opportunity…That was their “BIG MOMENTUM” period…Wikipedia describes it in short as “BIG MO”…and it happens to all of us. It’s that period in life when everything you touch seems to work in your favour. I further concluded that one thing that accounts for the differences in the levels of successes that each of these persons has attained was the stage in their life at which they experienced their BIG MO and the extent to which they utilized their BIG MO advantage.

One pattern was prevalent. Those who experienced their BIG MO in their 30s & 40s appeared to have attained literally much bigger achievements and influence than those who experienced it in their 50s. It appears to me that one factor that caused this could be the fact that naturally the zeal and impetus to take risks had significantly diminished with age. I bet you would agree that this is a fact of life. If you are lucky, BIG MO would occur more than once in your life. I’d like to juxtapose the concept of BIG MO in the case of Ghana and I can recall that barely a dozen years ago Ghana prided itself as the gateway to Africa. There seemed to be some momentum in the country at the time and investors the world over found us to be an attractive destination…. but lately that attraction seems to be waning gradually. It’s difficult to identify what mileage we gained during that BIG MO period. Perhaps I was too young by then so did not take note.

Now have we all noticed what is happening to Cote d’ivoire? Looks like BIG MO is on their side now … Before I leave, permit me to share with you something from the Bible. It’s in Ecclesiastics 9 vs 11… and I read “ I returned, and saw under the sun, that the race is not to the swift, nor the battle to the strong, neither yet bread to the wise, nor yet riches to men of understanding, nor ye favour to men of skill; but time and chance happeneth to them all.” Even the good book recognizes that time and chance happens to everyone. Again I also encountered from the book of 1 Chronicles 12  vs 32 where the author describes the men of Issachar as men who understood the times and knew what Israel should do — 200 chiefs, with all their relatives under their command. If there’s any ability I crave now that I’m 40th floor, it’s the ability to discern my BIG MO moments and also the gift to be able to know what I have to do in such times. We may be losing our shine but I dare say I still have faith in Ghana because of the calibre of entrepreneurs we have and are breeding today.

Two weeks ago I made a new friend. His name is Galley Klevor and he’s in this auditorium….Galley let’s see you by hand. Gally is 23. THAT’S GALLEY.., a computer science student at the University of Ghana. And from my alma mater…Presec Legon. ANYWAY…Galley was introduced to me by someone who said he (Galley) had a reputation for fixing things…So I handed over my old blackberry to him to fix, as I had lost all my contacts… What had taken many technicians over 2 months to fix was diagnosed and sorted out for me in a day. So I took a keen interest in him and wanted to know more about him. Whilst still in school, Galley has a technology company called GHALYWORLD through which he fixes solutions to software and hardware problems. He owns his company with two other friends – all students of the University – and because they do not have a car or proper office, they work on call, according to him. They go round scouting for jobs and when they get any, they carry the computers to Galley’s house and fix them in his mum’s garage or anywhere they can sit to work.

That’s how Apple was started. In his own words, Galley’s aspirations are to have a GALLEYWORLD computer product in every Ghanaian home by 2050. If Galley is to realise his dream, he needs to start from a platform that would make it possible for him to catch up and compete with the rest of the world. And it’s the responsibility of you and I to hand over that platform to him. If as of today we are unable to keep up with the pace of the world then God knows how far back we would be by the time we handover to Galley and his generation.

I can identify with him as he embodies, for me, the symbol of a generation that wants to go somewhere. So we at The BEIGE Group have decided to give them a hand to propel them.

For the love of Christ, our children, and country it should never be said again that another generation did not do enough for Ghana. It’s true that Ghana may have lost the opportunity to utilize that BIG MO period we enjoyed a few years ago to its full advantage. But thankfully a new crop of entrepreneurs are emerging who have AGE, ENTHUSIASM, DRIVE and ENERGY on their side. You need not look too far to find hem. Remember that these are the ones you need to invigorate if you really want to achieve a sustainable impact on our society. It was done for us by Kwame Nkrumah…so you and I have no choice.

Our leaders – while convicted by the guilt of their failures – should derive strength in the fact that there’s an opportunity to make amends. Let’s rise up and do it again. Let’s do it in a way that would inspire, ENERGISE, and challenge Galley and his generation to respect us and also commit to outdoing us and themselves. Let’s do it in a way that would pay homage to our forefathers who risked their lives so you and I can have this platform…. …And as aptly profoundly captured in the lines of this timeless creed passed on to us by our fathers…”Yen ara asase ne…ehTe abodenden ma yen..

Thank you for indulging me. Thank you again for honouring me with this invitation. As we go through the remainder of the sessions lets be guided by the adage that says.

“Adepa wo fie a…OYE” I wish you well and God Bless.

 

Mk

 

BEIGE admits 90 students into talent devt project
January 23, 2017. | graphic.com.gh |

YEL PhotoThe BEIGE Foundation has identified and admitted 90 more students from 17 selected schools into its youth mentoring and training programme, the Youth Excellence League (YEL).

The YEL project, which seeks to recognise exceptional youth talents, particularly in the areas of academia from basic to tertiary levels, is in line with the foundation’s commitment to empower the youth in the country through education.According to the Chief Executive Office of The BEIGE Group, Mr Mike Nyinaku, the Group had set aside an amount of GH¢2 million to support YEL this year. The project also aims at extending its coverage to the rest of the country.

The selection of these talents were done by the management/heads of the schools using three main means: students who were brilliant needy, students who exhibited leadership potential and proactiveness on the part of the talents/students.

Commenting on the rationale for this exercise, the Programmes Officer for the BEIGE Foundation, Ms Anne-Marie Blackmore, said “the BEIGE Foundation, through YEL, would identify exceptional talents, train, support and promote youth excellence in the country.”

She added that the agenda was to identify and support 1000 students by the end of 2017.

She added ,“It is our belief that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project award their excellence.”

Youth Excellence League honours 90 students
January 19, 2017. | ghananewsagency.org |

YEL PhotoAccra, Jan. 18, GNA – In keeping with its commitment to empower the youth through education, the Youth Excellence League (YEL), an initiative of The BEIGE Foundation, has honoured 90 students from 17 selected schools.

The students were selected from senior high, junior high, technical/vocational schools among others in the Ashanti, Western, Brong Ahafo and the Northern regions of Ghana.

YEL aims at extending its coverage to the rest of the country. The selection of talents began with the southern sector of the country and was done by the management/heads of the schools using three main criteria: students who are brilliant but needy, students that exhibited leadership potential and proactiveness.

Commenting on the rationale for the exercise, the Programmes Officer of The BEIGE Foundation, Ms Anne-Marie Blackmore, said: “The BEIGE Foundation through YEL, seeks to recognise and award exceptional youth talents.

“Again, this gesture is to train, support and promote youth excellence in the country. Our agenda is to identify and support one thousand (1000) students by the end of 2017”

“It is our belief that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project awards their excellence,” she said.

Among the schools from which the students were selected are: Prempeh College, St. Louis, Opoku Ware, Ghana-China Friendship School, Sekondi College, Takoradi Technical University, Techiman Senior High School, Bole Methodist Senior High School, Mpohor S.D.A Basic School, and St. Dominic R/C Basic School.

The YEL project is an initiative of The BEIGE Foundation and it seeks to recognise and honour exceptional youth talents, particularly in the areas of academia: basic, secondary and tertiary levels of education.

At the launch of YEL last year, Mike Nyinaku, the Chief Executive Officer of The BEIGE Group, committed an amount of GHȼ2 million to support YEL for the year 2017.

Beneficiaries, apart from receiving financial rewards, will be trained and honed as part of a skills development programme run by BEIGE Academy, the talent development arm of The BEIGE Group.

YEL honours 90 more students for awards
January 18, 2017. | 3news.com |
YEL PhotoIn keeping with its commitment to empower the youth of this country through education, the Youth Excellence League (YEL) has identified and honoured 90 more students from 17 selected schools comprising senior high, junior high and technical/vocational schools.
These students were selected from the Ashanti, Western, Brong Ahafo and the Northern regions of Ghana. YEL aims at extending its coverage to the rest of the country. The selection of talents began with the southern sector of the country. The selection of these talents was done by the management and heads of the schools using three main means: students that were brilliant but needy, students that exhibited leadership potential and proactiveness on the part of the talents/students.
The YEL project is an initiative of The BEIGE Foundation and it seeks to recognise and honour exceptional youth talents, particularly in the areas of academia: basic, secondary and tertiary levels of education. At the launch of YEL last year, Mike Nyinaku, the Chief Executive Officer of The BEIGE Group, committed an amount of GH¢2million to support YEL for the year 2017.
Beneficiaries, apart from receiving financial rewards, will be trained and honed as part of a skills development programme run by BEIGE Academy, the talent development arm of The BEIGE Group.
Commenting on the rationale for this exercise, the Programmes Officer for the BEIGE Foundation, Anne-Marie Blackmore, said “the BEIGE Foundation through YEL, seeks to recognise and award exceptional youth talents. Again, this gesture is to train, support and promote youth excellence in the country.
Our agenda is to identify and support one thousand (1000) students by the end of 2017” She added: “It is our belief that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project awards their excellence.”
Among the schools from which the students were selected are: Prempeh College, St. Louis, Opoku Ware, Ghana-China Friendship School, Sekondi College, Takoradi Technical University, Techiman Senior High School, Bole Methodist Senior High School, Mpohor S.D.A Basic School, St. Dominic R/C Basic School.

YEL picks 90 students for awards, skills development
January 18, 2017. | myjoyonline.com |

YEL PhotoIn keeping with its commitment to empower the youth of this country through education, the Youth Excellence League (YEL), an initiative of The BEIGE Foundation, has identified and honoured 90 more students from 17 selected schools comprising Senior High, Junior High, Technical/Vocational schools, among others.

These students were selected from the Ashanti, Western, Brong Ahafo and the Northern regions of Ghana. YEL aims at extending its coverage to the rest of the country. The selection of talents began with the Southern sector of the country.

The selection of these talents was done by the management/heads of the schools using three main means: students that were brilliant but needy, students that exhibited leadership potential and proactiveness on the part of the talents/students.

The YEL project is an initiative of The BEIGE Foundation and it seeks to recognise and honour exceptional youth talents, particularly in the areas of academia: basic, secondary and tertiary levels of education. At the launch of YEL last year, Mike Nyinaku, the CEO of The BEIGE Group committed an amount of GHC2 million to support YEL for the year 2017.

Beneficiaries, apart from receiving financial rewards, will be trained and honed as part of a skills development programme run by BEIGE Academy, the talent development arm of The BEIGE Group.

Commenting on the rationale for this exercise, the Programmes Officer for the BEIGE Foundation, Ms Anne-Marie Blackmore, said, “the BEIGE Foundation through YEL, seeks to recognise and award exceptional youth talents. Again, this gesture is to train, support and promote youth excellence in the country. Our agenda is to identify and support 1,000 students by the end of 2017.”

She added, “It is our belief that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project awards their excellence.”

Among the schools from which the students were selected are Prempeh College, St. Louis, Opoku Ware, Ghana-China Friendship School, Sekondi College, Takoradi Technical University, Techiman Senior High School, Bole Methodist Senior High School, Mpohor S.D.A Basic School, St. Dominic R/C Basic School.

YEL honours 90 more students for awards
January17, 2017. | ghanaweb.com |

YEL PhotoIn keeping with its commitment to empower the youth of this country through education, the Youth Excellence League (YEL), an initiative of The BEIGE Foundation, has identified and honoured 90 more students from 17 selected schools comprising Senior High, Junior High, Technical/Vocational schools, among others.

These students were selected from the Ashanti, Western, Brong Ahafo and the Northern regions of Ghana. YEL aims at extending its coverage to the rest of the country. The selection of talents began with the Southern sector of the country.

The selection of these talents were done by the management/heads of the schools using three main means: students that were brilliant but needy, students that exhibited leadership potential and proactiveness on the part of the talents/students.

The YEL project is an initiative of The BEIGE Foundation and it seeks to recognise and honour exceptional youth talents, particularly in the areas of academia: basic, secondary and tertiary levels of education. At the launch of YEL last year, Mike Nyinaku, the CEO of The BEIGE Group committed an amount of GHC 2million to support YEL for the year 2017.

Beneficiaries, apart from receiving financial rewards, will be trained and honed as part of a skills development programme run by BEIGE Academy, the talent development arm of The BEIGE Group.

Commenting on the rationale for this exercise, the Programmes Officer for the BEIGE Foundation, Ms. Anne-Marie Blackmore, said, “the BEIGE Foundation through YEL, seeks to recognise and award exceptional youth talents. Again, this gesture is to train, support and promote youth excellence in the country. Our agenda is to identify and support one thousand (1000) students by the end of 2017”.

She added “It is our belief that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project awards their excellence.”

Among the schools from which the students were selected are: Prempeh College, St. Louis, Opoku Ware, Ghana-China Friendship School, Sekondi College, Takoradi Technical University, Techiman Senior High School, Bole Methodist Senior High School, Mpohor S.D.A Basic School, St. Dominic R/C Basic School.

BEIGE acquires Universal Pensions
January 12, 2017. | ghananewsagency.org |

md-photo-1Accra, Jan. 12, GNA – The BEIGE Group (TBG), a financial services provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.

This brings to two, the number of corporate trustees that have been acquired by TBG in the last 18 months.

TBG’s first acquisition of a corporate trustee firm was in 2014 and Legacy Pension Trust (LPT). These transactions are key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.

Mr Mike Nyinaku, the Chief Executive Officer of TBG, said UPMT has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2).

“UPMT has presence in the Greater Accra, Western, Ashanti and Northern regions of Ghana. As of the date of acquisition, UPMT has individual clientele base in excess of 15,000” he said.

Legacy Pension Trust was established in 2013 and has specialty in the management of both Occupational Pensions Schemes (Tier 2) and Voluntary Pensions Schemes (Tier 3).

He said LPT has branches in Accra, Volta and Brong Ahafo regions of Ghana. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.

“Through these transactions, TBG has availed to UPMT and LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand”.

Mr Nyinaku said, “We would merge these two companies and rebrand them and that customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients.

“Prior to these acquisitions, we did a careful survey of the industry and noted that those institutions had unique yet mutually exclusive capabilities, all of which we considered to be essential ingredients that would support the value proposition of BEIGE as a new entrant into the Pensions Market. We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of Pensions Products. Thus, these acquisitions were comfortable business decisions to make.”

“TBG intends to become a major player in the distribution market place for pensions in the country. These transactions are thus a positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger”, he said.

Mr Nyinaku said without interrupting the smooth flow of the day to day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG.

He said the new company that would be formed out of the merger of these two institutions would be out-doored in the second quarter of 2017.

BEIGE acquires Universal Pensions
January 12, 2017. | graphic.com.gh |

md-photo-1The BEIGE Group (TBG), a financial services provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.

This brings to two the number of corporate trustees that have been acquired by The BEIGE Group in the last 18 months.

TBG acquired Legacy Pension Trust, its first corporate trustee firm, in 2014.

The Chief Executive Officer of BEIGE, Mr Mike Nyinaku, said those transactions were key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.

Its latest acquisition, Universal Pensions, has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). It has presence in Greater Accra, Western, Ashanti and Northern regions, with a clientele base in excess of 15,000, a release from BEIGE stated.

Legacy Pension Trust was also established in 2013 and has speciality in the management of both Occupational Pensions Schemes (Tier Two) and Voluntary Pensions Schemes (Tier 3). It also has branches in Accra, Volta and Brong Ahafo regions. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.

“Through these transactions, TBG has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand,” Mr Nyinaku was quoted as saying.

Integration

Commenting on the acquisitions, Mr Nyinaku said, “We would merge these two companies and rebrand them. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients.”

He said prior to the acquisitions, The BEIGE Group did a careful survey of the industry and noted that those institutions had unique and mutually exclusive capabilities, which were essential ingredients that would support the value proposition of BEIGE as a new entrant into the pensions market.

“We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of pension products. Thus, these acquisitions are comfortable business decisions to make,” he explained.

Mr Nyinaku added that TBG also intended to become a major player in the distribution market place for pensions in the country, saying the transactions were, thus, “A positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger.”

Impact of the acquisition

Without interrupting the smooth flow of the day-to-day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG, the release said.

It said the new company that would be formed out of the merger would be inaugurated in the second quarter of 2017.

BEIGE acquires Universal Pensions
January 11, 2017. | 3news.com |
md-photo-1The BEIGE Group (TBG), a financial services provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.
This brings to two the number of corporate trustees that have been acquired by TBG in the last 18 months and this move goes to confirm related press statements made last year by the BEIGE CEO, Mike Nyinaku. TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT).
These transactions are key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services. UPMT has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). UPMT has presence in the Greater Accra, Western, Ashanti and Northern regions of Ghana. As of the date of acquisition, UPMT had an individual clientele base in excess of 15,000. Legacy Pension Trust was also established in 2013 and has specialty in the management of both Occupational Pensions Schemes (Tier 2) and Voluntary Pensions Schemes (Tier 3). LPT has branches in Accra, Volta and Brong Ahafo regions of Ghana. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services. Through these transactions, TBG has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand. Why two acquisitions Commenting on the acquisitions, Mr. Nyinaku said the firms will be merged and rebranded. “Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients,” he said. “Prior to these acquisitions, we did a careful survey of the industry and noted that those institutions had unique yet mutually exclusive capabilities, all of which we considered to be essential ingredients that would support the value proposition of BEIGE as a new entrant into the Pensions Market. We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of Pensions Products. Thus, these acquisitions were comfortable business decisions to make.” He added that “TBG intends to become a major player in the distribution market place for Pensions in Ghana. These transactions are thus a positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger,” he said. Immediate impact of the acquisition Without interrupting the smooth flow of the day to day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG. Mr Nyinaku ended by saying the new company that would be formed out of the merger of these two institutions would be out-doored in the second quarter of 2017.

BEIGE acquires Universal Pensions
January 11, 2017. | thebftonline.com |

md-photo-1The BEIGE Group (TBG), a financial services provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee. This brings to two (2), the number of corporate trustees that have been acquired by TBG in the last 18 months and this move goes to confirm related press statements made last year by the BEIGE CEO, Mr. Mike Nyinaku.

TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT). These transactions are key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.

UPMT has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). UPMT has presence in the Greater Accra, Western, Ashanti and Northern regions of Ghana. As of the date of acquisition, UPMT had an individual clientele base in excess of 15,000.

Legacy Pension Trust was also established in 2013 and has specialty in the management of both Occupational Pensions Schemes (Tier 2) and Voluntary Pensions Schemes (Tier 3). LPT has branches in Accra, Volta and Brong Ahafo regions of Ghana. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.

Through these transactions, TBG has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand.

Why two (2) acquisitions

Commenting on the acquisitions, Mr. Nyinaku said, “We would merge these two companies and rebrand them. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients. Prior to these acquisitions, we did a careful survey of the industry and noted that those institutions had unique yet mutually exclusive capabilities, all of which we considered to be essential ingredients that would support the value proposition of BEIGE as a new entrant into the Pensions Market. We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of Pensions Products. Thus, these acquisitions were comfortable business decisions to make.”

He added that TBG intends to become a major player in the distribution market place for Pensions in Ghana. These transactions are thus a positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger”, he said.

Immediate impact of the acquisition

Without interrupting the smooth flow of the day to day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG. Mike ended by saying the new company that would be formed out of the merger of these two institutions would be out-doored in the second quarter of 2017.

BEIGE acquires Universal Pensions
January 11, 2017. | myjoyonline.com |

md-photo-1The BEIGE Group, a Financial Services Provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.

This brings to two the number of corporate trustees that have been acquired by TBG in the last 18 months.

TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT). These transactions are key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.

UPMT has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). UPMT has a presence in the Greater Accra, Western, Ashanti and Northern regions of Ghana. As of the date of acquisition, UPMT had an individual clientele base in excess of 15,000.

Legacy Pension Trust was also established in 2013 and has the speciality in the management of both Occupational Pensions Schemes (Tier 2) and Voluntary Pensions Schemes (Tier 3). LPT has branches in Accra, Volta and Brong Ahafo regions of Ghana. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.

Through these transactions, Mr. Nyinaku has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand.

Commenting on the acquisition Mr. Nyinaku said, “We would merge these two companies and rebrand them. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients. Prior to these acquisitions, we did a careful survey of the industry and noted that those institutions had unique yet mutually exclusive capabilities, all of which we considered to be essential ingredients that would support the value proposition of BEIGE as a new entrant into the Pensions Market. We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of Pensions Products. Thus, these acquisitions were comfortable business decisions to make.”

He added that TBG intends to become a major player in the distribution marketplace for Pensions in Ghana.These transactions arethus a positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger”, he said.

Immediate impact of the acquisition

Without interrupting the smooth flow of the day to day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG. Mike ended by saying the new company that would be formed out of the merger of these two institutions would be outdoored in the second quarter of 2017.

BEIGE acquires Universal Pensions
January 11, 2017. | ghanaweb.com |

md-photo-1The BEIGE Group, a Financial Services Provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee.

This brings to two the number of corporate trustees that have been acquired by TBG in the last 18 months.

TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT). These transactions are key steps in TBG’s strategy to affirm its status and capacity to serve as a provider of a broad range of financial services.

UPMT has been in operation since 2012 specialising in Occupational Pensions Schemes (Tier 2). UPMT has a presence in the Greater Accra, Western, Ashanti and Northern regions of Ghana. As of the date of acquisition, UPMT had an individual clientele base in excess of 15,000.

Legacy Pension Trust was also established in 2013 and has the specialty in the management of both Occupational Pensions Schemes (Tier 2) and Voluntary Pensions Schemes (Tier 3). LPT has branches in Accra, Volta and Brong Ahafo regions of Ghana. Both companies operate Master Trust Pensions Schemes and offer Pensions Administration and Consultancy Services.

Through these transactions, Mr.TBG has availed to UPMT & LPT, the benefit of its multiple distribution channels, business management expertise as well as the value of its brand.

Commenting on the acquisition Mr Nyinaku said, “We would merge these two companies and rebrand them. Customers can expect an aligned proposition that utilises the reputation and technical expertise of TBG to deliver an integrated service and improved value to clients.

Prior to these acquisitions, we did a careful survey of the industry and noted that those institutions had unique yet mutually exclusive capabilities, all of which we considered to be essential ingredients that would support the value proposition of BEIGE as a new entrant into the Pensions Market.

We also intended to hit the ground running as we already have the distribution network that would support an effective roll-out of a variety of Pensions Products. Thus, these acquisitions were comfortable business decisions to make.”

He added that TBG intends to become a major player in the distribution marketplace for Pensions in Ghana.These transactions arethus a positive step for both UPMT and LPT and their clients, and we look forward to deriving maximum benefits from the up-coming merger”, he said.

Immediate impact of the acquisition

Without interrupting the smooth flow of the day to day business activities, the business models of the two institutions would be merged and their management structure revised to conform to the standards of TBG. Mike ended by saying the new company that would be formed out of the merger of these two institutions would be outdoored in the second quarter of 2017.

BEIGE Capital secures medium term funds from Incofin
December 21, 2016. | myjoyonline.com |

mikeBEIGE Capital Savings and Loans (BCSL)has secured a medium term funding arrangement with Incofin, a Belgium-based investment management firm.

Incofin Investment Management is a company with 7 impact investing facilities totalling EUR 325 million under management.

From its offices in Belgium, Colombia, Kenya and India, Incofin finances and supports organisations in over 40 countries. In 2012 Incofin launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

The deal was arrived at following an initial expression of interest by Incofin and the outcome of subsequent due diligence conducted by Incofin on the operations of BEIGE Capital.

Speaking on the rationale behind this relationship, the Regional Director Africa for Incofin, Ms. Njeri M. Ngaruiya, said, “We got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”

Commenting on the subject, the CEO of BEIGE Capital Savings and Loans, Mike Nyinaku, said, “we are very excited about this relationship and we are also willing to do a lot more with Incofin in the near future asthis partnership grows.”

The Funding agreement provides the opportunity forIncofin to introduce a debt investment of up to 5million dollars.

As a commitment to this process, Incofin has made an initial disbursement of 2million dollars to BEIGE Capital.

BEIGE Capital Savings and Loans Ltd (BCSL)is the leading Savings and Loans company in Ghana. BEIGE Capital Savings and Loans is a member of The BEIGE Group, a financial services provider.

BEIGE Capital secures funds from INCOFIN
December 20, 2016. | graphic.com.gh |

mike-part-2BEIGE Capital Savings and Loans (BCSL) has secured a medium-term funding arrangement with a Belgium investment management firm, INCOFIN.

The funding arrangement provides the opportunity for INCOFIN to introduce a debt investment of up to $5 million.

Impact investorINCOFIN Investment Management (INCOFIN IM) has seven impact investing facilities totalling €325 million under management.

The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence it conducted on the operations of BEIGE Capital.

Explaining the rationale behind the relationship, the Regional Director for Africa at INCOFIN, Ms Njeri M. Ngaruiya, said “we got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”

Commenting on the subject, the Chief Executive Officer of BEIGE Capital Savings and Loans, Mr Mike Nyinaku, said his company was very excited about the relationship and that “we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”

Wide footprints

From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in over 40 countries.

In 2012, INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

BEIGE Capital secures medium term funds from INCOFIN –
December 20, 2016. | thebftonline.com |

_N0A4286BEIGE Capital Savings and Loans (BCSL) has secured a medium-term funding arrangement with INCOFIN, a Belgium based investment management firm.

INCOFIN Investment Management (INCOFIN IM) is a Belgium based management company with 7 impact investing facilities totaling EUR 325M under management. From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in over 40 countries. In 2012 INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence conducted by INCOFIN on the operations of BEIGE Capital.

Speaking on the rationale behind this relationship, the Regional Director Africa for INCOFIN, Ms. Njeri M. Ngaruiya, said, “We got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”

Commenting on the subject, the CEO of BEIGE Capital Savings and Loans, Mike Nyinaku, said, “we are very excited about this relationship and we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”

The Funding agreement provides the opportunity for INCOFIN to introduce a debt investment of up to 5million dollars.

As a commitment to this process, INCOFIN has made an initial disbursement of 2million dollars to BEIGE Capital.

BEIGE Capital Savings and Loans Ltd (BCSL) is the leading Savings and Loans company in Ghana. BEIGE Capital Savings and Loans is a member of The BEIGE Group, a financial services provider.

 

 

BEIGE Capital secures medium term funds from INCOFIN –
December 20, 2016. | ghanaweb.com |

mikeBEIGE Capital Savings and Loans (BCSL) has secured a medium term funding arrangement with INCOFIN, a Belgium based Investment Management Firm.

INCOFIN Investment Management (INCOFIN IM) is a Belgium based management company with 7 impact investing facilities totaling EUR 325M under management.

From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in over 40 countries. In 2012 INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence conducted by INCOFIN on the operations of BEIGE Capital.

Speaking on the rationale behind this relationship, the Regional Director Africa for INCOFIN, Ms. Njeri M. Ngaruiya, said, “We got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”

Commenting on the subject, the CEO of BEIGE Capital Savings and Loans, Mike Nyinaku, said, “we are very excited about this relationship and we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”

The Funding agreement provides the opportunity for INCOFIN to introduce a debt investment of up to 5million dollars.

As a commitment to this process, INCOFIN has made an initial disbursement of 2million dollars to BEIGE Capital.

BEIGE Capital Savings and Loans Ltd (BCSL) is the leading Savings and Loans company in Ghana. BEIGE Capital Savings and Loans is a member of The BEIGE Group, a financial services provider.

BEIGE Capital secures medium term funds from INCOFIN
December 20, 2016. | ghananewsagency.org |

mikeAccra, Dec. 20, GNA – BEIGE Capital Savings and Loans (BCSL) has secured a medium term funding arrangement with INCOFIN; a Belgium based Investment Management Firm.

The Funding agreement provides the opportunity for INCOFIN to introduce a debt investment of up to $ 5 million.

As a commitment to this process, INCOFIN has made an initial disbursement of $ 2 million to BEIGE Capital.

The deal was arrived at following an initial expression of interest by INCOFIN and the outcome of subsequent due diligence conducted by INCOFIN on the operations of BEIGE Capital.

Speaking on the rationale behind the relationship, the Regional Director Africa for INCOFIN, Ms Njeri M. Ngaruiya, said: “We got introduced to BEIGE Capital Savings and Loans in 2012 and have since keenly, observed the growth of BCSL and find their success story compelling. It is for this reason that we feel optimistic about this partnership and the future.”

Commenting on the subject the CEO of BEIGE Capital Savings and Loans, Mike Nyinaku, said: “We are very excited about this relationship and we are also willing to do a lot more with INCOFIN in the near future as this partnership grows.”

BEIGE Capital Savings and Loans Ltd (BCSL) is the leading Savings and Loans Company in Ghana. BEIGE Capital Savings and Loans is a member of The BEIGE Group, a financial services provider.

INCOFIN has seven impact investing facilities totaling EUR 325M under management.

From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in more than 40 countries.

In 2012 INCOFIN launched the Fairtrade Access Fund together with Fairtrade International and Grameen Foundation.

BEIGE Capital to unveil upgraded banking system
December 18, 2016. | thebftonline.com |

t-24m-photoBEIGE Capital Savings and Loans (BCSL) is to unveil a transformational core banking system upgrade which has the capacity to serve over two (2) million customers.

The bank is currently at the final stages of rolling out a recent version of the T-24 Banking Software. The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new Technology Centre in Accra. During that same period consultants from Temenos and Jethro were contracted as on-site implementation partners.

Commenting on the significance of the new banking system for BCSL, the CEO of BCSL, Mr. Mike Nyinaku said, “Our bank is experiencing significant growth and sophistication that requires a more robust platform. We process over 50,000 transactions almost every working day. Moreover, this T-24 will also enable us to leverage the power of technology to actively engage in the digital banking space.”

He further hinted that BCSL, in the near future, would outdoor digital banking offerings that will open up financial services to the bank’s customers and also to reach the unbanked and the underbanked.

Super user functional training by Jethro for key BEIGE Capital staff took place at BEIGE Academy from 22nd March 2016 to 1st April 2016.

User Acceptance Testing (UAT) Cycle One, which involves testing the salient functionalities of the system occurred from 31st May 2016 to 13th June 2016. UAT Cycle Two also took place from 12th October to 21st October.

Bankwide training involving tellers and other key frontline staff, cluster heads, audit, compliance, banking operations, clearing, remittances and treasury operations amongst others began simultaneously in both Accra and Kumasi on Saturday, 26th November.

t-24m-photo

BEIGE Capital to unveil banking system upgrade
December16, 2016. | myjoyonline.com |

t-24m-photoBEIGE Capital Savings and Loans (BCSL) is to unveil a transformational core banking system upgrade which has the capacity to serve over two million customers.

The bank is currently in the final stages of rolling out a recent version of the T-24 Banking Software.

The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new Technology Centre in Accra. During that same period, consultants from Temenos and Jethro were contracted as on-site implementation partners.

Commenting on the significance of this new banking system for BCSL, the CEO of BCSL, Mr Mike Nyinaku said, “Our bank is experiencing significant growth and sophistication that requires a more robust platform. We process over 50,000 transactions almost every working day. Moreover, this T-24 will also enable us to leverage the power of technology to actively engage in the digital banking space.”

He hinted that BCSL, in the near future, would outdoor digital banking offerings that will open up financial services to the bank’s customers and also reach the unbanked and the under-banked.

Super user functional training by Jethro for key BEIGE Capital staff took place at BEIGE Academy from 22nd March 2016 to 1st April 2016.

UAT (User Acceptance Testing) Cycle One, which involved testing the salient functionalities of the system, occurred from 31st May 2016 to 13th June 2016. UAT Cycle Two also took place from 12th October to 21st October.

The bank-wide training involving Tellers and other key frontline staff, Cluster Heads, Audit, Compliance, Banking Operations, Clearing, Remittances and Treasury Operations amongst others began simultaneously in both Accra and Kumasi on Saturday, 26th November.

BEIGE Capital is the banking arm of The BEIGE Group (TBG).TBG is a Financial Services Provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE Capital to unveil banking system upgrade
December 15, 2016. | 3news.com |
t-24m-photoBEIGE Capital Savings and Loans (BCSL) is to unveil a transformational core banking system upgrade which has the capacity to serve over two million customers.
The bank is currently at the final stages of rolling out a recent version of the T-24 Banking Software. The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new Technology Centre in Accra.
During that same period consultants from Temenos and Jethro were contracted as on-site implementation partners. Commenting on the significance of this new banking system for BCSL, Chief Executive Officer of BCSL Mike Nyinaku said his firm is experiencing significant growth and sophistication that requires a more robust platform.
“We process over 50,000 transactions almost every working day. Moreover, this T-24 will also enable us to leverage the power of technology to actively engage in the digital banking space.”
He hinted that BCSL, in the near future, would outdoor digital banking offerings that will open up financial services to the bank’s customers and also to reach the unbanked and the underbanked.

BEIGE Capital to unveil banking system upgrade
December 15, 2016. | ghanaweb.com |

t-24m-photoBEIGE Capital Savings and Loans (BCSL) is to unveil a transformational core banking system upgrade which has the capacity to serve over two (2) million customers.

The bank is currently at the final stages of rolling out a recent version of the T-24 Banking Software.

The T24 project formally kicked off in February this year, after the November 2015 launch of BCSL’s new Technology Centre in Accra. During that same period consultants from Temenos and Jethro were contracted as on-site implementation partners.

Commenting on the significance of this new banking system for BCSL, the CEO of BCSL, Mr. Mike Nyinaku said, “Our bank is experiencing significant growth and sophistication that requires a more robust platform. We process over 50,000 transactions almost every working day.

Moreover, this T-24 will also enable us to leverage the power of technology to actively engage in the digital banking space.”

He hinted that BCSL, in the near future, would outdoor digital banking offerings that will open up financial services to the bank’s customers and also to reach the unbanked and the underbanked.

Super user functional training by Jethro for key BEIGE Capital staff took place at BEIGE Academy from 22nd March 2016 to 1st April 2016. UAT (User Acceptance Testing) Cycle One, which involved testing the salient functionalities of the system occurred from 31st May 2016 to 13th June 2016. UAT Cycle Two also took place from 12th October to 21st October. Bankwide training involving Tellers and other key frontline staff, Cluster Heads, Audit, Compliance, Banking Operations, Clearing, Remittances and Treasury Operations amongst others began simultaneously in both Accra and Kumasi on Saturday, 26th November.

BEIGE Capital is the banking arm of The BEIGE Group (TBG). TBG is a Financial Services Provider with business interests in Banking, Pensions, Insurance and Investments.

BEIGE honours distinguished talents at special awards ceremony
December 15, 2016. | myjoyonline.com |

prof-adeiThe BEIGE Group has awarded distinguished graduates who excelled in their various departments during their attachment with the company.

The annual awards event, dubbed Talents Ball, is aimed encouraging talents at the company to do even better if they are retained at the financial institution. In all some 16 talents were awarded.

Present at the event, held last week at the BEIGE Capital Asset Management premises, were distinguished personalities such as former Rector of GIMPA, Professor Stephen Adei, and renowned broadcaster, Bernard Avle, among others.

Prof. Adei urged the talents to pursue excellence in everything they do.

“As young graduates, you need to exhibit competence, capacity and care in your daily engagements at your various departments,” he said.

He also added that to be successful, one needs to be competent and build capacity in every area that one is placed.

Ace broadcast journalist and TV host of the Ghana Report, Bernard Avle, who was also the special guest of honour, advised the young graduates to be problem solvers and not complainers.

“The nation needs young people who create solutions for existing problems. We need to change the situation we find ourselves in Ghana. The solution to our problems lies with change makers who dare to be different and not just join the band waggon of problem complainers.”

He reminided the graduates that Mike Nyinaku, Founder of the BEIGE Group, dared to be different despite the challenges he faced when he was setting up the company that has benefited them.

Encouraging the young graduates to generate and produce content that will change the lives of people around them, he appealed to every young person around to emulate the example of other countries like the United States.

He said “the United States is not powerful because of nuclear weapons but because of content that they create.

Bernard said “substance and quality are not in degrees and qualifications but in hard work, perseverance, dedication and commitment to excellence.”

Giving her speech at the ceremony, the Centre Manager of the BEIGE Academy, Ms Rosalind Nana Amoah said “this year has seen our third batch of about 109 Talents enrolled onto the Programme.  For us, it is a significant achievement, as we are happy to be part of the grooming and nurturing of our younger Talents for the future of our nation.”The Centre Manager also took the opportunity to congratulate winners of the various awards.

Again, Ms Rosalind said these Talents are evaluated periodically for transition onto the various stages of the programme, upon satisfactory performance. More so, those that prove exceptional in the evaluation are moved into the mainstream workforce of the various business units within The BEIGE Group.

Dr Elsie Kaufmann, Mr. Kofi Adu Otutu Labi who are board members of The BEIGE Group were among the guests that graced the occasion. They also advised and encouraged the young graduates to work hard and eschew all forms of indiscipline so as to make it in life.

BEIGE Academy is a special purpose institution established in March 2010 for training and career development. The Academy intends to build a more formal institution for Career Development.

Prof. Adei, Bernard Avle, others challenge BEIGE Talents to dare to be different
December 14, 2016. | ghanaweb.com |

prof-adeiProfessor Stephen Adei, Bernard Avle, among others have challenged BEIGE Talents to dare to be different in society. They said this at this year’s BEIGE Talents Ball held at the BEIGE Capital Asset Management premises last week.

The awards night is an annual year programme usually held to award distinguished talents who have excelled in their various departments of placements.

Commenting on the need to be different, Prof. Adei said “As young graduates you need to exhibit competence, capacity and care in your daily engagements at your various departments. He also added that to be successful, one needs to be competent and build capacity in every area that one is placed.”

Also gracing the occasion was the ace broadcast journalist and TV host of the Ghana Report, Bernard Avle, who was also the special guest of honour. Bernard advised the young graduates to be problem solvers and not complainers.

“The nation needs young people who create solutions for existing problems. We need to change the situation we find ourselves in Ghana. The solution to our problems lie with change makers who dare to be different and not just join the band wagon of problem complainers.”

He added that Mike Nyinaku dared to be different despite the challenges he faced when he was setting up the company in which these young graduates find themselves in now. Encouraging the young graduates to generate and produce content that will change the lives of people around them, he appealed to every young person around to emulate the example of other countries like the United States.

He said “the United States is not powerful because of nuclear weapons but because of content that they create.

Giving his final remarks, Bernard said “Substance and quality are not in degrees and qualifications but in hard work, perseverance, dedication and commitment to excellence.”

Giving her speech at the ceremony, the Centre Manager of the BEIGE Academy, Ms. Rosalind Nana Amoah said “This year has seen our third batch of about One Hundred and Nine (109) Talents enrolled onto the Programme. For us, it is a significant achievement, as we are happy to be part of the grooming and nurturing of our younger Talents for the future of our nation.” The Centre Manager also took the opportunity to congratulate winners of the various awards.

Again, Ms. Rosalind said these Talents are evaluated periodically for transition onto the various stages of the programme, upon satisfactory performance. More so, those that prove exceptional in the evaluation are moved into the mainstream workforce of the various business units within The BEIGE Group.

Dr. Elsie Kaufmann, Mr. Kofi Adu Otutu Labi who are board members of The BEIGE Group were among the guests that graced the occasion. They also advised and encouraged the young graduates to work hard and eschew all forms of indiscipline so as to make it in life.

BEIGE Academy is a special purpose institution established in March 2010 for training and career development. The Academy intends to build a more formal institution for Career Development.

BEIGE firms up capital asset management competence with staff training
December 13, 2016. | myjoyonline.com |

cl9a1446-620x330BEIGE Capital Asset Management (BCAM) has strengthened its capability with an in-house Securities Courses training facilitated by the Ghana Stock Exchange (GSE).

The indigenous financial institution says as it evolves, its subsidiaries are also repositioning themselves to meet the demands of the transition.

“It is in light of this that BCAM played host to the Ghana Stock Exchange with its in-house GSE Securities Courses training for its staff,” BEIGE in a release.

The training which lasted for three months trained participants in some key areas in the capital markets. Staff who participated in the training would be examined and certified by the GSE.

This move, BEIGE hopes, will equip staff with the requisite skills to enable them to function effectively in the field of investment banking.

Commenting on the rationale for the training, the Managing Director of BCAM, Kwaku Fredua Agyeman, said the company saw the need to not only incentivise staff but also to equip them with the requisite expertise to offer sound investment advice to its growing clientele.

He added that the financial services industry is a fast moving environment in which customers demand more and better services delivery with speed, safety and efficiency, hence it was important the company positioned itself to meet customer needs and continue participating actively in the market.

Participants expressed appreciation for the training. They intimated the fact that the training has come at a time when investments are seen as an essential element of financial freedom and wealth creation.

“We are very excited about this training as it will expose us to many things in the capital market industry. It is our belief that this training will deepen our knowledge and understanding in our engagement with customers” said one participant.

The exam is scheduled to take place in January 2017. Some of the modules of the course include Corporate Finance, Investment Analysis and Portfolio Management, Securities Trading and Investment Advisory Techniques, Legal and Regulatory Framework and Supervision among others.  Participants are now preparing to take the exam and be certified respectively.

Management on this occasion wishes to congratulate staff on dedication, commitment, enthusiasm, hard work and perseverance throughout the course of study. It is the hope of management that staff will bring the knowledge and skills acquired on board so that both staff and management will come out as winners.

BCAM is the Investment Banking subsidiary of The BEIGE Group that specialises in asset management advisory services.

BEIGE congratulates participants of GSE course on successful completion
December 12, 2016. | ghanaweb.com |

cl9a1446-620x330BEIGE Capital Asset Management (BCAM) wishes to congratulate participants of its in-house Securities Courses training facilitated by the Ghana Stock Exchange (GSE).

As BEIGE evolves, its subsidiaries are also repositioning themselves to meet the demands of the transition. It is in light of this that BCAM played host to the Ghana Stock Exchange with its in-house GSE Securities Courses training for its staff.

The training which lasted for three months was expected to train participants in some key areas in the capital markets, after which the participants would be examined and certified by the GSE. This move is to help equip staff with the requisite skills to enable them to function effectively in the field of investment banking.

Commenting on the rationale for the training, the Managing Director of BCAM, Kwaku Fredua Agyeman, said the company saw the need to not only incentivise staff, but also to equip them with the requisite expertise to offer sound investment advice to its growing clientele.

He added that the financial services industry is a fast moving environment in which customers demand more and better services delivery with speed, safety and efficiency, hence it was important the company positioned itself to meet customer needs and continue participating actively in the market.

Participants expressed appreciation for the training. They intimated the fact that the training has come at a time when investments are seen as an essential element of financial freedom and wealth creation.

“We are very excited about this training as it will expose us to many things in the capital market industry. It is our belief that this training will deepen our knowledge and understanding in our engagement with customers” said one participant.

The exam is scheduled to take place in January 2017. Some of the modules of the course include: Corporate Finance, Investment Analysis and Portfolio Management, Securities Trading and Investment Advisory Techniques, Legal and Regulatory Framework and Supervision among others. Participants are now preparing to take the exam and be certified respectively.

Management on this occasion wishes to congratulate staff on dedication, commitment, enthusiasm, hard work and perseverance throughout the course of study. It is the hope of management that staff will bring the knowledge and skills acquired on board so that both staff and management will come out as winners.

BCAM, is the Investment Banking subsidiary of The BEIGE Group that specialises in asset management advisory services.

BEIGE congratulates participants of GSE course
December 12, 2016. | 3news.comb |
cl9a1446-620x330BEIGE Capital Asset Management (BCAM) has congratulated participants of its in-house Securities Courses training facilitated by the Ghana Stock Exchange (GSE).
As BEIGE evolves, its subsidiaries are also repositioning themselves to meet the demands of the transition. It is in light of this that BCAM played host to the Ghana Stock Exchange with its in-house GSE Securities Courses training for its staff.
The training, which lasted for three months, was expected to train participants in some key areas in the capital markets, after which the participants would be examined and certified by the GSE. This move is to help equip staff with the requisite skills to enable them to function effectively in the field of investment banking.
Commenting on the rationale for the training, the Managing Director of BCAM, Kwaku Fredua Agyeman, said the company saw the need to not only incentivise staff, but also to equip them with the requisite expertise to offer sound investment advice to its growing clientele.
He added that the financial services industry is a fast moving environment in which customers demand more and better services delivery with speed, safety and efficiency, hence it was important the company positioned itself to meet customer needs and continue participating actively in the market.
Participants expressed appreciation for the training. They intimated the fact that the training has come at a time when investments are seen as an essential element of financial freedom and wealth creation. “We are very excited about this training as it will expose us to many things in the capital market industry. It is our belief that this training will deepen our knowledge and understanding in our engagement with customers,” said one participant.
The exam is scheduled to take place in January 2017. Some of the modules of the course include: Corporate Finance, Investment Analysis and Portfolio Management, Securities Trading and Investment Advisory Techniques, Legal and Regulatory Framework and Supervision among others.
Participants are now preparing to take the exam and be certified respectively. Management on this occasion wishes to congratulate staff on dedication, commitment, enthusiasm, hard work and perseverance throughout the course of study. It is the hope of management that staff will bring the knowledge and skills acquired on board so that both staff and management will come out as winners.

BCAM congratulates staff for completing GSE course
December 12, 2016. | citifmonline.com |

cl9a1446-620x330BEIGE Capital Asset Management (BCAM) has congratulated participants of its in-house Securities Courses training facilitated by the Ghana Stock Exchange (GSE).

As BEIGE evolves, its subsidiaries are also repositioning the company to meet the demands of the transition.

It is in light of this that BCAM played host to the Ghana Stock Exchange with its in-house GSE Securities Courses training for its staff.

The training which lasted for three months was expected to train  participants in some key areas in the capital markets, after which the participants would be examined and certified by the GSE.

This move is to help equip staff with the requisite skills to enable them to function effectively in the field of investment banking.

Commenting on the rationale for the training, the Managing Director of BCAM, Kwaku Fredua Agyeman, said the company saw the need to not only incentivize staff, but also to equip them with the requisite expertise to offer sound investment advice to its growing clientele.

He added that the financial services industry is a fast moving environment in which customers demand more and better services delivery with speed, safety and efficiency, hence it was important the company positioned itself to meet customer needs and continue participating actively in the market.

Participants expressed appreciation for the training. They intimated the fact that the training has come at a time when investments are seen as an essential element of financial freedom and wealth creation.

“We are very excited about this training as it will expose us to many things in the capital market industry. It is our belief that this training will deepen our knowledge and understanding in our engagement with customers” said one participant.

The exam is scheduled to take place in January 2017. Some of the modules of the course include: Corporate Finance, Investment Analysis and Portfolio Management, Securities Trading and Investment Advisory Techniques, Legal and Regulatory Framework and Supervision among others.

Participants are now preparing to take the exam and be certified respectively.

Management on this occasion wishes to congratulate staff on dedication, commitment, enthusiasm, hard work and perseverance throughout the course of study. It is the hope of management that staff will bring the knowledge and skills acquired on board so that both staff and management will come out as winners.

BCAM, is the Investment Banking subsidiary of The BEIGE Group that specializes in asset management advisory services.

BEIGE Group has bright prospects – Nyinaku
December 08, 2016. | ghanaewsagency.org | ghanaweb.com |

Accra, Dec. 8, GNA – Mr Mike Nyinaku, the Chief Executive Officer of the BEIGE Group, a financial services provider, says the future of the company is bright.

november-2016-md-with-graphic-with-interviewIn an interview with the Ghana News Agency in Accra, Mr Nyinaku said the BEIGE Group has been resolute in the pursuit and execution of the corporate strategy which had accounted for its success.

Some of the challenges since the company’s inception include negative customer perception about banking and finance being the practice of old and mature people.

“When we started BEIGE, we were fairly young and it was difficult to get people persuaded that boys as young as us, could be trusted with people’s hard earned funds. We did not have any long history of work experience in banking nor had we inherited some huge capital to show,” he said.

“Hence inducing confidence in the customer was a herculean task. It was a difficult thing to get customers to believe in us. Even competition wrote us off as they felt we did not have what it takes to run such a business,” he said.

Mr Nyinaku said besides there was also the challenge of regulation as the Bank of Ghana at the time Beige was established had no law in place to regulate the operation of microfinance institutions.

“In order for the institutions to be able to raise or accept deposits from people, they had to find a way to operate two distinct institutions without falling foul of the law or confusing the customer,” he said.

Mr Nyinaku said Bank of Ghana later saw the need to harmonise regulation such that both functions could be performed by one institution, adding that the regulator had provided a lot of guidance to them throughout each stage of the business.

“In this fast changing world, the rules must not and cannot be cast in stone. Technology, competition and entrepreneurship have changed how things happen that you cannot be stuck in your ways.

The customer has so much choice now that if you do not evolve to satisfy them you would lose out. Back in the day, customers journeyed to the bank. A few years ago we started taking the bank to the people and now we have even moved further to avail the bank to them on their phones.”

He said most of the regulation in our industry was designed with an intention to minimise risk and protect depositors’ funds and these were introduced at a time when there was absolutely no competition.

“Some of the guidelines could not take account of the impact of a changing world on business processes and believed that it would be a positive catalyst to business development and by extension national development if all the regulators would keep an open mind to changes happening in the business environment and their impact on how service practitioners deliver their services”.

The CEO said despite these challenges, it survived because of its strategic plan with the goal to build within 10 years a platform for the delivery of a broad range of financial services.

He said distribution was critical to the success of its model and as such rolled out service lines in reverse order or using what theorists call a backward integration approach, stating that “the Bank or BEIGE Capital Savings and Loans was going to serve as the distribution channel”.

He said the model has worked with about 2,000 staff and offices in 7 regions and the company has become the preferred bank for the informal sector.

“Due to the proximity of our branches to the niche marketing centres, the flexibility of our internal processes the competitiveness of our pricing we are actively modernising and modifying micro-banking”.

He said the company has become a preferred and safe choice for individuals and corporate institutions who want to place funds on short term investments due to growing confidence in their field of operations.

The CEO said the company has invested in infrastructure, technology and talent development and provide direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Mr Nyinaku said BEIGE is now a complete financial services supermarket and offers services in banking, pensions, insurance and investments through its subsidiaries.

BEIGE CEO talks up successes
December 01, 2016. | 3news.com|
november-2016-md-with-graphic-with-interviewThe Chief Executive Officer of The BEIGE Group (TBG), a Financial Services Provider, Mike Nyinaku, has expressed optimism about the future of his firm.
This follows recent announcements of their expansion into the provision of other financial services including Pensions and Insurance. He said this in an interview he granted to Daily Graphic.
Recounting the history of BEIGE, Mr Nyinaku noted with emphasis that their story so far has not been without challenges but that at every stage, they were resolute in the pursuit and execution of their corporate strategy and this is what has largely accounted for their status as of now.
He admitted that there have been some challenges since the company’s inception. Key among the challenges is customer perception. Banking and Finance is an old age business, he said it’s known to be usually practised by very old and mature people.
“When we started BEIGE, we were fairly young and it was difficult to get people persuaded that boys as young as us, could be trusted with people’s hard earned funds,” he said.
“We did not have any long history of work experience in banking nor had we inherited some huge capital to show. Hence inducing confidence in the customer was a herculean task. It was a difficult thing to get customers to believe in us. Even competition wrote us off as they felt we did not have what it takes to run such a business.”
Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.
Mike Nyinaku speaks on the BEIGE evolution
December 01, 2016. | graphiconline.com.gh |

november-2016-md-with-graphic-with-interviewThe Chief Executive Officer of financial services providers, The BEIGE Group (TBG), Mr Mike Nyinaku, has expressed optimism about the future of the group, especially following recent foray into other financial services.

Commenting on some current happenings within the firm in an interview with the Daily Graphic, Mr Nyinaku said the BEIGE story had not been without challenges but at every stage, they were resolute in the pursuit and execution of their corporate strategy, and “this is what has largely accounted for the current status.”

 Challenges

Key among the challenges since inception, Mr Nyinaku stated, was customer perception., premised on the position that banking and finance was an old age business, known to be usually practised by very old people.

“When we started BEIGE, we were fairly young and it was difficult to get people persuaded that boys as young we were, to be trusted with people’s hard earned funds. We did not have any long history of work experience in banking nor had we inherited some huge capital to show. Hence eliciting confidence in the customer was a herculean task. It was a difficult thing to get customers to believe in us. Even competition wrote us off as they felt we did not have what it takes to run such a business.”

Besides, he said, competition did not leave them alone as it preyed on staff of the company sometimes.

“Somehow, there seemed to be an orchestrated attempt to either spread false information about us in the industry. Luckily, we did not get derailed by that at all and I’m glad we remained focused. Even in these times of triumph, there are still little flushes of that in the environment.”

The BEIGE Group CEO said the company also had a major challenge with people as it did not have the muscle to afford very experienced talent and where it bent over backwards to have them “we so easily lost them to competition.”

“Still with the people issue, there was the difficulty in finding persons with integrity or persons who were not self-seeking. That was and continues to be a real challenge,” Mr Nyinaku reminisced.

 Regulation

The BEIGE boss stressed that when they started the firm, the Bank of Ghana at the time had not introduced a law to regulate the operation of microfinance instituions. Therefore, in order for them to be able to accept deposits from people, they had to operate two distinct institutions without falling foul of the law nor confusing the customer.

The BoG later on saw the need to harmonise regulation for both functions to be performed by one institution, saying the regulator had provided a lot of guidance to them throughout each stage of the business.

“I hold strongly the view that regulation must be dynamic and without a doubt the BoG has demonstrated so to us. In this fast changing world, the rules must not and cannot be cast in stone. Technology, competition and entrepreneurship have so much changed how things happen that you cannot be stuck in your ways,” he posited.

He also reiterated that the customer had so much choice now that if businesses do not evolve to satisfy them they would lose out.

Mr Nyinaku said most of the regulation in the industry was designed with an intention to minimise risk and protect depositors’ funds, introduced at a time when there was little competition, thus some of the guidelines could not take account of the impact of a changing world on business processes.

“I believe that it would be a positive catalyst to business development and by extension national development if all our regulators would keep an open mind to changes happening in the business environment and their impact on how service practitioners deliver their services,” he suggested.

 The distribution channel

In spite of the challenges, The BEIGE Group CEO said they had survived mainly because they knew what they were about. “When we started BEIGE, we had a clear strategic intent. Our goal was to build a platform for the delivery of a broad range of financial services within 10 years. These include banking, pensions, insurance and variety of investment services.” The bank or BEIGE Capital Savings and Loans (BCSL) served as the distribution channel and that explained why it was rolled out first.

“I would be quick to confess, looking at how everything has unfolded, that God has been good to us. The model has worked and surprisingly we are on schedule. With about 2,000 staff and offices in seven regions, BCSL has become the preferred bank for the informal sector.

“Due mainly to the proximity of our branches to the niche marketing centres, the flexibility of our internal processes and the competitiveness of our pricing, we are actively modernising and modifying micro-banking.”

He disclosed that the state of investments the group had made in infrastructure, technology and talent development would suffice, even if the volume of business increased by five-fold.

 The evolution

Riding on the success of BCSL, BEIGE is now a complete financial services supermarket. The BEIGE Group, through its subsidiaries now offers services in banking, pensions, insurance and investments.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000.

Mike Nyinaku touts BEIGE’s bright future
December 01, 2016. | myjoyonline.com |

november-2016-md-with-graphic-with-interviewThe Chief Executive Officer of The BEIGE Group (TBG), a financial services provider, has expressed optimism about the future of Group, following recent announcements of an expansion drive into the provision of other financial services including pensions and insurance.

Mike Nyinaku noted that the BEIGE story so far has not been without challenges but that at every stage, the company was resolute in the pursuit and execution of their corporate strategy and this is what has largely accounted for its success.

Mr Nyinaku said this in an interview with the Daily Graphic newspaper.

Mr Nyinaku admitted that there have been some challenges since the company’s inception. Key among the challenges is customer perception. Banking and Finance is an old age business, he said it’s known to be usually practised by very old and mature people.

“When we started BEIGE, we were fairly young and it was difficult to get people persuaded that boys as young as us, could be trusted with people’s hard earned funds. We did not have any long history of work experience in banking nor had we inherited some huge capital to show. Hence inducing confidence in the customer was a herculean task. It was a difficult thing to get customers to believe in us. Even competition wrote us off as they felt we did not have what it takes to run such a business,” he said.

He adds, “besides preying on our staff sometimes, competition did not leave us alone. Somehow there seemed to be an orchestrated attempt to either spread false information about us in the industry. Luckily we did not get derailed by that at all and I’m glad we remained focused because even in these times of triumph, there are still little flashes of that in the environment.

“Again, we had a major challenge with people. We did not have the muscle to afford very experienced talents and even where we bent backwards to have them we so easily lost them to competition.Still with the people issue was the difficulty in finding persons with integrity or persons who were not self-seeking. That was and continuous to be a real challenge.”

Furthermore, there was also the issue of the status of regulation at the time. Mike recounts that when the business started, the Bank of Ghana at the time had not introduced the law that regulates the operation of Microfinance institutions. Therefore, in order for BEIGE to be able to raise or accept deposits from people, they had to find a way to operate two distinct institutions without falling foul of the law nor confusing the customer.

The BoG later saw the need to harmonise regulation such that both functions could be performed by one institution. Mike confirmed that the regulator has provided a lot of guidance to them throughout each stage of the business.

“I hold strongly the view that regulation must be dynamic and without a doubt the BoG has demonstrated so to us.

“In this fast-changing world, the rules must not and cannot be cast in stone. Technology, competition and entrepreneurship have so much changed how things happen that you can not be stuck in your ways. The customer has so much choice now that if you do not evolve to satisfy them you would lose out. Back in the day, customers journeyed to the bank. A few years ago we started taking the bank to the people and now we have even moved further to avail the bank to them on their phones. You sit on the fence and see,” he said.

Most of the regulation in our industry is designed with an intention to minimise risk and protect depositors’ funds and these were introduced at a time when there was absolutely no competition. Thus some of the guidelines could not take account of the impact of a changing world on business processes. I believe that it would be a positive catalyst to business development and by extension national development if all our regulators would keep an open mind to changes happening in the business environment and their impact on how service practitioners deliver their services.

Despite these challenges, the BEIGE CEO said they have survived mainly because they knew what they were about. “When we started BEIGE, we had a clear strategic intent. Our goal was to build within 10years a platform for the delivery of a broad range of financial services. These include Banking, Pensions, Insurance and   variety of Investment services. Distribution was critical to the success of our model so we intentionally rolled out our service lines in reverse order or using what theorists call a backwards integration approach.

The Bank or BEIGE Capital Savings and Loans for that matter was going to serve as the distribution channel and that’s the reason we rolled it out first.”

“I would be quick to confess, looking at how everything has unfolded that God has been good to us. The model has worked and surprisingly we are on schedule. With about 2,000 staff and offices in 7 regions, BCSL has become the preferred bank for the informal sector. Due mainly to the proximity of our branches to the niche marketing centres, the flexibility of our internal processes the competitiveness of our pricing we are actively modernising and modifying micro-banking. On the other hand, we have also become a preferred and safe choice for individuals and corporate institutions who want to place funds on short-term investments obviously due to growing confidence in our operations. We thank them too.

“The state of investments we have made so far in infrastructure, technology and talent development would suffice even if the volume of our business increases by five-fold.

“Riding on the success of BCSL, we are happy to announce to our valued clients that the BEIGE they know has transformed significantly.”

BEIGE is now a complete financial services supermarket.

The BEIGE Group, through its subsidiaries now offers services in Banking, Pensions, Insurance and Investments.

In Q1 next year, the company would fully outdoor its pensions arm.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Mike Nyinaku on the BEIGE Evolution
November 30, 2016. | ghanaweb.com |

november-2016-md-with-graphic-with-interviewThe Chief Executive Officer of The BEIGE Group (TBG), a Financial Services Provider, Mr Mike Nyinaku, has expressed optimism about the future of The BEIGE Group. This follows recent announcements of their expansion into the provision of other financial services including Pensions and Insurance. He said this in an interview he granted to Daily Graphic as they were following up on the current happenings within the firm.

Recounting the history of BEIGE, Mike noted with emphasis that their story so far has not been without challenges but that at every stage, they were resolute in the pursuit and execution of their corporate strategy and this is what has largely accounted for their status as of now.

Mike admitted that there have been some challenges since the company’s inception. Key among the challenges is customer perception. Banking and Finance is an old age business, he said it’s known to be usually practised by very old and mature people.

“When we started BEIGE, we were fairly young and it was difficult to get people persuaded that boys as young as us, could be trusted with people’s hard earned funds. We did not have any long history of work experience in banking nor had we inherited some huge capital to show. Hence inducing confidence in the customer was a herculean task. It was a difficult thing to get customers to believe in us. Even competition wrote us off as they felt we did not have what it takes to run such a business.”

Besides preying on our staff sometimes, competition did not leave us alone. Somehow there seemed to be an orchestrated attempt to either spread false information about us in the industry.

Luckily we did not get derailed by that at all and I’m glad we remained focused because even in these times of triumph, there are still little flushes of that in the environment.

Again, we had a major challenge with people. We did not have the muscle to afford very experienced talents and even where we bent backwards to have them we so easily lost them to competition.

Still with the people issue was the difficulty in finding persons with integrity or persons who were not self-seeking. That was and continuous to be a real challenge.

Furthermore, there was also the issue of the status of regulation at the time. Mike stressed that when they started BEIGE, The Bank of Ghana at the time had not introduced the law that regulates the operation of Microfinance institutions.

Therefore, in order for them to be able to raise or accept deposits from people, they had to find a way to operate two distinct institutions without falling foul of the law nor confusing the customer. The BoG later on saw the need to harmonise regulation such that both functions could be performed by one institution. Mike confirmed that the regulator has provided a lot of guidance to them throughout each stage of the business.

“I hold strongly the view that regulation must be dynamic and without a doubt the BoG has demonstrated so to us. “In this fast changing world, the rules must not and cannot be cast in stone. Technology, competition and entrepreneurship have so much changed how things happen that you cannot be stuck in your ways.

The customer has so much choice now that if you do not evolve to satisfy them you would lose out. Back in the day, customers journeyed to the bank. A few years ago we started taking the bank to the people and now we have even moved further to avail the bank to them on their phones. You sit on the fence and see.”

Most of the regulation in our industry is designed with an intention to minimise risk and protect depositors’ funds and these were introduced at a time when there was absolutely no competition.

Thus some of the guidelines could not take account of the impact of a changing world on business processes. I believe that it would be a positive catalyst to business development and by extension national development if all our regulators would keep an open mind to changes happening in the business environment and their impact on how service practitioners deliver their services.

Despite these challenges, The BEIGE CEO said they have survived mainly because they knew what they were about. “When we started BEIGE, we had a clear strategic intent. Our goal was to build within 10years a platform for the delivery of a broad range of financial services.

These include Banking, Pensions, Insurance and variety of Investment services. Distribution was critical to the success of our model so we intentionally rolled out our service lines in reverse order or using what theorists call a backward integration approach.

The Bank or BEIGE Capital Savings and Loans for that matter was going to serve as the distribution channel and that’s the reason we rolled it out first.”

I would be quick to confess, looking at how everything has unfolded that God has been good to us. The model has worked and surprisingly we are on schedule. With about 2,000 staff and offices in 7 regions, BCSL has become the preferred bank for the informal sector.

Due mainly to the proximity of our branches to the niche marketing centres, the flexibility of our internal processes the competitiveness of our pricing we are actively modernising and modifying micro-banking.

On the other hand, we have also become a preferred and safe choice for individuals and corporate institutions who want to place funds on short term investments obviously due to growing confidence in our operations. We thank them too.

The state of investments we have made so far in infrastructure, technology and talent development would suffice even if the volume of our business increases by five-fold.

Riding on the success of BCSL, we are happy to announce to our valued clients that the BEIGE they know has transformed significantly. BEIGE is now a complete financial services supermarket.

The BEIGE Group, through its subsidiaries now offers services in Banking, Pensions, Insurance and Investments. In Q1 next year we would fully outdoor our pensions arm.

Together with its subsidiaries and affiliates, TBG is providing direct employment to about 4,000 people and serving a clientele base in excess of 600,000 clients.

Entrepreneurship is a way of life – Mike Nyinaku
November 29, 2016. | thebftonline.com|

upsa-photoThe Chief Executive Officer of The BEIGE Group and “Entrepreneur of the year, Mr. Mike Nyinaku, has maintained that it is time society viewed entrepreneurship as a way of life.

He made this statement at The University of Professional Studies, Accra, in a panel discussion organised by the Association of African Universities under the theme: “Entrepreneurial Learning & Communities of Practice”.

“Entrepreneurship is a way of life; it’s quite difficult to teach it as it’s more linked to one’s behaviour, personal experiences as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character.” he said.

Mr. Nyinaku, Ghana’s sixth most influential person, added that opportunities exist but one has to be very determined and focus to be able to take advantage of the plethora of opportunities that surround us.

Sharing his thoughts on whether our universities are providing knowledge that is enough to produce entrepreneurs, The BEIGE Group CEO said, “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Speaking on what most organisations look out for in employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does. As a people we need to show positive values and ethics such as honesty, diligence, integrity, hardwork among others. Many young graduates and employees do not often show positive values on the job hence lose their jobs.

Reacting to a question posed by the moderator that Mr. Nyinaku should clarify what he meant by the statement he made some time ago on “Jobs dey but boys no dey,” Mr. Nyinaku said with his little experience in his short stay in this business of entrepreneurship that he has had, “there are opportunities but there are not a lot of people ready to apply themselves to the kind of sacrifices that you need to go through to harness those opportunities.”

Furthermore, Mr. Nyinaku stressed the need to inculcate in our people more positive values and attitudes so that we will have more productive people in our work places who are not necessarily entrepreneurs but entrepreneurial within a quality entrepreneurial environment.

Other speakers on the panel were “Prof. Goski Alabi, Dean, Centre for International Education & Collaboration, University of Professional Studies and Dr. Josephine Larbi-Apau, Presbyterian University College.

AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa. The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs).

Students Must Be Determined-BEIGE CEO
November 29, 2016. | dailyguideafrica.com|

upsa-photoMike Nyinaku, CEO of BEIGE Group

Chief Executive Officer (CEO) of the BEIGE Group who has been adjudged ‘Entrepreneur of the Year,’ Mike Nyinaku, has called on students in the country’s universities to remain focused and make entrepreneurship part of their lives.

Mr Nyinaku disclosed this at the University of Professional Studies, Accra (UPSA) during a panel discussion organised by the Association of African Universities under the theme: “Entrepreneurial Learning & Communities of Practice.”

“Entrepreneurship is a way of life; it’s quite difficult to teach it, as it’s more linked to one’s behaviour, personal experiences, as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them, then it would be difficult to portray that character,” he said.

Mr. Nyinaku, Ghana’s sixth most influential person, added that opportunities exist but one has to be very determined to be able to take advantage of them.

The BEIGE Group CEO said, “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Touching on what most organisations look out for when employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does. As a people we need to show positive values and ethics such as honesty, diligence, integrity, hardwork among others. Many young graduates and employees do not often show positive values on the job, hence lose their jobs.

Other speakers at the event were Prof. Goski Alabi, Dean, Centre for International Education & Collaboration, University of Professional Studies and Dr. Josephine Larbi-Apau, Presbyterian University College.

AAU represents the voice of institutions of higher education in Africa, and works as the apex organisation and forum for consultation, exchange of information and cooperation.

The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs).

 

 

Entrepreneurship is a way of life-BEIGE CEO
November 25, 2016. | ghananewsagency.org |

upsa-photoAccra, Nov. 25, GNA – Mr Mike Nyinaku, the Chief Executive Officer of the BEIGE Group said entrepreneurship is a way of life and that it is quite difficult to teach it as it is more linked to one’s behaviour, personal experiences and aspirations.

“If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character,” he added.

Mr Nyinaku was speaking at the University of Professional Studies, Accra, in a panel discussion organised by the Association of African Universities (AAU) on the theme: “Entrepreneurial Learning and Communities of Practice.”

Mr Nyinaku, who is also the entrepreneur of the year said opportunities existed but one had to be very determined and focus to be able to take advantage of the plethora of opportunities that surround us.

Sharing his thoughts on whether the universities are providing knowledge that is enough to produce entrepreneurs, he said: “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Speaking on what most organisations look out for in employing graduates, Mr Nyinaku hinted that values were essential in everything that one did and that as a people, “we need to show positive values and ethics such as honesty, diligence, integrity, hardwork among others”.

He expressed the need to inculcate in people more positive values and attitudes to have more productive people in the work places who were not necessarily entrepreneurs but entrepreneurial within a quality entrepreneurial environment.

AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa.

It is based in Accra and has a current membership of more than 380 Higher Education Institutions.

Entrepreneurship is a way of life- BEIGE Group CEO –
November 24, 2016. | citifmonline.com|

upsa-photoThe Chief Executive Officer of The BEIGE Group and “Entrepreneur of the year, Mr. Mike Nyinaku, has underscored the relevance of entrepreneurship as a way of life.

Mr. Nyinaku  made the statement at the University of Professional Studies, Accra, in a panel discussion organised by the Association of African Universities under the theme: “Entrepreneurial Learning & Communities of Practice”.

“Entrepreneurship is a way of life; it’s quite difficult to teach it as it’s more linked to one’s behaviour, personal experiences as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character.” he said.

Mr. Nyinaku, Ghana’s sixth most influential person, added that opportunities exist but one has to be very determined and focus to be able to take advantage of the plethora of opportunities that surround us.

Sharing his thoughts on whether universities are providing knowledge that is enough to produce entrepreneurs, The BEIGE Group CEO said, “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Speaking on what most organisations look out for in employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does.

“As a people will need to show positive values and ethics such as honesty, diligence, integrity, hardwork among others. Many young graduates and employees do not often show positive values on the job hence lose their jobs,” he noted.

Reacting to a question on an earlier assertion on the topic , “Jobs dey but boys no dey,” Mr. Nyinaku  clarified that, “there are opportunities but there are not a lot of people ready to apply themselves to the kind of sacrifices that you need to go through to harness those opportunities.”

Furthermore, Mr. Nyinaku stressed the need to inculcate in people more positive values and attitudes to make them  more productive .

Other speakers on the panel were “Prof. Goski Alabi, Dean, Centre for International Education & Collaboration, University of Professional Studies and Dr. Josephine Larbi-Apau, from the Presbyterian University College.

AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa. The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs).

Entrepreneurship is a way of life – BEIGE boss
November 24, 2016. | myjoyonline.com |

upsa-photoThe Chief Executive Officer of The BEIGE Group, Mike Nyinaku, says entrepreneurship is difficult to teach because it is tied to a person’s behaviour.

Mr Nyaniku, who recently won the Business & Financial Times (B&FT) Ghana Economic Forum (GEF) “Entrepreneur of the Year” made this statement at the University of Professional Studies, Accra, during a panel discussion organised by the Association of African Universities under the theme: “Entrepreneurial Learning & Communities of Practice”.

“Entrepreneurship is a way of life; it’s quite difficult to teach it as it’s more linked to one’s behaviour, personal experiences as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character,” he said.

Mr. Nyinaku added that opportunities exist but one has to be very determined and focused on being able to take advantage of the plethora of opportunities that surround us.

Sharing his thoughts on whether Ghana’s universities are providing knowledge that is enough to produce entrepreneurs, The BEIGE Group CEO said, “what you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Speaking on what most organisations look out for in employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does. As a people, we need to show positive values and ethics such as honesty, diligence, integrity, hard work among others. Many young graduates and employees do not often show positive values on the job hence lose their jobs.

Reacting to a question posed by the moderator that Mr. Nyinaku should clarify what he meant by the statement he made some time ago on “Jobs dey but boys no dey,” Mr. Nyinaku said with his little experience in his short stay in this business of entrepreneurship that he has had, “there are opportunities but there are not a lot of people ready to apply themselves to the kind of sacrifices that you need to go through to harness those opportunities.”

Furthermore, Mr. Nyinaku stressed the need to inculcate in our people more positive values and attitudes so that we will have more productive people in our workplaces who are not necessarily entrepreneurs but entrepreneurial within a quality entrepreneurial environment.

Other speakers on the panel were “Prof. Goski Alabi, Dean, Centre for International Education & Collaboration, University of Professional Studies and Dr. Josephine Larbi-Apau, Presbyterian University College.

AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa. The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs).

Entrepreneurship is a way of life – Mike Nyinaku
November 23, 2016. | Ghanaweb.com |

upsa-photoThe Chief Executive Officer of The BEIGE Group and “Entrepreneur of the year, Mr. Mike Nyinaku, says Entrepreneurship is a way of life.

Mike made this statement at The University of Professional Studies, Accra, in a panel discussion organised by the Association of African Universities under the theme: “Entrepreneurial Learning & Communities of Practice”.

“Entrepreneurship is a way of life; it’s quite difficult to teach it as it’s more linked to one’s behaviour, personal experiences as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character.” he said.

Mr. Nyinaku, Ghana’s sixth most influential person, added that opportunities exist but one has to be very determined and focus to be able to take advantage of the plethora of opportunities that surround us.

Sharing his thoughts on whether our universities are providing knowledge that is enough to produce entrepreneurs, The BEIGE Group CEO said, “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”

Speaking on what most organisations look out for in employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does. As a people we need to show positive values and ethics such as honesty, diligence, integrity, hard work among others. Many young graduates and employees do not often show positive values on the job hence lose their jobs.

Reacting to a question posed by the moderator that Mr. Nyinaku should clarify what he meant by the statement he made some time ago on “Jobs dey but boys no dey,” Mr. Nyinaku said with his little experience in his short stay in this business of entrepreneurship that he has had, “there are opportunities but there are not a lot of people ready to apply themselves to the kind of sacrifices that you need to go through to harness those opportunities.”

Furthermore, Mr. Nyinaku stressed the need to inculcate in our people more positive values and attitudes so that we will have more productive people in our work places who are not necessarily entrepreneurs but entrepreneurial within a quality entrepreneurial environment.

Other speakers on the panel were “Prof. Goski Alabi, Dean, Centre for International Education & Collaboration, University of Professional Studies and Dr. Josephine Larbi-Apau, Presbyterian University College.

AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa.

The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs).

Entrepreneurship is a way of life – BEIGE CEO
November 23, 2016. | 3news.com |
upsa-photoThe Chief Executive Officer of The BEIGE Group, Mike Nyinaku, says entrepreneurship is a way of life.
The Entrepreneur of the Year made this statement at The University of Professional Studies, Accra (UPSA), in a panel discussion organised by the Association of African Universities under the theme: ‘Entrepreneurial Learning & Communities of Practice’.
“Entrepreneurship is a way of life; it’s quite difficult to teach it as it’s more linked to one’s behaviour, personal experiences as well as aspirations. If you are not naturally disposed to exhibit those traits and are also not compelled by your environment to demonstrate them then it would be difficult to portray that character,” he said.
Mr. Nyinaku, Ghana’s sixth most influential person, added that opportunities exist but one has to be very determined and focus to be able to take advantage of the plethora of opportunities that surround us.
Sharing his thoughts on whether universities are providing knowledge that is enough to produce entrepreneurs, The BEIGE Group CEO said, “What you gain as you graduate from school is knowledge. It’s powerful but limited. Unless combined with practicable application of your knowledge, it cannot turn into skill.”
Speaking on what most organisations look out for in employing graduates, Mr. Nyinaku hinted that values are essential in everything that one does. As a people we need to show positive values and ethics such as honesty, diligence, integrity, hardwork among others. Many young graduates and employees do not often show positive values on the job hence lose their jobs.
Reacting to a question posed by the moderator about his statement ‘Jobs dey but boys no dey,’ Mr. Nyinaku said with his little experience in his short stay in this business of entrepreneurship that he has had, “there are opportunities but there are not a lot of people ready to apply themselves to the kind of sacrifices that you need to go through to harness those opportunities.”
He stressed the need to inculcate in people more positive values and attitudes so that we will have more productive people in work places who are not necessarily entrepreneurs but entrepreneurial within a quality entrepreneurial environment.
Other speakers on the panel were Prof. Goski Alabi, Dean, Centre for International Education & Collaboration at UPSA and Dr. Josephine Larbi-Apau, Presbyterian University College.
AAU represents the voice of higher education in Africa and works as the apex organisation and forum for consultation, exchange of information and co-operation among institutions of Higher Education in Africa. The AAU is based in Accra and has a current membership of over 380 Higher Education Institutions (HEIs). S

Let’s nurture more ‘intrapreneurs’ – Mike Nyinaku
November 15, 2016. | graphic.com.gh |

mikeThe Chief Executive Officer (CEO) of the BEIGE Group, Mr Mike Nyinaku, has called for general support in nurturing what he terms “intrapreneurship” – the people who work within the organisation – because they are critical in the success of enterprises.

“As much as we support entrepreneurship, I like to say we should also support the concept of intrapreneurship because not all of us can employ. But a lot more can take advantage of what they people who risk, have created,” the entrepreneur explained.

Mr Nyinaku lauded the growing number of entrepreneurs in the country, a trend he said when continued for the next decade or two would lead to a major socio-economic transformation of the country, as the citizenry would not depend so much on government because private sector players would have been doing things by themselves.

People – the intrapreneurs

However, Mr Nyinaku insisted that capacity deficit in the human resource at the work place was a major issue that business leaders needed to deal with, worried that more graduates were not productive in the corporate office, but could use the computer so well for social media.

“I’m sure when you glance through the curriculum vitae of anyone from a university, they will tell you they are computer proficient. But they will not be able to put together a simple document in Microsoft Excel, but they are so good at facebooking.

Another challenge of recruiting ‘intrapreneurs’ is the impatience of the youth for apprenticeship.

“In no time, someone thinks he/she is baked and wants to go and ply a trade. So you’re not getting a lot of the youth ready to be patient enough to be groomed and prepared,” she noted.

As businesses grow, delegation of responsibility; decision making, supervision, supervision and so on becomes imminent, but requires people with high integrity. The BEIGE Group CEO believes the integrity was an issue that also needed to be addressed within the Ghanaian business environment.

“When we have a canker of integrity in our people, delegation becomes difficult. Because you realise you’d be spending more time supervising what you delegated than it would have cost you if you did it yourself.

“We need to have a system that is breeding people from school who are responsible, diligent, who are believing that it does not have to be mine for it to work; I must give it my best for the thing to work for all of us,” Mr Nyinaku stressed.

The new phase of BEIGE

The BEIGE Group, although has had its fair share of employee delinquencies, leadership of the group had addressed the challenge innovatively.

According to the CEO, since the human capital was rudimentary they first ensured that after attracting the right calibre, they cultivated them to believe in the vision of the business.

“Essentially, court their integrity and loyalty and that’s a great deal of headache.”

Mr Nyinaku, who started BEIGE Capital, a savings and loans company, when he was only  33 years, said throughout the various stages of the business growth, he had adopted a management approach that was relevant to the situation at the time.

“In the beginning I had a different approach because we were small and I could remember the names of all staff. Now we’re in thousands so then I’ve to lead from afar. Back then, I was leading from the front. And, I’m growing and developing the art of leadership even better myself.”

Technology

With the growth in the business, reaching about 30,000 clients on daily basis, BEIGE Group has deployed state-of-the-art technology to support operations.

Agents and sales teams use palm top device with software that allows them to open accounts and conduct transactions, be they banking, investments or insurance, on the field.

Mr Nyinaku said the BEIGE has also signed on to partner companies such as the Mobile Network Operators (MNOs) to bring services such as Mobile Money and bills payments to its clients.

The BEIGE Group is also considering deploying the Temenous 24 banking software to enhance its operations.

Unique Life Assurance pays GH¢650,000.00 as claims
November 14, 2016. | ghanabusinessnews.com|

cheque-presentation-2-00000002-620x330Unique Life (U-Life) Assurance Company Limited has paid GH¢ 650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, who received claims to the tune of GH¢ 245,000.00.

The amount which was a claim on their policy, also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star – Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs Josephine Dossah, the Marketing Manager of U-Life Assurance said: “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received GH¢ 60,000.00.

Mr. Franklin Mintah, the General Manager of Tony Kay Pharmacy, received the cheque on behalf of the company.

He said: We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between (us) and U-Life Assurance.”

visitation-to-mr-kofi-mintah-00000002Mr Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged Management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Company Limited was established in August 2007, which offers life products for the lower to middle-income market and has 14 branches nationwide.

Unique Life Assurance pays GH¢650,000.00 as claims
November 13, 2016. | ghananewsagency.org |

cheque-presentation-2-00000002-620x330Accra, Nov. 13, GNA – Unique Life (U-Life) Assurance Company Limited has paid GH¢ 650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, who received claims to the tune of GH¢ 245,000.00.

The amount, which was a claim on their policy, also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star – Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs Josephine Dossah, the Marketing Manager of U-Life Assurance said: “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received GH¢ 60,000.00.

Mr. Franklin Mintah, the General Manager of Tony Kay Pharmacy, received the cheque on behalf of the company.

visitation-to-mr-kofi-mintah-00000002He said: We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between (us) and U-Life Assurance.”

Mr Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged Management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Company Limited was established in August 2007, which offers life products for the lower to middle-income market and has 14 branches nationwide.

Unique Life Assurance pays out GH¢650,000 in claims
November10, 2016. | myjoyonline.com |

cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited (U-Life Assurance) has paid GH¢650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, received claims to the tune of GH¢245,000.00.The amount which was a claim on their policy also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star –Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs. Josephine Dossah, the Marketing Manager of U-Life Assurance said, “Unique Life Assurance is a worker-oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received sixty thousand Ghana Cedis (GH¢60,000.00).

The General Manager of Tony Kay Pharmacy, Mr. Franklin Mintah, received the cheque on behalf of the company. He commented that “We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”

Mr. Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress,commended U-Life Assurance and encouraged management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Co. Ltd (U-Life) was established in August 2007, to underwrite the life business of Unique Insurance Co. Ltd. (a hitherto composite company selling life and non-life products). U-Life Assurance offers life products for the lower to middle-income market and has 14 branches nationwide. Management of the company has given hints of U-Life Assurance having received some fresh capital injection as the company seeks to grow its capacity to serve more customers.

Unique Life Assurance Pays Claims
November 9, 2016. | dailyguideafrica.com |

Unique Life Assurance

cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited has paid GH¢650,000.00 in claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union which received claims to the tune of GH¢245,000.00.

Companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star –Wassa have also benefited from the claims payment.

Reiterating the company’s commitment to adding value to the lives of its customers, Josephine Dossah, the Marketing Manager of U-Life Assurance said, “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received GH¢60,000.00.

General Manager of Tony Kay Pharmacy, Franklin Mintah, who received the cheque on behalf of the company, commented that “we are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”

Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged management to continue to standby their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Co. Ltd (U-Life) was established in August 2007 to underwrite the life business of Unique Insurance Co. Ltd, a hitherto composite company selling life and non-life products.

U-Life Assurance offers life products for the lower to middle-income market and has 14 branches nationwide.

Management of the company revealed that it has received some fresh capital injection to effectively serve more customers.

Unique Life pays GH¢650,000 in claims
November 9, 2016. | thebftonline.com |

cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited (U-Life Assurance) has paid GH¢650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, which received claims to the tune of GH¢245,000.00. The amount which was a claim on their policy also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star – Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs. Josephine Dossah, the Marketing Manager of U-Life Assurance said, “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received GH¢60,000.00.

The General Manager of Tony Kay Pharmacy, Mr. Franklin Mintah, received the cheque on behalf of the company. He commented that “We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”

Mr. Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Co. Ltd (U-Life) was established in August 2007, to underwrite the life business of Unique Insurance Co. Ltd. (a hitherto composite company selling life and non-life products). U-Life Assurance offers life products for the lower to middle-income market and has 14 branches nationwide. Management of the company has given hints of U-Life Assurance having received some fresh capital injection as the company seeks to grow its capacity to serve more customers.

Unique Assurance pays GH¢650,000 as claims
November 08, 2016. | Citifmonline.com |

cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited (U-Life Assurance) has paid GH¢650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, who received claims to the tune of Two hundred and forty-five thousand Ghana Cedis (GH¢245,000.00).The amount which was a claim on their policyalso saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star –Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs. Josephine Dossah, the Marketing Manager of U-Life Assurance said, “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received sixty thousand Ghana Cedis (GH¢60,000.00).

The General Manager of Tony Kay Pharmacy, Mr. Franklin Mintah, received the cheque on behalf of the company. He commented that “We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”visitation-to-mr-kofi-mintah-00000002

Mr. Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress,commended U-Life Assurance and encouraged management to continue to standby their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Co. Ltd (U-Life) was established in August 2007, to underwrite the life business of Unique Insurance Co. Ltd. (a hitherto composite company selling life and non-life products). U-Life Assurance offers life products for the lower to middle-income market and has 14 branches nationwide. Management of the company has given hints of U-Life Assurance having received some fresh capital injection as the company seeks to grow its capacity to serve more customers.

Unique Life Assurance pays GH¢650,000 as claims
November 8, 2016. | 3news.com |
cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited (U-Life Assurance) has paid GH¢650,000 as claims to its clients within the last month.
A major beneficiary of the claim is the Ghana Mine Workers Union, who received claims to the tune of GH¢245,000.
The claim on their policy also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star – Wassa, benefit from their share of their claims payment.
Affirming the company’s commitment to adding value to the lives of its customers, Josephine Dossah, the Marketing Manager of U-Life Assurance said: “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”
Another recipient of the claims payment is a client, who owns Tony Kay Pharmacy. He also received GH¢60,000. The General Manager of Tony Kay Pharmacy, Franklin Mintah, received the cheque on behalf of the company. “We are happy that this claim has been paid promptly,” he said. “This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”
Mr. Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance pays GH¢650,000.00 as claims
November 8, 2016. | ghanaweb.com |

cheque-presentation-2-00000002-620x330Unique Life Assurance Company Limited (U-Life Assurance) has paid GH¢650,000.00 as claims to its clients within the last month.

A major beneficiary of the claim is the Ghana Mine Workers Union, who received claims to the tune of Two hundred and forty-five thousand Ghana Cedis (GH¢245,000.00). The amount which was a claim on their policy also saw member companies like Ghana Bauxite Company, Ghana Manganese Company, Newmont – Ahafo, Newmont Akyem and Golden Star – Wassa, benefit from their share of their claims payment.

Affirming the company’s commitment to adding value to the lives of its customers, Mrs. Josephine Dossah, the Marketing Manager of U-Life Assurance said, “Unique Life Assurance is a worker oriented company and always has the interest of the Ghanaian worker at heart and will choose this opportunity to solidify the relationship between the company and the entire Trade Union Congress. Thus, paying claims is part of demonstrating our commitment to our clients.”

Another recipient of the claims payment is a client who owns Tony Kay Pharmacy. He also received sixty thousand Ghana Cedis (GH¢60,000.00).
The General Manager of Tony Kay Pharmacy, Mr. Franklin Mintah, received the cheque on behalf of the company. He commented that “We are happy that this claim has been paid promptly. This claim will go a long way to further solidify the relationship between them and U-Life Assurance.”

Mr. Kwarko Mensah Gyakari, the National Chairman of the Trade Union Congress, commended U-Life Assurance and encouraged management to continue to stand by their claims philosophy of paying legitimate claims promptly in order to increase the patronage of life insurance by Ghanaian Workers.

Unique Life Assurance Co. Ltd (U-Life) was established in August 2007, to underwrite the life business of Unique Insurance Co. Ltd. (a hitherto composite company selling life and non-life products). U-Life Assurance offers life products for the lower to middle-income market and has 14 branches nationwide.

Management of the company has given hints of U-Life Assurance having received some fresh capital injection as the company seeks to grow its capacity to serve more customers.

GSE trains BEIGE Capital
November 7, 2016. | thebftonline.com|

beige-gse-trainsBEIGE Capital Asset Management (BCAM), has engaged the Ghana Stock Exchange (GSE) to conduct a “Securities Industry” training programme for its staff.

The training which will last for three months, is expected to train participants in some key areas in the capital markets, after which the participants will be examined and certified by the GSE.

Commenting on the rationale for the training, the Managing Director of BCAM, Kwaku Fredua Agyeman, said the company saw the need to not only incentivise staff, but also to equip them with the requisite expertise to offer sound investment advice to its growing clientele.

“We are very excited about this training as it will expose us to many things in the capital market industry. It is our belief that this training will deepen our knowledge and understanding in our engagement with customers.” He added.

Mr. Fredua Agyeman said the financial services industry is a fast moving environment in which customers demand more and better services delivery with speed, safety and efficiency, hence it was important the company positioned itself to meet customer needs and continue participating actively in the market.

Participants expressed appreciation for the training. They intimated the fact that the training has come at a time when investments are seen as an essential element of financial freedom and wealth creation.

BCAM is a subsidiary of The BEIGE Group that specializes in asset and investment advisory services.

BEIGE Academy inducts more talents
October 24, 2016. | thebftonline.com |

some-inductees-of-the-beige-talent-programmeBEIGE Academy, the talent development arm of the BEIGE Foundation, has enrolled yet another batch of young graduates into its career and skills development programme popularly known as The BEIGE Talent (TBT).

The BEIGE Talent, one of the social responsibility projects of the BEIGE Foundation, has a core mandate of equipping graduates with the necessary soft skills training to bridge the gap between the classroom and the real world of work.

The graduates were selected and confirmed after a series of systematic recruitment engagements.

Commenting on the newly recruited talents, Ms. Rosalind Amoah, the Centre Manager for BEIGE Academy said, “In 2015 the TBT programme was outdoored with a target of 100 talents per batch, from various universities. Today we are happy to note that the programme has successfully rolled out 3 batches.”

She added that, “TBT itself has undergone an evolution to refine the nature of the training and its related benefits to trainees. The intention of the programme has however not changed; to churn out a league of youth who would become the face of the BEIGE brand. So every item on the programme’s curricular is crafted to ensure that the talents are developed into a group of articulate, confident and well-groomed corporate professionals.”

Trainees are evaluated periodically for transition onto the various stages of the programme, upon satisfactory performance. More so, those that prove exceptional in the evaluation are grafted into the mainstream workforce of the various business units within The BEIGE Group.

BEIGE Academy is a special purpose institution established in March 2010 for training and career development.  The Academy intends to buil

BEIGE Academy inducts talents for skills development
October 20, 2016. | ghananewsagency.org |modernghana.com |

some-inductees-of-the-beige-talent-programmeAccra, Oct. 2016.  BEIGE Academy, the Talent Development arm of The BEIGE Foundation, has enrolled another batch of young graduates into its career and skills development programme known as The BEIGE Talent (TBT).

The BEIGE Talent, one of the social responsibility projects of The BEIGE Foundation, has a core mandate of equipping graduates with the necessary soft skills training required to bridge the gap between the classroom and the real world of work.

A statement signed by Prosper Delali, Public Relations Officer of The BEIGE Group and copied to the Ghana News Agency in Accra said the graduates were selected and confirmed after a series of systematic recruitment engagements.

Commenting on the newly recruited Talents, Ms Rosalind Amoah, the Centre Manager for BEIGE Academy said: “In 2015 the TBT programme was outdoored with a target of 100 talents per batch, from various universities.

“Today we are happy to note that the programme has successfully rolled out 3 batches.”

She explained that the project had undergone an evolution to refine the nature of the training and its related benefits to trainees.

“The intention of the programme has however not changed; to churn out a league of youth who would become the face of the BEIGE brand. So every item on the programme’s curricular is crafted to ensure that the talents are developed into a group of articulate, confident and well-groomed corporate professionals,” she added.

Ms Amoah explained that these talents are evaluated periodically for transition onto the various stages of the programme, upon satisfactory performance and that those that prove exceptional in the evaluation are grafted into the mainstream workforce of the various business units within The BEIGE Group.

BEIGE Academy is a special purpose institution established in March 2010 for training and career development.

The Academy intends to build a more formal institution for career development.

Press Release October 19, 2016
October 19, 2016

Our Evolution

The leadership of BEIGE Capital are happy to announce to the general public the evolution of the company after eight (8) years of successfully serving the public in the Tier II banking industry.

We have incorporated a new company called The BEIGE Group (TBG), a Financial Services Provider. TBG would serve as the Holding Company for BEIGE Capital and its affiliates that are involved in businesses related to banking and finance.

The objective of this Holding Company is to allow us have a structure that would support the pursuit of our aspiration to build – from out of Ghana – a formidable Financial Services Provider as exists in other parts of the world.

Thus, The BEIGE Group is a Financial Services Provider with business interests in Banking, Pensions, Insurance and Investments. Currently, the subsidiaries of The BEIGE Group include:
– BEIGE Capital Savings & Loans Ltd. (Banking)
– BEIGE Capital Asset Management Ltd. (Investment Management)
– Legacy Pensions Trust Ltd. (Pensions)
– BEIGE Assur Ltd. (Insurance)

Each of our subsidiaries is a regulated entity and is further governed by an independent Board of Directors.

Our evolution is being undertaken at an appropriate pace to ensure that the standards of service at each of our affiliates would remain consistent and continuously improved to achieve customer satisfaction.

The BEIGE Group was incorporated in 2012 and would be a regulated entity.

We would like to thank our cherished customers for their patronage and confidence in us. We want to further assure you of an even superior service now that we have MORE TO OFFER.

Signed: The Chairman, Board of Directors
The BEIGE Group
Professor Stephen Adei

Govt urged to train people for the job market
October 19, 2016. | graphic.com.gh |

proffThe Dean of the College of Education of University of Ghana, Legon, Prof. Audrey Gadzekpo, has underscored the need for the country to train people for the job market.She explained that the youth needs “quality, relevant and affordable education;” one that would help solve the problem of unemployment.

The astute professor of Journalism and Media Studies, made this remark at the launch of the Youth Excellence League, a brainchild of The BEIGE Foundation, the Social Responsibility arm of The BEIGE Group.

She lauded the direction of the Corporate Social Responsibility pursuits of The BEIGE Group, saying any effort to help educate and reward excellence in academic pursuits was laudable.

Prof Gadzekpo expressed happiness with the initiative as it seeks to help solve the problem of youth unemployment in the country.

The YEL, she said would help sharpen the skills of the youth in Ghana for better job placement through education as well as skills development.

She emphasized that the problem of youth unemployment was no longer the problem of the government alone or a problem of non-governmental organisations (NGO) to worry about.

YEL programme

The Youth Excellence League (YEL) is part of The BEIGE Foundation’s Life Skills Development Programme. The award scheme rewards youth (ages between 13 and 27) who excel in academic and non-academic projects.

She encouraged all employers to emulate the example of The BEIGE Foundation by investing in the education of our youth.

This she said could help reduce unemployment especially for youth who were uneducated due to financial needs.

 

Prof. Audrey Gadzekpo commends The BEIGE Foundation
October 11, 2016. | citibusinessnews |

prof-620x330The Dean of the College of Education of University of Ghana, Legon, Prof. Audrey Gadzekpo, has lauded the direction of the Corporate Social Responsibility pursuits ofThe BEIGE Group.

Prof. Gadzekpo said any effort to help educate and reward excellence in academic pursuits was laudable.

The astute professor of Journalism and Media Studies, made this remark at the launch of the Youth Excellence League, a brainchild of The BEIGE Foundation, the Social Responsibility arm of The BEIGE Group.

The Youth Excellence League (YEL) is part of The BEIGE Foundation’s Life Skills Development Programme. The award schemerewards youth(agesbetween 13 and 27)who excel in academicand non-academic projects.

Professor Gadzekpo was particularly happy with this initiative as it seeks to help solve the problem of youth unemployment in the country.

The YEL, she said, will help sharpen the skills of the youth for better job placement through education and skills development. She believes that the youth needs “quality, relevant and affordable education;”one that will help solve the problem of unemployment.

She stressed that the problem of youth unemployment is no longer the problem of the government alone or a problem of NGOs to worry about.”

She encouraged all employers to emulate the example of The BEIGE Foundation by investing in the education of our youth.

This she said can help reduce youth unemployment especially for youth who are uneducated due to financial needs.

Prof. Gadzekpo added that businesses need quality workforce that is well trained and innovative in order to thrive.

For this reason she described the launch of YEL as “a good demonstration of the kind of initiative we need to explore to address the challenge of youth unemployment”.

The Launch was graced by a former rector of the Ghana Institute of Management and Public Administration (GIMPA), Prof.Stephen Adei, the Head of Department of Information Studies, University of Ghana, Legon; Dr. Emmanuel Adjei, the CEO of TheBEIGE Group, Mr. Mike Nyinaku,and the Deputy Managing Director of BEIGE Capital Savings and Loans, Mr. Charles Odonkor.

In all, seven people were awarded with investment packages for their achievements.

Mr. Francis Kofi Apau, Best Student 2016, BSc Administration, University of Professional Studies, Accra, and Mr. Isaac Sarfo, Best Student 2016, Bachelor of Commerce, University of Cape Coast Business School, received GHS 3,000 each. Jude Teiko, Best Student 2016, Ghana Christian High School received GHS 2,000.

The rest who received 1,000 each are :Augustina Adutwumwaa Asiamah, La Yahoushua JHS, Henry Konadu, La Bawaleshie JHS, and Nkonim Amo-Mensah Fobea of University of Ghana, Legon, Basic School.

World Bank delegation calls on BEIGE Capital
October 03, 2016. | ghananewsagency.org |

dsc_7572Accra, Sept. 30, GNA – World Bank delegation and International Finance Corporation (IFC) have paid a courtesy call on Mr. Mike Nyinaku the Chief Executive Officer of BEIGE Capital, to discuss how financial institutions are supporting Small and Medium Scale Enterprises.

The meeting also focused on how those in the informal sector of the economy can contribute effectively to the growth of the national economy.

Mr Nyinaku said it would not be practicable for the country to succeed in the quest to achieve financial inclusion for the masses if it neglects the informal sector.

He said while the transaction process enablers such as mobile money is supporting the drive for a cashless economy, even at the micro level, access to credit would remain a big barrier to achieving a total financial inclusion.

Mr Nyinaku said one major barrier inhibiting access to credit is the legal system and contended that in spite of the introduction of the lenders and borrowers Act, the time it takes to secure judgment, coupled with the difficulty in executing judgment in the case of loan default makes the provision of credit to the informal sector unattractive.

’He said as a people we have been socialized in a way that rejects any effort at debt recovery. It is interesting to note that in some parts of the country you can’t execute an item of collateral because no one would want to buy that item of collateral’’, he said.

He attributed the success of BEIGE Capital Savings and Loans to its ability to adapt and customize international credit delivery approaches to suit the unique circumstances of the country’s informal sector.

Mr Nyinaku expressed the willingness of BEIGE Capital to engage IFC on any potential partnership that will inure to the benefit of both institutions, saying it is not always the case that there are bad borrowers, but sometimes there are also bad lenders.

The representatives of the World Bank who attended the meeting were Kaliza Karuretwa, a Senior Operations Officer; Anne Ytreland, a Private Sector Development Specialist; and Gaiv Tata, the Director for Growth Solutions Development LLC,.

 

World Bank delegation calls on BEIGE Capital
September 30, 2016. | ghananewsagency.com |

xbeige-jpg24529-jpg-pagespeed-ic-bunybsdrkxAccra, Sept. 30, GNA – World Bank delegation and International Finance Corporation (IFC) have paid a courtesy call on Mr Mike Nyinaku the Chief Executive Officer of BEIGE Capital, to discuss how financial institutions are supporting Small and Medium Scale Enterprises.

The meeting also focused on how those in the informal sector of the economy can contribute effectively to the growth of the national economy.

Mr Nyinaku said it would not be practicable for the country to succeed in the quest to achieve financial inclusion for the masses if it neglects the informal sector.

He said while the transaction process enablers such as mobile money is supporting the drive for a cashless economy, even at the micro level, access to credit would remain a big barrier to achieving a total financial inclusion.

Mr Nyinaku said one major barrier inhibiting access to credit is the legal system and contended that in spite of the introduction of the lenders and borrowers Act, the time it takes to secure judgment, coupled with the difficulty in executing judgment in the case of loan default makes the provision of credit to the informal sector unattractive.

’He said as a people we have been socialized in a way that rejects any effort at debt recovery. It is interesting to note that in some parts of the country you can’t execute an item of collateral because no one would want to buy that item of collateral’’, he said.

He attributed the success of BEIGE Capital Savings and Loans to its ability to adapt and customize international credit delivery approaches to suit the unique circumstances of the country’s informal sector.

Mr Nyinaku expressed the willingness of BEIGE Capital to engage IFC on any potential partnership that will inure to the benefit of both institutions, saying it is not always the case that there are bad borrowers, but sometimes there are also bad lenders.

The representatives of the World Bank who attended the meeting were Kaliza Karuretwa, a Senior Operations Officer; Anne Ytreland, a Private Sector Development Specialist; and Gaiv Tata, the Director for Growth Solutions Development LLC,.

Legal system seen hindering credit availability
September 30, 2016. | thebftonline.com |

Mike Nyinaku, Chief Executive Officer of BEIGE Capital has stated that the current legal system does not encourage financial institutions to lend to Small and Medium Enterprises.mike-part-2

Interacting with a delegation from the World Bank and the International Finance Corporation (IFC) who paid a courtesy call on him at his office in Accra, Mr. Nyinaku said one of the major barriers inhibiting access to credit is the legal system.

He said in spite of the introduction of the Lenders and Borrowers Act, the time it takes to secure judgment, coupled with the difficulty in executing judgment in the case of loan default, makes the provision of credit to the informal sector unattractive.

As a people, he said “we have been socialised in a way that rejects any effort at debt recovery,” adding that “in some parts of the country you can’t execute an item of collateral because no one in that part of the country would want to buy that item of collateral.”

Mr. Nyaniku explained that it is not always the case that there are bad borrowers, but sometimes there are also bad lenders.

He expressed the willingness of BEIGE Capital to engage IFC on any potential partnership that will inure to the benefit of both institutions.

The meeting was to, among other things, confer with Mr. Nyinaku on how financial institutions could increase their support for Small and Medium Enterprises (SMEs) in the country.

Discussions centred on how the informal sector can contribute effectively to the growth of the national economy. Another area of interest was how SMEs could be assisted to access credit facilities in order to make them competitive.

Mr. Nyinaku stressed that it will not be practicable for Ghana to succeed in its quest to achieve financial inclusion for the masses if the informal sector is neglected.

Whilst transaction process enablers like mobile money are supporting the drive for a cash lit economy, even at the micro level, access to credit remains a big barrier to achieving total financial inclusion, he said.

Touching on the success story of BEIGE Capital Savings and Loans, Mike Nyinaku said his institution has been able to adapt and customise international credit delivery approaches to suit the unique circumstances of Ghana’s informal sector.

The representatives of the World Bank who attended the meeting include Senior Operations Officer, Kaliza Karuretwa, Anne Ytreland, Private Sector Development Specialist, and the Director for Growth Solutions Development LLC, Gaiv Tata.

BEIGE Group CEO wins Ultimate Choice Icon award
September 30, 2016. | thebftonline.com|
dsc_8233Mike Nyinaku, the Chief Executive Officer of the BEIGE Group, was crowned as the Ultimate Choice Icon winner at this year’s edition of Ghana Teen Choice Awards held on 27th August, 2016 at the World Trade Centre in Accra.The event which is organised annually by The Silver Network to celebrate teen excellence and personalities who influence the teen World in Ghana was greatly attended by an array of celebrities, Ghanaian teens and parents.

Commenting on the award, Mike Nyinaku said, “We are very proud to receive this enviable award. As a company, we believe in building and inspiring the youth of Ghana. For this reason, our BEIGE Foundation has a platform that identifies, nurtures and grooms young exceptional individuals into responsible and influential adults. The BEIGE Group takes pride in providing opportunities that will grow the potential of every youth.”

He also added that the youth should refrain from joining bad company as that will corrupt them and also prevent them from realising their dreams and aspirations for the future.

Mike Nyinaku founded The BEIGE Group (TBG) in 2008 after a successful career as a Professional Accountant for 10 years.

TBG is a Financial Services Provider that has subsidiaries in Banking, Insurance, Pensions and Investments.

Throughout his career, Mike Nyinaku has demonstrated continuous leadership in business excellence, technical skills and project execution. He is an award winning entrepreneur highly regarded as one of Ghana’s emerging business leaders.

This year’s event saw celebrities such as award winning actor, Van Vicker, celebrated teen super star, Abraham Attah and his buddy Striker from the “Beast of No Nation Movie”, 2016 VGMA Artiste of the Year, EL, Hosts of various tv shows and members of the Ghana Teen Choice Awards Board, Fred Baa, Prisca Aryeh, Kulaperry and Serwaa Amihere.

Awards were presented to 21 other deserving personalities and institutions at the event, 16 of which went to Ghanaian teens and 4 to personalities who influence teenagers in Ghana.

 

BEIGE Foundation Outdoors YEL
September 29, 2016. | dailyguideafrica.com|

yel-3BEIGE Foundation, the social responsibility arm of the BEIGE Group, recently outdoored a talent development initiative called the Youth Excellence League (YEL) to recognize and award exceptional youth talents.

Anne-Marie Blackmore, Programmes Officer of the Beige Foundation, speaking at the launch said: “We believe that the youth form a significant part of the nation, hence the need to give them a push that will eventually inure to the benefit of the country in the right direction.”

The BEIGE Talent (TBT) has seen over 500 persons going through grooming and capacity building to equip them with the requisites for the corporate world.

Ms Blackmore said, “As a project, YEL would actively search for, identify and support youth who demonstrate exceptional skills in their academic program.

These would include youth at the Junior High levels, Senior High levels and the tertiary institutions. Where practicable, YEL would consider widening its net to make room for youth involved in other vocational skills endeavors.”

Prof Stephen Adei, a former Rector of GIMPA, who is chair of the BEIGE Group, in an address, called on the youth to apply wisdom in their choice of careers and accept to go through the mill in any area of life they find themselves in to emerge as catalysts for change in their societies.

He advised the youth to methodically approach their goals in life with knowledge and never hasten themselves through any process in their training.

Birthed in 2010, the project would be implemented in as many institutions as practicable with the ultimate aim of extending its coverage to the rest of the country.

In the past, the BEIGE Foundation partnered Non-Governmental Agencies (NGO), orphanages and corporate entities to impact the lives of orphaned and vulnerable children through Projects with Missionaries of Charity, the Ayenya Community School and Foster Home, the Beige Kids’ Club, among others.

Six years after birth, the BEIGE Foundation has engaged over 1,000 youth in many of its projects.

The first set of five awardees was inducted into the league.

World Bank, IFC confer with BEIGE Capital on SME financing
September 29, 2016. | graphiconline.com |

Staff of World Bank and International Finance Corporation (IFC) have paid a courtesy call on the Chief Executive Officer (CEO) of BEIGE Capital, Mr.dsc_7572 Mike Nyinaku, to hold discussions around how financial institutions support small and medium enterprises (SMEs) in the country.

During the discussions, Mr Nyinaku stressed that it would not be practicable for Ghana to succeed in achieving financial inclusion if it neglected the informal sector.

He stated that while transaction process enablers such as mobile money was supporting the drive for a cashless economy, even at the micro level, access to credit would remain a big barrier to achieving total financial inclusion.

He considered the country’s legal system as one of the major barriers inhibiting access to credit, saying in spite of the introduction of the Lenders and Borrowers Act, the time it took to secure judgement, coupled with the difficulty in executing judgments in cases of loan defaults made the provision of credit to the informal sector unattractive.

“As a people, we have been socialised in a way that rejects any effort at debt recovery. It is interesting to note that in some parts of Ghana you can’t execute an item of collateral because no one in that part of the country would want to buy that item,” he stated.

Mr Nyinaku attributed the success of BEIGE Capital Savings and Loans to its ability to adapt and customise international credit delivery practices to suit the unique circumstances of Ghana’s informal sector.

In his words, “it’s not always the case that there are bad borrowers, but sometimes there are also bad lenders.”

The BEIGE Group CEO expressed the willingness of BEIGE Capital to engage the IFC on any potential partnership that would inure to the benefit of both institutions.

The representatives of the World Bank at the meeting were a Senior Operations Officer, Kaliza Karuretwa, a Private Sector Development Specialist, Anne Ytreland and the Director for Growth Solutions Development LLC, Gaiv Tata.

World Bank staff visit BEIGE Capital
September 27, 2016. | citibusinessnews.com |

dsc_7572Staff of the World Bank and International Finance Corporation (IFC) have paid a courtesy call on the CEO of BEIGE Capital, Mr. Mike Nyinaku.

The meeting was to, among other things, confer with him on how financial institutions are supporting Small and Medium Enterprises (SMEs) in Ghana.

Discussions centered on how stakeholders in the informal sector of the economy can contribute effectively to the growth of the national economy.

Another area of interest in the discussion was how the SMEs could be assisted to access credit facilities in order to make them competitive.

Speaking to the subject as the CEO of the largest company in the Savings and Loans industry in Ghana, Mr. Nyinaku stressed that it will not be practicable for Ghana to succeed in the quest to achieve financial inclusion for the masses if it neglects the informal sector.

He said that while transaction process enablers such as mobile money is supporting the drive for cashless economy, even for the micro level, access to credit will remain a big barrier to achieving a total financial inclusion.

In his words, one of the major barriers inhibiting access to credit is the legal system.

He contended that in spite of the introduction of the lenders and borrowers act, the time it takes to secure judgment, coupled with the difficulty in executing judgment in the case of loan default makes the provision of credit to the informal sector unattractive.

He further stressed that as a people we have been socialized in a way that rejects any effort at debt recovery.

He said it is interesting to note that in some parts of Ghana you can’t execute an item of collateral because no one in that part of the country would want to buy that item of collateral.

He attributed the success of BEIGE Capital Savings and Loans to its ability to adapt and customize international credit delivery approaches to suit the unique circumstances of Ghana’s informal sector.

In his words, he said it’s not always the case that there are bad borrowers, but sometimes there are also bad lenders. He expressed the willingness of BEIGE Capital to engage IFC on any potential partnership that will inure to the benefit of both institutions.

The representatives of the World Bank who attended the meeting were a Senior Operations Officer, KalizaKaruretwa, a Private Sector Development Specialist, Anne Ytreland and the Director for Growth Solutions Development LLC, Gaiv Tata.

 

BEIGE Foundation launches GH?1m Youth Excellence League
September 26, 2016. | thebftonline.com |
yel-2 The BEIGE Foundation has launched a youth empowerment programme dubbed Youth Excellence League (YEL) to train, support and promote youth excellence in the country.
The initiative, powered by BEIGE Group, seeks to recognise and award exceptional youth talent, particularly in the area of academia including basic, secondary and tertiary levels of education.YEL has a seed capital of GH?1million and would receive yearly funding to support and promote excellence among the country’s youth.

According to Anne-Marie Blackmore, Programmes Officer of the BEIGE Foundation, the Youth Excellence League will bring together the best youthful brains in the country.

“Through this project, we seek not to only identify and support these talents but to push our youth to crave for excellence in all they do. We believe that the youth form a significant part of the nation; hence the need to give them a push that will eventually inure to the benefit of the country in the right direction

“It is our belief also that persons that perform remarkably in the academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project is designed to reward their excellence,” she said.

Beneficiaries, apart from receiving financial rewards, will be trained and honed as part of a skills development programme run by The BEIGE Academy, the capacity and skills training arm of the BEIGE Group.

As a project, the Youth Excellence League would actively search for, identify and support youth who demonstrate exceptional skills in their academic programmes. These would include youth at the Junior High levels, Senior High Levels and the tertiary institutions.

According to the BEIGE Group which has subsidiaries in savings and loans, real estate and insurance, the Foundation’s ideals are youth development, modifying behaviour and nurturing a new breed of young talent by bringing youth together to promote a culture that would lead them into becoming advocates for excellence.

Speaking at the launch of the initiative, Prof. Audrey Gadzekpo, Dean of the School of Communications Studies at the University of Ghana, who chaired the event, reiterated the need for corporate institutions to intervene in the future of Ghana’s youth.

“Our country have a crisis in youth employment and it is important that corporate bodies like the BEIGE Group contribute to making sure that the young ones have a brighter future. The YEL is a good starting point and I have no doubt that it will help in shaping the future of this country,” Prof. Gadzekpo said.

The event was also used to induct the first five members of the YEL who received various cash prizes. According to the BEIGE Foundation, about 30 more members are expected to be enrolled into the programme before the end of the year.

 

BEIGE Group launches project to award young talents
September 23, 2016. | ghananewsagency.org |modernghana.com |

Accra, Sept. 23, GNA – The Beige Foundation under the social responsibility arm of the BEIGE Group has outdoored a talent development initiative dubbed: “Youth Excellence League,” in Accra.dsc_7676

The project was established as part of the life skills development programme run by the BEIGE Academy to recognise and award exceptional youth talents in the junior high school, senior high school and the tertiary institutions.

The project would bring together the crème de la crème of the best brains amongst the youth in the country for the Foundation to seek not to only identify and support these talents but to push them to crave for excellence in their future aspirations.

As part of the novelty programme, five awardees were inducted into the league from the junior level to the tertiary and supported with GH₵1000.00 to GH₵3000.00 where 20 per cent of the money would be liquidated while the rest of the 80 per cent would be invested for the beneficiaries.

The project would consider widening its network to make room for youth involved in other vocational skills endeavors.

Ms.  Anne-Marie Blackmore said their outfit believed that the youth form a significant part of the nation; hence the need to give them a push that will inure to the benefit of the country in the right direction.dsc_7660

She said the awardees were selected based on their remarkably performance in academics whose overall achievements are outstanding and are worthy of celebration.

She explained that the Youth Excellence League would actively search for, identify and support youth who demonstrate exceptional skills in their academic programme.

The project would be implemented in as many institutions as practicable with the ultimate aim of extending its coverage to the rest of the country.

Ms. Blackmore said the Beige Foundation ideals, is to develop talent, modify behaviour and nurture a new breed of young talent to promote a culture that would lead these young ones into becoming advocates for excellence.

She noted that the Foundation has partnered non-governmental agencies, orphanages and corporate entities to impact the lives of orphaned and vulnerable children through projects with Missionaries of Charity, the Ayenya Community School and Foster Home.

Professor Stephen Adei, Chairman of the BEIGE Group said the initiative was to develop the talents of the young ones and instill in them the spirit of innovation and entrepreneurship for future development.yel-1

He said the group would launch an emergency fund for Ghanaians to meet any unforeseen situation such as death and accidents.

Prof Adei urged the awardees to be focused, acquire knowledge and skills and establish good relationship with God in their sphere of disciplines to succeed in life.

 

BEIGE Group launches YEL to promote youth excellence
September 22, 2016. | citifmonline.com |citibusinessnews.com |

As part of efforts aimed at championing excellence among the youth, the BEIGE Group has launched the Youth Excellence League (YEL) to encourage young Ghanaians to achieve more success.yel-1

Established as part of the Life Skills Development programme run by the BEIGE Academy, the project will recognize and award exceptional youth talents.

As part of the launch,  some brilliant students were awarded with cash prizes.

Speaking at the official launch of the YEL, the Programmes Officer of the BEIGE Foundation, Anne-Marie Blackmore explained that the project will assist brilliant students to attain more success in life.

“It is our belief  that persons who perform remarkably in academics or whose overall achievements are outstanding are worthy of celebration. It is for this reason that the project awards their excellence,” she said.

She stated that the youth forms a significant part of the nation; hence the need to give them a push that will eventually inure to the benefit of the country in the right direction.yel-2

“The Youth Excellence Awards will bring together the crème de la crème of the best brains amongst the youth in the country. Through this project, we seek not to only identify and support these talents but to push our youth to crave for excellence in all they do,” she added.

Explaining the methodology used to select students, Madam Blackmore stated that the YEL would actively search, identify and support people who demonstrate exceptional skills in their academic programme.

“These would include youth at the Junior High levels, Senior High Levels and the tertiary institutions. Where practicable, YEL would consider widening its net to make room for youth involved in other vocational skills endeavors,” she said.

yel-3

 

Human interaction key in Ghana’s financial inclusion- BEIGE CEO
September 22, 2016. | citifmonline.com|

Mike Nyinaku -01The Chief Executive Officer of Beige Capital Mike Nyinaku has maintained that even though technology may influence financial transactions in the future, human interaction will still play a key role in driving financial inclusion in Ghana.

According to him, the growth of technology such as mobile money will rather complement efforts aimed at enhancing financial intermediation with speed.

Speaking to Citi Business News, Mr. Nyinaku stated that with the level of financial needs required in Ghana, face-to-face financial transaction will be important to promote economic activities.

“Financial inclusion is going to be driven by relationships, technology yes, but technology only enables the platform. You cannot eliminate the face-to face exchange in financial intermediation and also the level of need,” he explained.

His assertion follows recent analysis by some financial watchers that the phase of banking and financial transactions in Ghana will be overtaken totally by technology.

He pointed out that Ghana’s economic setting requires personal relationship to drive the level of financial expansion needed for infrastructure development.

“The level of financial service you require will tell whether you will be served by technology or by a person.  So at the core core retail transaction happening process, there will be more technology but at higher level corporate business you still need people,” he said.

Touching on expansion of Mobile Money services, Mr. Nyinaku noted that the service complements the works of the banking sector and not compete with it.

“I don’t think the banks are showing panics about the expansion and upsurge of the use of Mobile Money. My belief which is fact is that Mobile Money is not in competition with the banks, or Mobile Money is not going to take the space of traditional banks,” he stressed.

He maintained that Mobile Money is a transaction process enabler; hence banks should rather catch on to the  platform to roll out innovative services.

He added that at the retail level, banks can always join the Mobile Money platform to reach the huge unbanked population.

WORLD BANK STAFF PAY COURTESY CALL ON CEO OF BEIGE Capital
September 22, 2016. |

ceo-photo-with-world-bank-staffStaff of World Bank and International Finance Corporation (IFC) have paid a courtesy call on the CEO of BEIGE Capital, Mr. Mike Nyinaku. The meeting was to, among other things, confer with him on how financial institutions are supporting Small and Medium Enterprises (SMEs) in Ghana.

Discussions centered on how those in the informal sector of the economy can contribute effectively to the growth of the national economy. Another area of interest in the discussion was how the SMEs could be assisted to access credit facilities in order to make them competitive.

Speaking to the subject as the CEO of the largest company in the Savings and Loans industry in Ghana, Mr. Nyinaku stressed that it would not be practicable for Ghana to succeed in the quest to achieve financial inclusion for the masses if it neglects the informal sector.

He opined that whereas transaction process enablers such as mobile money is supporting the drive for cashless economy, even for the micro level, access to credit would remain a big barrier to achieving a total financial inclusion.

In his words, one of the major barriers inhibiting access to credit is the legal system. He contended that in spite of the introduction of the lenders and borrowers act, the time it takes to secure judgment, coupled with the difficulty in executing judgment in the case of loan default makes the provision of credit to the informal sector unattractive. He further stressed that as a people we have been socialized in a way that rejects any effort at debt recovery. He said it is interesting to note that in some parts of Ghana you can’t execute an item of collateral because no one in that part of the country would want to buy that item of collateral.

He attributed the success of BEIGE Capital Savings and Loans to its ability to adapt and customize international credit delivery approaches to suit the unique circumstances of Ghana’s informal sector.

In his words, he said it’s not always the case that there are bad borrowers, but sometimes there are also bad lenders. He expressed the willingness of BEIGE Capital to engage IFC on any potential partnership that will inure to the benefit of both institutions.

The representatives of the World Bank who attended the meeting were a Senior Operations Officer, Kaliza Karuretwa, a Private Sector Development Specialist, Anne Ytreland and the Director for Growth Solutions Development LLC, Gaiv Tata

 

There’s hope for microfinance institutions — BEIGE CEO
September 15, 2016. | graphic.com |
In an exclusive interview with the Daily Graphic, Mr Nyinaku traced the challenges to several factors, such as the lack of basic business management and corporate governance structures; insufficient technical capacities, and they being exploited by some bigger finance institutions.

He also mentioned the lack of basic understanding of the regulations governing the practice as another major challenge bedevilling the sector.

Lack of structures

The business executive and entrepreneur stressed the point that some of those institutions, especially the ones that had challenges, did not have basic office management structures such as procedure manuals, personnel and role segregation, basic data generation, management processes and more.

Strikingly, he said, the absence of such key structures made the business and decision making centre around one person, which meant continuity was not guaranteed if that person was not available.

“They did not have standards for monitoring and reporting on their operations in a way that would enable them to notice the performance of the business from all perspectives. Some of these institutions also do not invest sufficiently in human resources well as logistics sufficient to support the delivery of the business at that level,” he stated.

Technical capacities

Regarding, insufficient technical capacities in some of the institutions, he said finance and banking – at the universal banking or micro finance level – were governed by a set of finance management principles which did not change much regardless of the size of the undertaking.

“Building a business involved in financial intermediation is a specialised form of intellectual entrepreneurship. The process is not as straight forward as normal trading, hence the reason why the practice is highly regulated,” he posited.

That therefore required depth in finance to be able to successfully run an institution involved in financial intermediation, including using a set of complex financial and operational performance indicators that reported on the outputs of various aspects of the businesses performance.

He mentioned, for instance, that BEIGE Capital, since inception, had been measuring its performance in accordance with the MIX reporting standards which were worldwide standards for measuring the performance of businesses involved in banking at all levels.

The BEIGE Group CEO emphasised that the mix reporting standards were very detailed and would reveal the output in every area of the business.

Regulation

In its regulations governing deposit-taking microfinance institutions, the Bank of Ghana made a lot of provisions, some of which included the maximum amount of deposits from a single individual depositor and the volume of assets the firm could create in relation to their stated capital.

“These, I believe, were made specifically to protect depositors as well as ensure that the institution is always well resourced to meet expected demands from depositors,” Mr Nyinaku explained, adding “it appears that some of these institutions did not heed them or keep them, thus leading to the stress they encountered.”

The BEIGE boss indicated that some of the microfinance institutions were exploited by some bigger finance institutions, because microfinance institutions at lower echelons of the financial services hierarchy were unable to raise rates comparable to what the big institutions would offer.

“Thus, to have access to wholesale funds, they had to turn to the bigger institutions. In boom periods, bigger finance houses lent a lot to the microfinance institutions at quite expensive rates but for relatively shorter tenure. It was difficult for the MFIs to redeem some of these funds as they fell due because of the tenure at which they had to on-lent the funds,” he explained.

Support BoG

Mr Nyinaku expressed his belief that no matter what had happened, the Bank of Ghana’s decision to regulate microfinance institutions was a good one and called for a concerted support for the regulator to ensure that sanity prevailed.

He stressed the importance of microfinance as an essential platform in the delivery of financial services in the economy, especially because of the various classes of people their services reach, including those at the bottom of the pyramid.

“I believe that rather than whipping up the lack of confidence in the sector, we should look at the bigger picture and promote initiatives that would further protect depositors’ funds, thereby reigniting confidence in the system.”

All is not lost for Micro -Finance Institutions – BEIGE Boss
September 15, 2016. | thebftonline.com |

mike-part-2Could there be a reason a lot of the Microfinance institutions appear to be failing?In the wake of scams, qualms, spats and all the rumpus about the operation of some microfinance institutions and their fraudulent extortion of monies from local investors, petty traders, among others, Mike Nyinaku, the Chief Executive Officer of the BEIGE Group says all is not lost for microfinance institutions.

Mike Nyinaku says he does not believe that microfinance institutions have failed but is quick to contend that some of them have had major challenges that have significantly impaired their status as going concerns and ultimately fuel alarming concern about the reputation of institutions at that level of financial intermediation. These challenges he believes have arisen are as a result of several factors, five of which he has outlined below.

First, he spoke about the lack of basic business management structures. The nifty business executive and entrepreneur made the point that some of these institutions, especially the ones that had challenges, did not have basic office management structures such as procedure manuals, personnel and role segregation, basic data generation and management processes and more. Strikingly, the absence of key structures such as mentioned above made the business and decision making centre around one person, which meant continuity was not guaranteed if that person was not available. They did not have standards for monitoring and reporting on their operations in a way that would enable them notice the performance of the business from all perspectives. Some of these institutions also did not invest sufficiently in human and well as logistical resources sufficient to support the delivery of the business at that level.

Second, he also mentioned the fact that some of these institutions did not have people with the sufficient technical capacities in managing that kind of business. Interestingly, Mike Nyinaku confessed that finance and banking, whether at the universal banking level or micro finance level is a science governed by a set of finance management principles which don’t change much regardless of the size of the undertaking. In his own words he confessed that “building a business involved in financial intermediation is a specialized form of intellectual entrepreneurship”. The process is not as straight forward as normal trading, hence the reason the practice is highly regulated.

Thus, one needs to have depth in finance to be able to successfully run an institution that is involved in financial intermediation. He stated that the performance of a financial institution is measured using a set of complex financial and operational performance indicators that report on the outputs of various aspects of the businesses performance.

Some of these areas may either be directly or indirectly related but in totality they all impact on the businesses feasibility. He further noted that BEIGE Capital, since its inception, has been measuring its performance in accordance with the MIX reporting standards which are worldwide standards for measuring the performance of businesses involved in banking at all levels.

He emphasized that the mix reporting standards are very detailed and would reveal your output in every area of your business. Mr. Nyinaku said whereas some indicators may show strength in your outputs, other indicators when measured may show weaknesses which if not addressed could significantly affect your results. One’s ability to understand finance thoroughly, he believes is critical one’s ability to successfully run the business. He says “it could be that some these institutions were not aware of these tools, were aware but lost sight of them or simply could not interpret them appropriately.

Again, one other point that he raised was the fact that some of these institutions have had corporate governance concerns. This he said would particularly happen especially where you have an owner of a business who does not understand the nuances of finance and banking, fully owns the business but has engaged someone to run the business and controls the person from afar. No matter how much this business manager knows, because that person is subject to the direction of the business owner, the person will have their hands tied. Interestingly, if the owner is not opened to the complexities and principles of financial intermediation, and it will be difficult for the business manager and owner to agree on how to run the business. Besides they would have continuous conflict during decision making. Interestingly, a few of these institutions were owned and managed by persons who did not have a practical understanding of finance & banking.

Furthermore, Mike hit the nail right on the head by saying that some of these micro finance institutions lack a basic understanding of the regulations governing the practice. He said the Bank of Ghana, in enacting the act to govern deposit taking in micro level, made a lot of provisions. Some of these provisions include the maximum amount of deposits you can take from an individual depositor, the volume of assets you can create in relation to your stated capital, amongst others. These were made specifically to protect depositors as well as ensuring that the institution was always well resourced to meet expected demands from depositors. He said “it appears that some of these institutions did not heed to them or keep them thus leading to the stress they encountered.”

Finally, Mike Nyinaku indicated that some of these micro finance institutions were exploited by some bigger finance institutions. He said because micro-finance institutions are at a lower level of the financial services hierarchy, they are unable to raise the rates comparable to what the big institutions would offer. Thus to have access to wholesale funds, they had to turn to the bigger institutions. Thus in the boom period, there was a lot of lending to the microfinance institutions from bigger finance houses at quite expensive rates but for relatively shorter tenures. It was difficult for the MFIs to redeem some of these funds as they fell due because of the tenures at which they had on-lent the funds.

Mr.  Nyinaku said he believes that no matter what had happened, the Bank of Ghana’s decision to regulate microfinance institutions is a good one thus all must support the “BOG” to ensure that sanity prevails. This he said is good because microfinance is an essential platform in the delivery of financial services in our economy. He said because of the various classes of people we have, microfinance institutions make it easier for persons at the bottom class to access funds. We can therefore not wish away microfinance, because it has there before all the other variants of finance emerged and particularly for the kind of demographics we have in our part of the world, micro finance is really essential. There is no point in continuing to speak ill of that industry as though they have no contribution to make. The idea of financial inclusion for all would be a mirage if we continue to underestimate the value and benefits of microfinance. He said, “the volume of transactions happening through mobile money today is no news to us. Probe that data further to find the average size per transaction and you would realise that these are all micro-level transactions. Now tell me if mobile-money is not enabling micro finance at this point”.

I believe that rather than fostering lack of confidence in the sector, we should look at the bigger picture and promote initiatives that would further protect depositors funds, thereby reigniting confidence in the system because like it or not, microfinance is an essential element of retail banking and that’s where the future of banking lies.

 

My failures make me wiser and better — Mike Nyinaku
September 8, 2016. | graphic.com |

mike-part-2This is the concluding part of an exclusive interview, Mr Mike Nyinaku (MN), the Chief Executive Officer of the BEIGE Group, granted Samuel Doe Ablordeppey of the Graphic Business (GB).

GB: Tell us about yourself, your upbringing and the principles that have shaped you till now.

MN: I come from a very humble family. I grew up primarily with my mother and my siblings who came thereafter. I had my basic education at New Era Preparatory School at Tudu then I got the opportunity to join PRESEC, Legon. I also charted my finance career starting from the University of Professional Studies, Accra (UPSA), then known as the Institute of Professional Studies (IPS).One thing that has run through my experiences over the years is the reality of having to make do with what I have at any time. It was hardly sufficient but I always had to find ways to brighten my corner. I also grew up in an environment that threw lots of responsibility at me. I was always at a junction where going back was not an option. So in my story, moving forward, whether I was going to come out bruised or scathed, was the option. It’s always been forward ever and that is what has shaped me?

GB: Did you always know you would become a finance person?

MN: No. I started doing things for myself at a fairly young age. At that time the intention was not building a business; it was all about surviving. I was in a survival mode, doing several things to finance the next day and then I started to save enough for the next two days. This went on till I started building surpluses that could make me save for the next three months and because of my background, I had a phobia for lack which kept me saving more, making me channel the resources into other productive ventures.

I have not stopped. I have failed in many and have also had reasonable success in a few. More importantly, I believe that all of those failures have made me better

and wiser. I still have energy to build, so I am pushing myself till I am unable to push further.

GB: What were these that you were building?

MN: I first started with book keeping consultancy when I was still at UPSA. I go out to prospect for people interested in my service. You sometimes visit 20 shops and out of your visit only one will ask you to come back. Meaning that out of about 25 trials you get only one deal. I did that for a while and got bigger businesses asking me to do their accounts for them. I got engaged with Deloitte and Touche where I had practical training in professional accounting services. While there, I had my moon shining, with lots of clients.

Then I had someone introduce meto land banking, I also got introduced to stocks by a very good friend. I also was an active investor on the stock market in the early

2000s.I also started real estate on the side. I ensured that at any time my resources must work. I had an interesting experience building and selling houses and through that, I grew my private wealth. I admired persons at the leadership of banking and finance then. I recall Ken Ofori Atta and fondly remember Edward Effah. So I said, ‘let me start something in microfinance.’ I put a business plan together, secured a licence, started off with a branch and the rest is history. Along the line, I had to temporarily suspend my real estate ventures to allow me focus on my investments in banking and finance. My story is fraught with a lot of setbacks but in all I’m happy   with where we are. God has been faithful.

GB: How is your business structured?

MN: As an investment firm, The BEIGE Group which is the parent company of BEIGE Capital has structured its investments into sectors. Our banking and finance portfolio, which is our main focus for now, has service channels that deliver banking finance, insurance, asset management, pensions and private equity services. That portfolio comprises five active independent companies, including BEIGE Capital Savings and Loans, BEIGE Capital Asset Management, Legacy Pensions, BEIGE Assure and a recently acquired Life Assurance company whose details we would disclose later.

Our alternative investments portfolio, driven by our private equity arm has investments spread across various sectors. These include real estate assets such as BEIGE Village Golf Resort & Spa and others. All our investments combined provide direct employment to about 4,000 individuals.

GB: Do you have a mentor, and what motivates you?

MN: I have been asked this question several times and I always have maintained that it is difficult to identify one person as a mentor. I see myself as a student of life and I believe that no one person has total mastery of life. I observe a lot and have picked traits from several many people. I’m proud to say that my mentors are the combined group of senior leaders we have in our country, because from each of them, especially those with whom I have relations with, I’ve acquired some lessons. I also belong to the school of thought that believes that progress is generational. You are here to freely conduct this interview with me because several years ago some people fought for press freedom.

Similarly, if I’m able to express my aspirations on the ground and create employment for people, it is because some people once dared to scratch the surface to pave the way for me and my peers to build on. They may not have done it all but they opened the eyes to the reality that some feats are possible. Thus every generation builds on the successes and the platforms that are passed on to them by previous generations. I’m motivated by the successes that senior entrepreneurs we’ve in the country have achieved and I think that if we don’t build on their platform, considering the pace that this world is moving, then by the time the next generation after us is picking on, the gap between them and the rest of the world would be so wide that they would just cow into submission.

GB: What is your message to other young entrepreneurs out there?

MN: There is no shortcut to success and depending on the kind of entrepreneurship aspiration you have, you would have to invest in a proper foundation that would stay and last. I would encourage them to read the book Built to Last (By Jim Collins and Jerry I. Porras).

GB: What advice do you want to give to managers of the economy?

MN: I’m not big enough to advise them. But the thoughts I’ve gathered out of my short period of experience in life are what I’d share. I’ve seen that entrepreneurship, be it social entrepreneurship or economic entrepreneurship, is a way of life and also a streak that runs through only a few people. When you sample 1,000 people you will be lucky to find it in one. Here, I’m not talking about that entrepreneurship that achieves personal subsistence for an individual or nuclear family but rather that type that creates jobs, wealth and transforms the lives of a mass of people. That character is a streak and it runs through a few people. One of my senior men describes people who demonstrate this character as AD-NORMAL, meaning positively abnormal. That streak is what makes someone decide to say

‘I’m going to face it, no matter what happens. Then when I finish I will bring the spoil so we manage it. ’In a developing society such as ours, people who are able to demonstrate such qualities should be protected; they must be encouraged and whatever they produce must be preserved. Reason is if only one emerges out of a population of 2,000 then a failure to protect that person would mean we would not only lose the opportunity to realise the benefits that would emerge from their enterprise but would also lose the opportunity of having them pass on the trait unto another.

Remember that this streak is not entirely genetic and therefore not automatically hereditary. Thus it’s not given that ‘my father was, so I’ll be’.

It’s innate. Thus if the trait emerges in some people and it’s not preserved, it’s difficult for another generation to even pick it up. Even if another generation picks it up, the milestones they achieve will be small because they didn’t have a proper handshake to build on. By crashing the entrepreneurship drive in one generation, you’ve slowed down the effect of the entrepreneurship capacities of subsequent generations for life. In the psychology of human and societal development, one should be able to identify the individuals whose actions are driving the rest.

Hypothetically, we should be able to identify and protect that group of about 500 or less individuals whose enterprise is driving the entire population of Ghana.

GB: How do you spend your past-time?

MN: I’m sure I’d disappoint you. (laughter). I’m either resting, working or thinking about work. Quite boring, I know but it’s the truth. I’m either doing or thinking of what to do. When I started, I used to have a fun life but as this journey got more involving and my responsibilities got bigger, I sort of got more withdrawn.

It’s either I’m at home, at the office or driving around inspecting my projects. If I have more time, I spend it with my kids.

 

Africa is late, but that’s opportunity — Mike Nyinaku
September 6, 2016. | graphic.com|

Samuel Doe Ablordeppey of the Graphic Business (GB) caught up with the astute business executive and serial entrepreneur, Mr Mike Nyinaku (MN), to share some thoughts about the economy, the banking industry, entrepreneurship and his experiences. Here are excerpts.

GB: Times are challenging and the general lending by banks to the private sector has slowed. How did your bank manage to post such an impressive half-year results, 86% above the same period last year?MN: Thanks for noting our results. We’re also happy about the results we churned and we believe that it has come about as a result of a lot of conscious efforts to stabilise our business. We’ve been running for eight years now, have been through very turbulent times, but we’ve also had a lot of experience coming out of mistakes we made in, probably, our second, third and fourth years. So in 2014 we started a programme to gradually consolidate our gains in areas where we’ve made positive strides, and also to stabilise our balance sheet. I guess it’s begun yielding results.

One of the key things that influenced this success is the quality of assets that we decided to create. We also pursued an approach that saw us exposing ourselves only to risk assets that gave us some comfort. In the past, we were quite ambitious and ventured into areas that gave us some challenges. We are born again and are now very confident about the assets that we’ve chosen to establish.

We’ve also, I believe, endeared ourselves to our growing customer base. We currently have a customer base of about 500,000 which shows the kind of confidence that the industry gradually is beginning to have in us. That way, we are able to procure deposits at fairer rates than it used to be in the past. We believe that this trend would be sustained as we move forward. It’s our expectation that by the time BEIGE Capital (BC) is 10 we would have an even more inspiring story to tell.

GB: What has gone into the quality of assets? What are you avoiding?

MN: The good thing is we are manned by a team that has the intellectual capacity to understand the direction of the business, so we are able to respond to whatever the outturn is within the environment.

We’re also lucky to have a board that is very meticulous and the sub committees at the board level ensure that we are always in compliance with our risk management guidelines. Thus whatever recommendations that come from the board, especially in the areas of the kind of assets we should invest in, were things the management had already noticed.

And of cause, for a business the size of ours, you cannot have a U-turn immediately. The results would be showing in single-digit percentages, but gradually you will be seeing a turn towards perfection and stabilisation.

We are confident because we have the people, the resources, the places as well as a broader product menu for our clients. We’ll do even better in the coming years.

GB: What are some of the menus, do you focus more on the SMEs or you do some big-ticket corporate transactions as well?

MN: We pride ourselves to be a mature savings and loans company that believes in the informal sector. That’s the area where we’ve built capacity and want to continue expanding our footprints.

It has been proven that over 80% of the economically active persons in the country are engaged in the informal sector. This statistic means a lot to us because at BC, we have mastered the art of providing financial intermediation at that space.

We don’t mind doing some high-level corporate business if that opportunity presents itself, but as a default business direction we will always lend ourselves to the service of the underserved and unserved areas first.

GB: What will be your candid assessment of the economic fundamentals of the country and the management plans that have been outlined and their implementation so far? 

MN: There are several regulatory bodies whose decisions equally affect the fortunes of this country. Unfortunately for me I can speak only for the one whose affairs I’m conversant with – here I mean the Central Bank.

I think our central bank is smart and the people there have built a lot of pedigree as a result of how long they’ve been managing this economy. Often we are quick to bark at them when internal conditions don’t seem to favour us. However, what we sometimes fail to realise is they not only have to consider internal conditions in determining their actions but also have to balance same against internationally prescribed standards and practices as well. It’s a global environment now, you know, and we cannot pretend to be existing in isolation.

The BoG would normally use monetary policies, including the prime rate to set a benchmark for the price of money on the market. Usually all the banks and other financial institutions thereafter set their rates to be a function of the prime rate. We are also not new to the trend of increased borrowing by the government from the market using the treasury bill instrument. Fact is, one cannot blame the banks because it’s safer to lend to the government than the general market. I believe that the BoG has regulated the industry to ensure fairness, openness and opportunity for growth for all of us.

In spite of the seeming odds, I’m confident about the potential for business success in our climate. The trend that we see is not one that is new. We are going to have a challenge with the depreciation of our currency for a long time, because we simply import more than we export. It’s fundamental!

I believe that for now, we would work with what we’ve and hope that some opportunity presents itself.

GB: You believe there are still opportunities that exist in Ghana that we can harness to position Ghana as a powerhouse for Africa. What are these opportunities?

MN: Ghana, from my lens is a greenfield. In fact, Africa in itself is a greenfield. We are behind the rest of the world in economic development. This may sound gloomy but from another perspective it’s a big opportunity because what it means is Africa is where capital can find demand. Its common knowledge with the foreign investor community that returns on investments in Africa far exceed the global average.

Watch this. Africa is the continent with the most youthful population, we have possibly the largest mass of undeveloped land; the combined value of mineral resources of Africa surpasses the mineral resources of all other parts of the world combined. In the next quarter of a century we would have the largest population of middle class individuals in the world. That’s a huge market. Besides, the energy needs of Africa in the coming quarter of a century is mind-blowing.

I can easily situate Ghana where Africa is. An example – as elementary as it can be – is the extent to which our landmass is being developed. I schooled at PRESEC, entering at 1987and at that time, the road from the Ako Adjei (then Thomas Sankara Circle) to PRESEC was a small single lane street.  At Tetteh Quarshie was a big overgrown roundabout. You will ply that lonely road to Legon. I left PRESEC in 1994. In a space of barely 20 years, look at how much greenfields have been converted to brown.

Using that simple case as a reference point, you can easily predict that within the next decade, the landmass of Accra could triple in size. What does this mean? Business opportunities! Food, water, basic household and personal needs, education, relaxation and many more. I believe that this country abounds with opportunities.

GB: But is it for foreigners to take advantage of?

MN: That’s where there’s a gap. And from my perspective I can illustrate it using a four legged puzzle. Number 1 is the undeniable fact that opportunities abound. Number 2 is also the undeniable fact that most of our indigenes do not have the technical and material resources to harness these opportunities to their full potential and demanding that the government supports them to take advantage of these opportunities. Three, there are a lot of forces from the international community who have the resources and are seeking to take advantage of the opportunities that exist here. And four, probably the most complex is the fact that our government which is the institution mandated to oversee the administration of these opportunities have their hands somewhat tied because they have to manage the expectations of everyone at the table.

Remember that as part of the international community Ghana has been compelled to endorse protocols that hypocritically frown on protectionism but rather open our market to abuse under the guise of fair competition.

It would be a difficult situation for any government but there’s certainly a way out. We are not the only country that has been in this situation. The Asian Tigers and even Nigeria was in this situation. But for Nigeria, their sheer size enables them to willfully implement protectionist policies that protect their local industries.

graphic.com

BEIGE boss champions ‘Ghanaian-owned economy’ agenda
September 6, 2016. | thebftonline.com.com |ghanaweb.com|

mike-edithChief Executive Officer of the BEIGE Group, Mike Nyinaku, has backed the call for local entrepreneurs to take hold of the critical sectors of the economy as that was the only way to fast-track socio-economic growth.

He argued that home-grown businesses must take control of their various sectors of operation and strive to become recognised as competitive brands to discredit the notion that the Ghanaian economy is underpinned by the exploits of foreign multinational firms.

He said on a courtesy call to the B&FT: “Ghanaian businesses and entrepreneurs must blaze the trail in their own small corners; we must enlarge our coasts to become more competitive to attract the much-needed attention.

Ghanaians must be seen controlling their territories rather than being ‘spectators’ as if the economy depends on the exploits of foreign hands.”

“A Ghanaian-owned economy; setting the agenda for achieving it” was the theme of the just-ended Ghana Economic Forum (GEF 2016), a flagship event of the Business and Financial Times, to rally both public and private sector businesses, policymakers and relevant stakeholders to brainstorm ways to get the national economy into the hands of locals.

The inspirational entrepreneur touted the relevance of that topic as it was a sustainable way to facilitate rapid socio-economic growth.

He admitted that local businesses are not getting the needed support and attention towards the realisation an economy that is fully-owned by Ghanaians but there was the need for concerted effort and will.

Mr. Nyinaku who was adjudged “Entrepreneur of the Year” at the Ghana Economic Forum Excellence Awards, a notable recognition from fellow entrepreneurs for his tremendous commitment to the course of entrepreneurship and job-creation added: “As it stands, there is no focal point to be coordinating the realisation of this agenda but we still have to start from somewhere; local businesses need to push to get the attraction and respect.”

Chief Executive Officer of the B&FT, Mrs Edith Dankwa, assured Mr. Nyinaku of the paper’s continuous support to ensure a mutually beneficial relationship between the two institutions.

“We remain committed to support businesses and we look forward to a mutually beneficial relationship between our two institutions,” she said.

Mrs. Dankwa also touched on recent developments in the B&FT, and other long-term plans of the business.

She pledged the company’s commitment towards the growth of businesses in the country.

thebftonline

We need convergence of efforts to change base of economy
September 5, 2016. | graphic.com |

mikeThe CEO of Beige Capital, Mr Mike Nyinaku, believes that opportunities abound in Ghana, in spite of the obvious odds.“The trend that we see with currency depreciation is not new. We are going to have a challenge with the depreciation of our currency for a long time because we simply import more than we export. It’s fundamental,” Mr Nyinaku told the Daily Graphic in an exclusive interview in Accra.

The value of imports was $17.6 billion, compared with $17.8 billion in 2012.As of June 2016, merchandise exports amounted to $5.08 billion, against imports of $6.48 billion, leading to a negative trade balance of $1.39 billion, according to the Bank of Ghana.

Mr Nyinaku would not blame the economic challenges and business climate on any particular government, regime or entity; he rather stressed the need for all persons and institutions with capacity to influence decisions impacting on the destiny of this country to concertedly work towards changing the structure of the economy.

“I don’t think that was caused by any particular political regime. It is something that has bedeviled us for a long time and cannot be wished away by mere talk. We know what we have to do but do not have the guts to do so for fear of counter actions by our trade partners and the rest of the world. Having said that, the longer we wait, the more difficult if would be for us to reverse this trend,” he explained.

Economic fundamentals

His comments come at a time when the economy has seen some stability after the economic fundamentals took a nosedive over the past three to four years.

Inflation had gone up from 9.08 per cent in January 2011 to 13.80 per cent in January 2014. It peaked at 18.9 per cent in May this year before easing down to 16.7 per cent in July.

The local currency, the cedi, has also experienced volatilities over the period, before depreciating at a slower pace in 2015. It averaged GH¢3.2 to the dollar in 2014 but ended 2015 around GH¢3.8 to the dollar.

The cedi now exchanges for GH¢3.94 to the dollar as of September 1.

Cumulatively, the cedi depreciated by 3.3 per cent against the US dollar in the year to June 2016 on the interbank market, compared with 26.1 per cent over the same period in 2015.

The cedi’s instability is partly caused by higher imports over exports. In 2013, the overall balance of payment deficit remained largely unchanged at US$1.2 billion. The current account deficit widened to US$5.7 billion from US$4.9 billion recorded in the corresponding period of 2012.

These have impacted negatively on interest rates as well. The benchmark 91-day treasury bill was sticky at 25.8 per cent in December 2014 and dropped marginally to 24.41 per cent in December 2015. It stood at 22.86 per cent as of August 29.

Base rates of banks range between 16 per cent for the Bank of Baroda and 33.4 per cent by the Capital Bank. The banks’ annual percentage interest rates also range from 15 per cent by the GN Bank to 40 per cent by Barclays Bank.

Mr Nyinaku was of the belief that turning things around would take more than eight years to achieve.

“We need an uninterrupted period of at least 10 years to undertake, manage and sustain the interventions that could turn our fortunes around. It could be very expensive, as it would be at the expense of the political aspirations of some interest groups, but if well managed, an opportunity like that could see us achieving some consistency in the social and economic development process of our country,” he added.

BEIGE

For now, BEIGE Capital is positioning itself as a financial services provider with service channels including banking  finance, insurance, asset management, pensions and private equity.

The Group CEO said due to BEIGE’s historical background and unique experience with the informal sector, it was well placed to be the partner of choice to any government institution or agency that required the services of a financial institution with reach among the informal or small and medium enterprises (SME) sector.

“We work with what we have and for now I think there is opportunity for all,” the man who built the BEIGE brand after stints with several endeavours, including working with the accounting firm Deloitte and Touche, said.

Mr Nyinaku said the regulator of the banking sector – the Central Bank – had been effective in its management of the financial services sector, despite the inherent challenges.

He opined that the choice of policies adopted by the regulator were informed obviously by its long period of experience in what it did.

“For now, I cannot have any backlash for the BoG. They’ve regulated the industry to ensure fairness, openness and opportunity for growth for all of us,” he stated.

 

Mobile money poses no threat to the banking sector-BEIGE boss
August 30, 2016. | modernghana.com|citibusinessnews.com | peacefmonline.com |citifmonline.com|3news.com|ghanaweb.com|

The Chief Executive Officer of BEIGE Capital, Mike Nyinaku, has asserted that the Mobile Money service poses no threat to the future of the banking sector in Ghana.

Mr. Nyinaku made the assertion during a pre-event interview he granted to the media at the Ghana Economic Forum, where he was a guest speaker.IMG_3074

Though the surge in Mobile Money usage has caught the attention of many Ghanaians, some bankers are  apprehensive about the position of the Mobile Money service, as against the future of the banking sector.

A report carried out in the B&FT in one of its May 2016 edition paints a glowing picture of the growth of Mobile Money service in Ghana.

The report states, “The penetration of mobile money in the country has seen an astronomical rise for the fourth year running with last year’s value of transaction reaching GHC35.4billion, an increment of more than 216 percent over the previous year’.

The report states further that “…in 2014 three telecom operators (Airtel, Tigo and MTN) were able to do transactions worth about GHS11.2billion across the country.”

Also the 2016 banking survey conducted by Pricewaterhouse Coopers, (PwC) in collaboration with the Ghana Association of Bankers, and launched in Accra recently on the theme, “How to win in an era of Mobile Money,” further heightens the apprehensions and  extends the debate on the future and the direction of the Mobile Money service as against the traditional role of the banking sector.

The survey, as reported by the Daily Graphic, “added a survey of chief executive officers and chief finance officers of banks to pick their perspectives on the emerging mobile money explosion.”

According Mr. Thomas Kyei-Boateng, who presented the findings of the CEO and CFOs’ survey, a total of 71.4 per cent of the respondents in the survey saw the mobile money revolution as both a threat and an opportunity depending on how the banking institution responded to it.

The threat, on the part of the banks, was also because of the potential for telcos and other mobile money operators to enter into the banking space.

Mr Kyei-Boateng also pointed out that almost 30 per cent of the respondents saw it as an opportunity only without any threat.

Adding his voice to the on-going discussion, a Deputy Governor of the Bank of Ghana, Dr Johnson Asiama, said: “the total value and volume of mobile money transactions have outstripped all other non-cash transactions, except cheques, with total money float balances at the end of June this year reaching about GH¢680 million ($172 million), compared to about GH¢341 million over the same period last year.

Registered agents also reached 108,000 within the period, compared to about 36,000 for the same period last year.” (Daily Graphic,26/08/2016).

This, he said, confirms the growing acceptance of mobile money across the country.

Dr. Johnson Asiamah added that the BoG was committed to facilitating the evolution with the enabling regulatory environment for mobile money to promote financial inclusion without risking the general safety and soundness of the financial system.

Mr. Nyinaku was however of the view that notwithstanding the successes chalked by the mobile money service, there is no way the role of the banking sector will be overtaken by it.

He asserts, “Mobile Money service is a transaction enabler, it is not banking so the traditional importance of banking will not be replaced by the upsurge of the use of mobile money service.”

He however believes that the mobile money service will increasingly become a transaction process enabler in the delivery of goods and services; and thus, complementing the effort of the traditional role of the banking sector.

“It will however not replace the traditional role of the banking sector,” he emphasized.

 

Govt urged to build capacities of local firms
August 25, 2016. | thefinderonline.com |

Mr Mike Nyinaku, Chief Executive Officer of Beige Capital, has called on government to build the capacity of local enterprises to ensure that value is added to the nation’s natural resources to compete in the international level.

He said many foreign investors have taken over the production of the country’s natural resources because local businesses are handicapped in terms of financial muscle to purchase equipment to add value to its products.

Mr Mike Nyinaku, Chief Executive Officer of Beige Capital, has called on government to build the capacity of local enterprises to ensure that value is added to the nation’s natural resources to compete in the international level.

He said many foreign investors have taken over the production of the country’s natural resources because local businesses are handicapped in terms of financial muscle to purchase equipment to add value to its products.

The CEO of Beige Capital was of the view that there should be synergy among local companies to enhance their competitiveness, saying there should be a conscious effort from homes, schools, churches and mosque to drive all to start thinking big to meet emerging trends of global business.

Mr Nyinaku made the call at the 6th series of Chartered Institute of Marketing, Ghana (CIMG) evening encounter in Accra as part of preparation for its awards night on September 10.

Speaking on the topic: “Projecting Ghana to the World,” Mr Nyinaku said: “We need to re-orient ourselves from the foundation of our beginning to influence our thinking ability to envisage prospects in the future and negate the idea of short-term investment and focus on long-term development”.

Mr Nyinaku urged local businesses to step up their efforts and do more to impress on the political authorities the need to develop and implement meaningful policies that would help the sector.20

Government should begin to give opportunities to local enterprises to provide services that they are good at, he said, for instance offering an opportunity to Beige Capital to provide banking services to some state institutions could be an encouraging step.

He said there are lot of opportunities in the country and that there is the need to galvanize our efforts to think positively in building a viable economy for national development.

Mr Nyinako urged CIMG to be agent of change to promote corporate communications and drive the crusade to make the country ‘think above the box’.

Mr Kojo Mattah, President of CIMG, said the country was endowed with many great opportunities such as being a leader in the production of cocoa and possessed abundant deposits of gold, diamond and bauxite but lacked behind in utilizing these resources effectively.

Mr Mattah said it was worrying that the country’s natural resources including water bodies have been exploited and desecrated with impunity and all must come on board to re-strategize and chart the path to national development.

He said while nations like Malaysia, Singapore that has become self-governing at the same time went on to achieve lasting and monumental economic development; we have succeeded in reducing these opportunities to mere slogans.

The CEO of Beige Capital was of the view that there should be synergy among local companies to enhance their competitiveness, saying there should be a conscious effort from homes, schools, churches and mosque to drive all to start thinking big to meet emerging trends of global businesses.

Mr Nyinaku made the call at the 6th series of Chartered Institute of Marketing, Ghana (CIMG) evening encounter in Accra as part of preparation for its awards night on September 10.

Speaking on the topic: “Projecting Ghana to the World,” Mr Nyinaku said: “We need to re-orient ourselves from the foundation of our beginning to influence our thinking ability to envisage prospects in the future and negate the idea of short-term investment and focus on long-term development”.

Mr Nyinaku urged local businesses to step up their efforts and do more to impress on the political authorities the need to develop and implement meaningful policies that would help the sector.

Government should begin to give opportunities to local enterprises to provide services that they are good at, he said, for instance offering an opportunity to Beige Capital to provide banking services to some state institutions could be an encouraging step.

He said there are lot of opportunities in the country and that there is the need to galvanize our efforts to think positively in building a viable economy for national development.

Mr Nyinako urged CIMG to be agent of change to promote corporate communications and drive the crusade to make the country ‘think above the box’.

Mr Kojo Mattah, President of CIMG, said the country was endowed with many great opportunities such as being a leader in the production of cocoa and possessed abundant deposits of gold, diamond and bauxite but lacked behind in utilizing these resources effectively.

Mr Mattah said it was worrying that the country’s natural resources including water bodies have been exploited and desecrated with impunity and all must come on board to re-strategize and chart the path to national development.

He said while nations like Malaysia, Singapore that has become self-governing at the same time went on to achieve lasting and monumental economic development; we have succeeded in reducing these opportunities to mere slogans.

 

The Finder

 

Give Ghanaian companies an opportunity- BEIGE CEO to gov’t
August 22, 2016. | Ghanaweb |graphic.com| citifmonline.com

The Chief Executive Officer of Beige Capital, Mike Nyinaku has appealed to government to give Ghanaian companies an opportunity to showcase what they can do to aid the country’s development.

According to him, government is the most important single entity that can empower indigenous Ghanaian companies to dare and expand their operations.

Speaking at a programme organized by the Chartered Institute of Marketing Ghana (CIMG) dubbed “Evening with Mike Nyinaku”, Mr. Nyinaku maintained that there are many Ghanaian companies that are ready to take on high budget projects if government will give them an opportunity.20

“All we are saying is that give local companies an opportunity. Look, there are many indigenous Ghanaian companies out there and all we are asking government is give us some chance to prove what we can do,” he said.

He stated that even though some indigenous companies have failed after getting an opportunity, there were still a number of excellent companies that can prove their capabilities. “We can’t say that because some local companies have received the opportunity and failed, it means that indigenous companies do not deserve an opportunity. I am the CEO of Beige Capital, an indigenous company and yet we have done very well,” he said.

7 8

Stressing on the capacity of local companies, Mr. Nyinaku maintained that some local companies have the capacity to undertake high budget projects. “We should be promoting the positives and good deeds in the mindset of entrepreneurs that are coming up so that we will influence our politicians who are in decision making positions,” he said.

He stated that it is important to whip up faith in policy makers to make them deliberately design policies that will aid the expansion of local businesses.

 

GhanaWeb

Build capacities of local enterprises, BEIGE CEO urges government
August 22, 2016. | Ghana News Agency |modernghana.com |thebftonline.com|ghanaiantimes.com.gh|

Accra, Aug. 21, GNA – Mr Mike Nyinaku, Chief Executive Officer of Beige Capital, has called on government to build the capacity of local enterprises to ensure that value is added to the nation’s natural resources to compete in the international level.

IMG_2766 IMG_3080

He said many foreign investors have taken over the production of the country’s natural resources because local businesses are handicapped in terms of financial muscle to purchase equipment to add value to its products.

The CEO of Beige Capital was of the view that there should be synergy among local companies to enhance their competitiveness, saying there should be a conscious effort from homes, schools, churches and mosque to drive all to start thinking big to meet emerging trends of global business.

Mr Nyinaku made the call at the 6th series of Chartered Institute of Marketing, Ghana (CIMG) evening encounter in Accra as part of preparation for its awards night on September 10.

IMG_2815 IMG_2950

Speaking on the topic: “Projecting Ghana to the World,” Mr Nyinaku said: “We need to re-orient ourselves from the foundation of our beginning to influence our thinking ability to envisage prospects in the future and negate the idea of short-term investment and focus on long-term development”.

Mr Nyinaku urged local businesses to step up their efforts and do more to impress on the political authorities the need to develop and implement meaningful policies that would help the sector.

Government should begin to give opportunities to local enterprises to provide services that they are good at, he said, for instance offering an opportunity to Beige Capital to provide banking services to some state institutions could be an encouraging step.

He said there are lot of opportunities in the country and that there is the need to galvanize our efforts to think positively in building a viable economy for national development.

Mr Nyinako urged CIMG to be agent of change to promote corporate communications and drive the crusade to make the country ‘think above the box’.

Mr Kojo Mattah, President of CIMG, said the country was endowed with many great opportunities such as being a leader in the production of cocoa and possessed abundant deposits of gold, diamond and bauxite but lacked behind in utilizing these resources effectively.

Mr Mattah said it was worrying that the country’s natural resources including water bodies have been exploited and desecrated with impunity and all must come on board to re-strategize and chart the path to national development.

He said while nations like Malaysia, Singapore that has become self-governing at the same time went on to achieve lasting and monumental economic development; we have succeeded in reducing these opportunities to mere slogans.

 

GNA

 

 

 

Give Ghanaian companies an opportunity- BEIGE CEO to govt
August 20, 2016. | citibusinessnews.com |

mike-part-2The Chief Executive Officer of BEIGE  Capital, Mike Nyinaku has appealed to government to give Ghanaian companies an opportunity to showcase what they can do to aid the country’s development.

According to him, government is the most important single entity that can empower indigenous Ghanaian companies to dare and expand their operations.

Speaking at a programme organized by the Chartered Institute of Marketing Ghana (CIMG) dubbed “Evening with Mike Nyinaku”, Mr. Nyinaku maintained that there are many Ghanaian companies that are ready to take on high budget projects if government will give them an opportunity.

“All we are saying s that give local companies an opportunity. Look, there are many indigenous Ghanaian companies out there and all we are asking government is give us some chance to prove what we can do,” he said.

He stated that even though some indigenous companies have failed after getting an opportunity, there were still a number of excellent companies that can prove their capabilities.

“We can’t say that because some local companies have received the opportunity and failed, it means that indigenous companies do not deserve an opportunity. I am the CEO of BEIGE Capital, an indigenous company and yet we have done very well,” he said.

Stressing on the capacity of local companies, Mr. Nyinaku maintained that some local companies have the capacity to undertake high budget projects.

“We should be promoting the positives and good deeds in the mindset of entrepreneurs that are coming up so that we will influence our politicians who are in decision making positions,” he said.

He stated that it is important to whip up faith in policy makers to make them deliberately design policies that will aid the expansion of local businesses.

‘We need to create multinationals outside Ghana’ — BEIGE CEO
August 19, 2016. | graphic.com.gh |

The Chief Executive Officer of BEIGE Capital, Mr Mike Nyinaku, has observed that it will take almost forever for Ghana to build its own multinational companies (MNCs) if indigenous entrepreneurship and business growth continues at the rate it is going currently.

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“As they always would say, the private sector is the engine of growth and as for us we just create the enabling environment for the private sector to thrive and our work is done. So, the businessmen must move. No, Sir! You are wrong,” Mr Nyinaku said at the forum.“It is normal to expect most of the MSMEs in any country to be owned and run by natives but there is also an emerging trend where natives are beginning to own respectable shares in MNCs operating in their respective countries,” he said, and noted that such a viable feat was yet to be achieved in Ghana.He added that it was a shame that 60 years after attaining independence, Ghana could not boast even 10 MNCs that are properly owned by indigenes and operating very well outside the shores of the country.”By this, I am not talking about companies owned by individuals who may have some skeletal branches outside Ghana. I mean companies that have been listed on the stock exchange, have employed massive numbers and have been able to extend their dominion across our borders. That’s what I’m talking about,” he said.Aim higher Mr Nyinaku explained that by creating the environment, as had been the mantra of governments for decades, small companies such as the BEIGE Group would thrive and find their level and provide livelihoods and economic opportunities to a few thousands of individuals. “Unfortunately, however, the story ends there,” he stated.

He added, “You do not have to expect BEIGE Capital to organically grow into becoming Ecobank just like that. It does not happen. A company such as Ecobank was created by forces of greater influence. Same can be said for others such as Dangote, GLO, UBA and the like.”

For Ghana to also boast of the like of MNCs, the CEO of BEIGE Group said there needed to be “a willingness on the part of the government, the force that has influence over the system and could make things happen, and also a willingness on the part of owners of the vessel that has potential to be exploded.”

Impacting lives

Using global examples to explain the need for MNCs in Ghana, the CEO said statistics currently showed that Toyota employed about 350,000 people worldwide. Of this number, about 72,000 lived in Japan. The company also has a total of over 5,000 direct suppliers.

It is, however, estimated that Toyota’s indirect suppliers exceeded 50,000. This group of persons – their direct staff, direct and indirect suppliers, also have their own network of distributors and suppliers whom they deal with at several levels.

“They all buy food, drinks, go to church, buy clothes, patronise hotels, buy cars, fuel and the list goes on. When you work the math, about 20 million people, representing almost 16 per cent of the population of Japan, have their livelihoods connected to the existence of Toyota,” he noted.

He opined that the sheer numbers of lives that were impacted by such companies alone had turned them into micro–economies within their country’s larger economy.

Mr Nyinaku said because some of their suppliers were from outside their mother countries, the stakes were so high that it was in the interest of their local government, as well as external governments, to keep those institutions running, something he now wanted the Government of Ghana to help achieve.

Graphic.com

BEIGE Capital consolidates growth : ­­As half year posts 86% higher results
August 11, 2016. | Graphic.com |

BEIGEMike Nyinaku -01 copy Capital Savings and Loans Ltd (BCSL) has recorded an impressive growth in its half year results, posting 86.55 per cent growth over the same period last year, as the company continues to consolidate its market leadership in the tier two category of banks in Ghana.

BEIGE Capital recorded an interest income of GH¢136 million, as of the end of June, compared to the GH¢72.97 million recorded for the same period last year.

The Chief Executive Officer of the company, Mr Mike Nyinaku, said: “we are beginning to experience relative stability in the pattern of our growth and performance and are thus more confident about the prospects for the future.”

The headline revenue was driven by an increased lending in key customer segments as well as continued emphasis on the creation of quality and liquid risk assets.

During the year, BCSL commenced an active introduction of government securities as a component of the mix of assets it would invest in. This was to ensure that the risk portfolio of the institution is evenly balanced in favour of improved liquidity.

Total operating costs for the period amounted to GH¢25.75m and personnel cost accounted for about 34.40 per cent of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 25 per cent of operating expense for the period.

Year to date Profit Before Tax (PBT) was GH¢11.5 million, representing an increase of 202 per cent when compared to the figure recorded for the same period in 2015.

Total assets went up from the 2015 position of GH¢818 million to GH¢1.067 billion, an increase of 30.9 per cent.

As part of the growth, the company’s loans and advances to customers grew by 45.50 per cent from comparative June 2015 position of GH¢329 million to GH¢478.8 million. At the end of June, 2016, BCSL’s deposit portfolio stood at GH¢842.6 million, an increase of 36 per cent of the December 2015 position. Against comparative figures for June 2015, the institution’s deposits portfolio grew by 62 per cent. Net Assets ended the period with GH¢145.1 million.

The increase recorded in assets was influenced largely by the growth recorded in the bank’s deposit book.

Owing to the consistency in BCSL’s performance year on year, the institution has gained the reputation as a safe place for deposits and investments. This has translated into increased patronage of the institution’s products.

Mr Nyinaku was confident about ending the year in a better position than projected at the beginning of the year.

“The year 2016 being an election year, with its usual uncertainties, is also recovering from a tough 2015that was bedeviled with power crises, high interest rates and fast declining exchange rates.

Notwithstanding these challenges, our focus remains on increasing our footprints in the industry at our level.”

Graphic.com

BEIGE Capital Post Juicy Half-year Results
August 09, 2016. | ghananews.com.gh|

The Chief Executive Officer, Mike Nyinaku, said: “we are beginning to experience relative stability in the pattern of our growth and performance and we are more confident about the prospects for   the future.”

BEIGE Capital recorded an interest income of GHc136 million as at the end of June, compared to the GHc72.97 million recorded for the same period last year, representing an increase of 86.55 per cent over last year’s performance.

The growth was driven by an increased lending in key customer segments as well as continued emphasis on the creation of quality and liquid risk assets.Mike Nyinaku -01 copy

During the year, BCSL commenced an active introduction of government securities as a component of the mix of assets it would invest in. This was to ensure that the risk portfolio of the institution is evenly balanced in favour of improved liquidity.

Total operating costs for the period amounted to GHc25.75m and personnel cost accounted for about 34.40% of this.

Other core operating costs, including ICT, energy and equipment maintenance also made up about 25.00% of operating expense for the period. Year to date Profit Before Tax (PBT) was GHc11.5m.

This represents a significant increase of 202% when compared to the figure recorded for the same period in 2015.

Total Assets went up from the 2015 position of GHc818m to GHc1.066 billion, an increase of 30.9%.

As part of the growth, the company’s loans and advances to customers grew by 45.50% from comparative June 2015 position of GHc329m to GHc478.8m.

At the end of June, 2016, BCSL’s deposit portfolio stood at GHc842.6m, an increase of 36% of the December 2015 position.

Against comparative figures for June 2015, the institution’s deposits portfolio grew by 62%. The period ended with a Net Asset position of GHc145.1m.

The increase recorded in assets was influenced largely by the growth recorded in the Bank’s deposit book. Owing to the consistency in BCSL’s performance year on year, the institution has gained reputation as a safe place for deposits and investments. This has translated into increased patronage of the institution’s products.

Mr. Nyinaku was confident about ending the year in a better position than projected at the beginning of the year.

“The year 2016 being an election year, with its usual uncertainties, is also recovering from a tough 2015 that was bedevilled with power crisis, high interest rates and fast declining exchange rates. Notwithstanding these challenges, our focus remains on increasing our footprints in the industry at our level,” Mr Nyinaku added.

BEIGE Capital Continues to Grow …posts impressive half year results
August 8, 2016. | Business and Financial Times | thebnftonline.com| ghanaweb.com | citifmonline.com | thefinderonline.com | ghananewsagency.org | newsghana.com.gh |

BEIGE Capital Savings and Loans Ltd (BCSL) has recorded an impressive growth in its half year results, as the company continues to consolidate its market leadership in the Tier 2 category of banks in Ghana.

The Chief Executive Officer, Mike NyiMike Nyinaku -01naku, said: “we are beginning to experience relative stability in the pattern of our growth and performance and are thus more confident about the prospects for the future.”

BEIGE Capital recorded an interest income of GHc136m, as of the end of June, compared to the GHc72.97m recorded last year for the same period. This shows an increase of 86.55% over last year’s performance. This was driven by an increased lending in key customer segments as well as continued emphasis on the creation of quality and liquid risk assets. During the year, BCSL commenced an active introduction of government securities as a component of the mix of assets it would invest in. This was to ensure that the risk portfolio of the institution is evenly balanced in favour of improved liquidity. Total operating costs for the period amounted to GHc25.75m and personnel cost accounted for about 34.40% of this. Other core operating costs, including ICT, energy and equipment maintenance also made up about 25.00% of operating expense for the period. Year to date Profit Before Tax (PBT) was GHc11.5m.

This represents a significant increase of 202% when compared to the figure recorded for the same period in 2015.

Total Assets went up from the 2015 position of GHc818m to GHc1,066m, an increase of 30.9%. As part of the growth, the company’s loans and advances to customers grew by 45.50% from comparative June 2015 position of GHc329m to GHc478.8m.  At the end of June, 2016, BCSL’s deposit portfolio stood at GHc842.6m, an increase of 36% of the December 2015 position. Against comparative figures for June 2015, the institution’s deposits portfolio grew by 62%. The period ended with a Net Asset position of GHc145.1m. The increase recorded in assets was influenced largely by the growth recorded in the Bank’s deposit book. Owing to the consistency in BCSL’s performance year on year, the institution has gained reputation as a safe place for deposits and investments. This has translated into increased patronage of the institution’s products.

Mr. Nyinaku was confident about ending the year in a better position than projected at the beginning of the year. “The year 2016 being an election year, with its usual uncertainties, is also recovering from a tough 2015 that was bedeviled with power crises, high interest rates and fast declining exchange rates. Notwithstanding these challenges, our focus remains on increasing our footprints in the industry at our level.

Source: Business and Financial Times

BEIGE Academy partners GHASALC to provide training
August 3, 2016. | thebftonline.com |

beige-trains-staffBEIGE Academy has partnered the Ghana Association of Savings and Loans Companies (GHASALC) in the association’s bid to extend its advocacy mandate to provide training for industry professionals. GHASALC held a two-day workshop at BEIGE Academy on E-Payment Fraud and Money Laundering Risks & Countermeasures.

The training facilitated by Specialists from the e-Crime Bureau Limited addressed the diversities of fraud and money laundering, and the security risks such activities inject into Savings and Loans firms. Present at the training session were representatives from member institutions like First Allied S&L, uniCredit S&L, Sinapi Aba S&L, FirsTrust S&L, Pacific S&L BEIGE Capital S&L and Ideal Finance among others.

Lead facilitator for the programme, Mr. Felix Quaye and Principal Consultant for e-Crime Bureau, Mr. Albert Antwi-Boasiako addressed the need for Savings and Loans Companies to be highly vigilant in processing all banking transactions as fraudulent acts could be carried out through undetected means until the fatalities are grave.

Mr. Quaye encouraged the participants to be on guard at their various work stations, identify any fraud risks associated with E-Payments and the emerging mobile money eco-system, and ensure best practices to detect and prevent such fraudulent acts.

He asked the participants to educate their colleagues on protecting customer data as electronic fraud constitute a greater portion of customer frustrations. Control measures using case studies gave participants deeper insights into fraud management and the ways to reinstate confidence in the financial sector.

Participants were mostly Internal Audit Staff, Risk/Compliance Staff, E-banking Staff, Relationship Officers, IT Staff, and Operations Staff of the various institutions.

Management of BEIGE Academy has assured the leadership of GHASALC of continued support for all its training programmes for the Savings and Loans industry.

BEIGE Academy is a talent development centre set-up by BEIGE Foundation, to nurture career development and promote entrepreneurship.

– See more at: http://thebftonline.com/companies/20277/beige-academy-partners-ghasalc-to-provide-training.html#sthash.ne9AA6dA.dpuf

BEIGE Capital CEO Applauds BoG for Instilling Confidence in MFIs Sector
July 29, 2016. | Business and Financial Times | thebnftonline.com|

The Chief Executive Officer of BEIGE Capital Savings and Loans, Michael Nyinaku, has applauded the Bank of Ghana for its strategic and quick action of restoring the  confidence of the  microfinance sector.

“I will commend the Central Bank for acting in a manner that has stabilised and sustained confidence in the microfinance industry. Whatever challenges some institutions are facing will be temporal; everything will settle in relation to the microfinance gabs we have,” Mr. Nyinaku told the B&FT. He added that it will be difficult to blame the Central Bank for the recent challenges that hit the sector.

The microfinance business has recently come under a lot of fire from the regulator, customers and stakeholders in the country. Most of these microfinance institutions in the country have caused a lot of individuals and small and medium-scale businesses to lose their trading capital and investment.

Unfortunately, some of them took advantage of their customers and exploited them for their selfish  gains. Nevertheless, a lot of them are serving their stated purpose and are adding value to the lives of the people in the country.

The story of DKM is just one of the numerous negative incidents that have occurred in recent times. It has been revealed that some of the customers have experienced such loss of investment to other micro finance institutions in the past.

_DSC3368 (2)Mr. Nyinaku believes that the BoG, as a regulatory body, employs best industry standards and strategies to ensure that the industry is resilient and robust in its operations within the financial sector.

“The Central Bank did their best, but they cannot be regulating every institution on a daily basis.” He continued: “The system will take its own level. Competition in the industry would overtime streamline them and the ones that were not well structured enough to survive will eventually not get to the top and that, I believe, is what is happening.”

Mr. Nyinaku, who has led BEIGE to become one of the leading indigenous financial institutions in the country, indicated: “People are naturally predisposed to doing wrong, but how they react when some of these things happen is what matters. They cannot prevent them from happening as the Police do. But when they happen how quickly  they do act matters.”

BEIGE Capital is currently the leading Savings and Loans Company with an asset size of GHc818 million and a stated capital of GH 120 million. It employs over 1,000 staff. The company has consistently grown its asset size from GH38m in 2011 to GHc 818million in 2015.

Available data indicate that the microfinance giant has supported the SME Industry with over GH 400 million in loans and advances to customers which currently serve over 600,000 customers.

BEIGE Capital leads a pack of over 30 registered savings and loans companies. BEIGE Capital was recognised as the Best Savings and Loans Company in 2015 by the Entrepreneurs Foundation of Ghana, at the 2015 Made in Ghana Awards .

Mr. Nyinaku was recently recognised for his sterling contribution to the country’s financial sector and was recognised as one of Ghana’s 100 Most Influential individuals in 2015 by Global Media Alliance.

Source: Business and Financial Times

Gov’t Urged to Grow Local Industries
July 18, 2016. | Business and Financial Times | thebnftonline.com|

Government has been urged to intentionally consider building giant corporations of Ghanaian-ownership, as such corporations have the capacity to drive large scale economic activity which can go a long way to impact on the lives of a larger chunk of the citizenry.

CEOThe Chief Executive Officer of BEIGE Capital, Mike Nyinaku, in an interview with B&FT, said a Ghanaian-owned economy is the one in which nationals drive a sizeable chunk of the activities within the economy, and are therefore the ultimate beneficiaries of the fruits of their labour.

“I believe development is happening but I also know it’s at a snail pace.” It could be that we are not able to identify the opportunities or don’t have the men to move into execution; or have simply refused to make it happen to our advantage. Or at best, one could say our leaders are expecting that changes of extra-ordinary proportion should just happen by chance.

Mr. Nyinaku, who has led BEIGE Capital to become one of the leading indigenous financial institutions in the country, cited the case of the Asian Tigers during the times of their economic revolution.

He underscored that the leaders of those countries adopted trade barriers that were to their ‘selfish’ advantage for their local economies to prosper. “When the South Koreans wanted to build their economies, they intentionally blocked their boundaries to the rest of the world to avoid the influx of foreign goods.”

“The population was forced to consume goods produced from within, and they found means to ensure that the quality of these goods kept improving year after year until now that they have attained world class status… if you are in doubt, look up the history of the first KIA vehicle produced and trace that beginning to what KIA has become today.” he said.

He observed that although the country seems to be developing gradually, we are not positioning ourselves to be able to compete amongst the comity of world nations, explaining that “we are rather positioning ourselves as a play-ground for the world to come and play.”

A binding development plan

Mr. Nyinaku proposed that there should be a way to enforce adherence to the country’s national development plan.

He is of the view that the fortunes of the country should not be left at the discretion of a political party. Citizens should elect parties to come and execute the contents of our national agenda so that these parties can be assessed based on their ability to execute our agenda.

“I do not doubt the capacity of the National Development Planning Commission (NDPC) in its on-going task of drafting a national development plan,” he stated.

“My concern is the commitment of our political leadership to this agenda. How many of such documents have we not seen before and what became of them.”he said

“And honestly, I can’t also blame these politicians as a greater majority of the populace who root for them are in themselves uninformed hence are unable to decipher if the leaders are acting ultra vires or not,” Mr. Nyinaku noted.

“Poor Ghana! If only there was a way to make adherence to the agenda binding and also if there was an Electoral College system in place, things could have been much better. All Ghana needs is one committed and effective leader- one that I’d call, the executioner.”

Mr. Nyinaku suggested that people in leadership and authority must make it a point to identify experts and appoint them into national positions.

He added that the country can boast of enormous experts in various fields who can help position the country on a growth pedestal, “we have people who are very capable of leading the country.”

He also argued that not everybody in a position of authority is in essence a leader.

 

Source: Business and Financial Times

BEIGE Capital Boss Wins Influential Award
June 30, 2016. | Business and Financial Times | thebnftonline.com|

The Chief Executive Officer of BEIGE Capital Savings and Loans, Michael Nyinaku, has been recognized for his sterling contribution to the country’s financial sector.

Mr. Nyinaku, who has led BEIGE Capital to become one of the leading indigenous financial institutions in the country, was recognized as one of Ghana’s 100 Most Influential individuals in 2015 by Global Media Alliance.

Speaking to the B&FT in Accra, after receiving the award, Mr. Nyinaku said the award is a recognition of BEIGE Capital’s desire to shape the financial industry and society at large.

CEO of BEIGE Capital, Mike Nyinaku receiving his award

CEO of BEIGE Capital, Mike Nyinaku receiving his award

“It adds to the credibility that we have as an institution; it cements the fact that we are a true force in the country and that we have a lot to offer our cherished customers and the companies that we do business with,” he said.

According to Mr. Nyinaku, the awards place on him and the other winners an added responsibility to continually live exemplary lives and engage with people in creating a bright future for the country. He dedicated the award to customers and staff of BEIGE Capital.

“Personally, I feel humbled to be recognized among personalities that I admire myself, and I would say this places a great deal of responsibility on me because people are looking up to us and we all need to step up efforts at making our society a better one.

The Chief Executive Officer of Global Media Alliance, Akwasi Agyeman, noted that the awards seek to shine light on individuals who are influencing others through their professions.

“Our society is in dire need of more positive icons, people who have refused to be passive victims of circumstance but dig deep within themselves to gain strength to help the society around them,” he said.

This year’s event, which marks the sixth edition, saw Dr. Mensah Otabil emerge as the overall Most Influential Ghanaian, while Dr. Patrick Awuah, Anas Aremeyaw Anas and former Black Stars captain Stephen Appiah, amongst others made it into the list of 100 Most Influential Ghanaians.

Dr. Mensa Otabil receiving his award

Dr. Mensa Otabil receiving his award

“Influencing others is about leadership. Influencers are icons, pioneers, titans, leaders and role models whose actions, words, ideas, music, and sermons inspire others. We hope that through these awards we will be able to influence our society to celebrate its own; to do away with the cynicism and help lay the path for people to identify the lights our society,” he Mr. Agyeman added.

Source: Business & Financial Times

BoG Urges Savings and Loans to Consider Mergers & Acquisitions
June 09, 2016. | Daily Graphic | thebnftonline.com| ghanaweb.com|

bogThe Bank of Ghana has urged savings and loans companies to consider acquisition of and mergers with microfinance institutions as a move to support the growth of these institutions.

At the corporate awards night for BEIGE Capital Savings and Loans Limited in Accra, First Deputy Governor of the Bank of Ghana, Mr. Millison Narh made the call to industry stakeholders to consider such mergers as they would go a long way to ensure sustainability of the institutions.

He asked that larger businesses acquire smaller ones to safeguard against premature dissolution of these potentially viable entities.

Mr. Narh also congratulated BEIGE Capital Savings and Loans for the laudable achievements and dominance at the Tier II banking category. He indicated that latest financial data showed a 33.6 per cent year-on-year growth for Non-Bank Financial Institution (NBFI) and the Savings and loans category accounted for 54.2 per cent share which indicates advancement in the category.

He also gave reassurance of the economy gradually turning around, and the continued implementation of policies and reforms under the IMF programme that would in the long run restore macroeconomic stability and pave the way for sustainable growth.

Mr. Narh congratulated all staff and customers who were honoured. He charged the staff to make the award spur them on to greater heights in the future.

Source: www.thebftonline.com

Savings & Loans Firms Battle Identity Crisis
May 26, 2016. | Business and Financial Times | thebnftonline.com|

DSC_1560Savings and loans companies in the country have appealed to the Bank of Ghana to consider creating a new identity for the industry, as the image of their business has been severely battered as a consequence of the troubles in the microfinance sector.

According to operators in the savings and loans sector, confidence in their business is waning among consumers since savings and loans companies are considered to be the same as microfinance institutions by many people, especially those in the informal sector where the companies largely operate.

This, operators in the savings and loans sector argue, has made it necessary – following the recent challenges in the microfinance sector – for the central bank to consider amending its regulations and allow them to take up a name that implies savings and loans companies are in the business of banking since their mandate allows them to perform a lot of banking transactions, except forex clearing and providing guarantees and safe custody of valuables.

Already, the Ghana Association of Savings and Loans Companies has made a strong proposal to the central bank for the identity of companies in the sector to be changed into something that will encourage banking consumers to have confidence in firms operating in the second tier of the financial system, in the face of the institutional crisis in the microfinance sector.

The CEO of BEIGE Capital, Michael Nyinaku, adding his voice to the call for the name-change, explained in an interview with the B&FT that since savings and loans companies and microfinance institutions are all considered by the central bank as non-bank financial institutions, the ills in the microfinance sector rub-off strongly to savings and loans firms, which is affecting their business…especially in mobilising deposits.

“Savings and loans companies are currently suffering from what we call identity-crisis because they have been lumped together with other microfinance institutions, since customers see all of them as such. What this means is that when microfinance institutions have a challenge, some customers think savings and loans companies are faced with a similar challenge, which is not true.

“However, because savings and loans companies are just seen as an extension of microfinance institutions, especially in these times when there are some challenges with several microfinance institutions in the country, savings and loans companies are suffering a backlash and we think that if there are institutions like rural banks whose size and capacity are much smaller than a lot of savings and loans companies but carry the name bank, then it is fair to relook at the names given to savings and loans companies; because in business marketing and promotion, the mention of ‘bank’ alone creates a whole lot of difference.

“And because of the challenges that savings and loans companies are facing as a result of the name and identity issue, we are not able to convince a lot of our clients that they are better-off dealing with savings and loans companies other than a microfinance company.  It is a big challenge, that is why we are asking the central bank to take another look at the name again; and we are proposing the idea that an ‘SME bank’ would best fit the kind of service savings and loans companies are performing,” he said.

Mr. Nyinaku, who heads the largest savings and loans company in the country, with assets of about 20 percent of the total in the sector, explained that allowing savings and loans companies to take the name of ‘SME bank’ will fully describe a financial institution that is proving services to the economy’s informal sector.

The call for an identity change for savings and loans companies has gathered steam following the increasing demise of microfinance companies, which has left many customers in pain after losing several millions of cedis to rogue institutions.

Since 2013 more than 50 microfinance institutions have collapsed due to poor managerial skills, while some have been used as a conduit for the perpetration of fraud through Ponzi schemes that lure depositors with absurdly lucrative investment interest rates.

Currently, the central bank’s regulations distinguish microfinance companies from savings and loans firms in so many ways — in that the amount of stated capital needed to run a microfinance company and how much deposits a microfinance firm can mobilise from a deposit is far less than that of savings and loans companies. Additionally, the size of transaction a microfinance institution can undertake as well as the number of branches a microfinance company can open within a geographical area all sets them apart from savings and loans companies.

But savings and loans operators believe this is not enough and that they should be allowed to carry the name ‘bank’ to help them to overcome the challenges brought about by the collapse of many microfinance firms.

However, per the law establishing Non-Bank Financial Institutions and the Banking Act, savings  and  loans  companies  are  not  banks  and  are  therefore  not permitted to  use the word ‘bank’ as part of their  registered names.

As such, allowing savings and loans companies to carry the name,‘bank’  will thus require parliament to amend the banking Act, which might take years to materialise.

– Source: thebftonline.com

BEIGE Capital Holds Corporate Awards
May 17, 2016. | ghananewsagency.org|
Awardees at The RED ball

Awardees at The RED ball

BEIGE Capital Savings and Loans Limited has held its annual corporate awards to honour staff who excelled in their work in  2015.

In all, 38 staff were awarded in four categories.

The BEIGE Capital awards night, dubbed: “The RED Ball,” held in Accra was also to honour loyal customers of the institution.

In attendance were high profile personalities, including the First Deputy Governor of the Bank of Ghana, Mr Millison Narh; former Rector of the Ghana Institute of Management and Public Administration, Professor Stephen Adei and the Executives of the Ghana Association of Savings and Loans Companies.

The Chief Executive Officer of BEIGE Capital Savings and Loans Limited, Mr Mike Nyinaku, used the occasion to confirm that BEIGE Capital had improved upon the milestones that made the company number one in the industry.

CEO of BEIGE Capital, Mike Nyinaku addressing Guests at The RED Ball

CEO of BEIGE Capital, Mike Nyinaku addressing Guests at The RED Ball

He said the company’s assets have exceeded GHȼ 1 billion and the growth in the size of the business is presently providing direct employment to more than 1,000 people.

The Board Chairman of BEIGE Capital Savings and Loans Limited, Mr Kofi Otutu Adu Labi congratulated the awardees for their efforts and reassured the Bank of Ghana of the institution’s commitment to chalk out higher feats in the current year.

Madam Nana Afia Kyei, a Head for a Cluster, was adjudged the Most Valuable Person for 2015 after taking the Valuable Cluster Head award.

GNA

Bank of Ghana hails BEIGE Capital
May 6, 2016. | Ghana News Agency |

By Iddi Yire, Ghana News Agency

Mr Millison Narh, the First Deputy Governor of the Bank of Ghana, has hailed BEIGE Capital Savings and Loans Limited for their impressive performance on the nation’s financial landscape over the past few years.

He also confirmed, to customers, the leadership of BEIGE Capital in the Savings & Loans category of Financial Service Providers in the country.

BEIGE Capital - Mr. Millison Narh at The Red Ball

From left – Mr. Millison Narh, with Mr. Charles Odonkor – Deputy MD, BEIGE Capital.

He explained that, having laid strong business structures for expansion, BEIGE Capital Savings and Loans continues to set a high standard for her peers in the industry and has recorded laudable achievements, which reflect the hard work of both staff and management of the Company.

Mr Narh gave the commendation at the BEIGE Capital awards night, dubbed: “The RED Ball,” during which 38 staff of the Group who distinguished themselves in their line of duties were honoured.

The RED Ball started in 2010, and this year’s edition which was the 4th to be organised by the company, also sought to honour distinguished costumers for their loyal support.

Mr Narh noted that in an era where the strength of an organisation is directly associated with its customer’s satisfaction, “having good and excellent staff is very crucial to the survival of the business”.

The Deputy Governor said the Central Bank remains committed to ensuring that there was total sanity on the nation’s financial landscape.

Mr Michael Nyinaku, the Chief Executive Officer of BEIGE Capital Savings and Loans, congratulated the staff for their hard work and support over the years.

He said the progress of BEIGE Capital Savings and Loans in the country’s financial sector shows the worth of its employees and clients, and the institution now commanded leadership in the country’s financial sector.

He however, said, they would not be complacent about their feats since the competition was getting keener in the industry.

Source:

GNA Story (http://www.ghananewsagency.org/economics/bank-of-ghana-hails-beige–103560)

Balance Knowledge Acquisition with Apprenticeship Training, Graduates Told
May 3, 2016. | Ghana News Agency|

Mr Mike Nyinaku, Chief Executive Officer of BEIGE Group, has urged school leavers to broaden their scope by submitting themselves for apprenticeship training skills to complement the academic knowledge they have acquired.

“What you’ve gained as you graduate from school today is knowledge, it’s powerful but limited, unless combined with practicable application, your knowledge cannot turn into skill but unfortunately skill is what industry really requires,” he said.

“So you should prepare to submit yourself to a process of learning through which you will acquire some skill.” He made this submission at the 13th congregation of the Ghana Technology University College, where 192 students passed out with various degrees in industry tailored courses.

Out of the total graduands, 140 graduated from the College’s main campus at Tesano, in Accra, while 52 were from Coventry University campus in the UK.

_DSC3368 (2)

Mr Nyinaku asserts that though life was short and burdened with setbacks, graduates should not be intimidated by that but make themselves available for practical skills training. Although he described the process of acquiring skills as painful and long, he was of the view that this would eventually position them better in the competitive job market.

“But that process [apprenticeship] takes time and in this present day some of us are so hungry to acquire the material things of this life such that we are unwilling to go through the process that would transform us,” he said.

“Truth be told, apprenticeship is a long painful process but it pays, this virtue is not only a cardinal principal in life but also biblical for those of you who share the Christian faith.”

Mr Nyinaku also advised the country’s graduates seeking placement to resist the temptation of switching jobs at the least opportunity since it does not give good account of themselves before prospective employers.

 

Source: http://www.ghananewsagency.org/economics/balance-knowledge-acquisition-with-apprenticeship-training-graduates-told-103583

BEIGE Capital opens branch on Spintex Road
February 24, 2016. | graphic.com.gh | Daily Graphic | thebftonline.com | Business and Financial Times

The management of BEIGE Capital Savings and Loans Ltd says a lot of opportunities exist in the micro and small-scale businesses market and it will continue to design products to meet their needs.

The Deputy Managing Director of the Company, Mr Charles Odonkor, said the company would continue to reshape its approach to service delivery to fill the gaps and manage shortfalls in the industry in order to serve both the banked and the unbanked.Spintex

“Our position as the leading provider of services to the informal sector by size and volume of transactions has not made us relent in our efforts to provide the best services,” Mr Odonkor said this last Wednesday when the savings and loans company opened a branch on the Spintex Road.

The branch, which would offer the full range of services by the Bank, comes in a plush setting and ambience, with a cosy lounge for customer relaxation, befitting what BEIGE describes as a ‘Premium Plus’ branch.

Currently in its eighth year of operations, the Deputy Managing Director said, the Company had a deposit-led approach to banking which had been successful and would contribute to the central bank’s efforts to promote financial inclusion in the country.

Going forward, it is the vision of the Company to capture up to 80 per cent of the country’s economically active population who are involved in the informal sector, by which Mr Odonkor said would “encourage banking in the sector and rebuild the trust of this population in Ghana’s banking industry”.

He also pledged the commitment of BEIGE Capital to providing the best possible service in electronic banking to serve as a one-stop shop for quality banking services for customers.

The Head of Banking Supervision of the Bank of Ghana, Mr Raymond Amanfu, advised the Company not to compromise on internal controls, especially on Know Your Customer (KYC) policy and said it was a continuous process which they should perform to better know and understand the nature and business of their clients.

Mr Amanfu also called on BEIGE Capital to have a robust information technology system and train its staff on IT security and cybercrime detection and prevention.

He also said the Bank of Ghana wanted the savings and loans company to remain liquid at all times, hence “the need to continue to adhere to effective liquidity management”, and added: “Management must identify quickly any gaps that are likely to create liquidity challenges as you deploy your deposits and stand ready with alternative liquidity strategy to address such gaps.”

Source – http://www.graphic.com.gh

With expanding assets base, BEIGE Capital opens Spintex Branch
February 24, 2016. | ghananewsagency.org | Ghana News Agency

BEIGE Capital Savings and Loans Limited has opened Spintex Road Branch after its capital base climbed by GH¢120 million, surpassing Bank of Ghana’s (BoG) minimum requirement of GH¢15 million pegged for savings and loans companies.

Officials of the BEIGE Capital ascribed the feat chalked to its highly motivated staff and the company’s commitment to the Central Bank’s rules and regulations governing operations of savings and loans companies in the country to protect interest of depositors and investors.

Mr Charles Odonkor, the Deputy Managing Director of BEIGE Capital, said this to the Ghana News Agency during the inauguration of a new branch at the Spintex Road – opposite Baatsonaa Total fuel station.

SPINTEX (16)

The Spintex Branch adds to the existing 62 branches of BEIGE Capital since its inception, and positioning the company as the largest and fast growing savings and loans company that strives to build a world class bank of Ghanaian origin.

“We intend to expand our frontiers in banking, we intend to capture over 80 per cent of the economically active population who are involved in the informal sector,” Mr Odonkor said, expressing optimism that it would cover the 10 regions by the end of the year.

“At the Spintex Branch, we seek to bring to our clients a more customer-friendly approach to business and win many more customers for the Bank,” he said.

“The concept of banking is changing”, he said, “but in spite of the seemingly challenging time, the banking industry continues to be a hotbed of positive developments too.”

Mr Odonkor said the company has seen the introduction of interesting and innovative products over the years, but was still working at optimizing opportunities for transacting banking services.

The mass influx of financial service providers into the country gave an indication of positive returns on investments in the industry than available elsewhere, he said, adding that rapid urbanization and technological advancement further presented a huge potential in the electronic banking services.

“We at BEIGE Capital are committed to providing the best possible service in electronic banking to give our customers a one-stop service point at all times.

The company unveiled the state-of-the-art technology centre last year and was working to roll out more e-banking services seeking to transform Ghana’s banking industry.

Mr K.O Adu Labi, Board Chairman of BEIGE Capital, described the company as a homegrown institution that is strong, robust, well capitalized and committed to serve the needs of customers and to uphold the integrity of the central bank.

“BEIGE Capital is a home grown institution with great ambitions to make a difference in the financial landscape, be assured that Beige capital is a strong institution, we are well capitalized and robust,” he said.

Mr Raymond Amanfu, the Head of Banking Supervision Department at the BoG, said his outfit would continue to supervise the financial systems and ensure their maximum security and stability.

“The recent development in microfinance subsector requires all stakeholders in the financial sector to be very diligent and responsible, financial institutions should be mindful in the pricing of their deposits and loans as these have dire consequences” he said.

Source – GNA

Banks don’t have ‘patient capital’ – Mike Nyinaku
February 22, 2016. | ghanaweb.com | Business and Financial Times |graphic.com.gh

The Chief Executive Officer of BEIGE Capital, Mr Mike Nyinaku, has encouraged stakeholders in the country to help build financial institutions that have the capacity to provide what he calls, ‘patient capital’ to facilitate the growth of small and medium enterprises (SMEs).

Speaking at the TEDx Accra forum on the theme, ‘Finance or Crush’, Mr Nyinaku explained that financing for SMEs was a major challenge in Ghana. “This is because we don’t have a lot of development finance institutions in our country,” he said.

_N0A4286Development finance institutions are typically the kind of institutions that provide growth capital which is the type of capital that SMEs need to propel their business. Universal banks are at the end of the finance chain because they primarily offer short-term funding which is not usually suitable for business development at the early stages of an enterprise.

The TEDx Programme is designed to help communities, organisations and individuals to spark conversations and connections through local like-minded experiences.

Addressing an audience of budding entrepreneurs on financing for their businesses, Mr Nyinaku said most of the businesses in the country had not lived to fulfil their full potential to allow the original owners to reap substantially from their investments.

“Most of these owners are still striving to achieve sustainability for their business, hence do not have too much idle cash to channel into private equity,” he stated.

In the advanced countries, however, a lot of businesses have fully outlived their youthful lives and original owners, through the stock exchange and other means have diversified their interests and recouped their initial investment.

“Such entrepreneurs have the luxury of channelling their funds into other investments. This is one of the reasons there are more private equity firms in the West than in Ghana,” he explained.

Mr Nyinaku therefore, advised the young business people to keep in mind that funding was not charity and for anyone to decide to invest in their businesses, there should be something in it for them.

“It is easy for investors to be attracted to you when you have some history of positive performance because it gives them an indication of what the future could be. Not having a good record of your history or not having any history at all makes your pitch weak,” he stated.

 

Source: graphic.com.gh

BEIGE Capital visits Bidvest Bank to nurture ties
January 19, 2016. | modernghana.com | Daily Graphic | B&FT

The Managing Director of Bidvest Bank, Japie van Niekerk, hosted a delegation from BEIGE Capital Savings & Loans (BCSL), for a corporate interaction at the Bidvest Bank head office in Johannesburg, South Africa.

Japie was joined by Mkhuseli Setuse, an Executive for Business Development at Bidvest Bank, to orient the BCSL team about the history of their company and its major milestones.

Japie Van Niekerk (MD - Bidvest Bank) with Mike Nyinaku (CEO - BEIGE Capital)

Japie Van Niekerk (MD – Bidvest Bank) with Mike Nyinaku (CEO – BEIGE Capital)

The visit was organized with the view to promote business relations between the two (2) companies. Chief Executive Officer of BEIGE Capital, Mike Nyinaku, who led a team of six (6) senior management executives, expressed optimism at possible business and service partnerships between the two (2) companies. He described the meeting as a good platform to look into the prospects of business partnerships in the near future.

The visit also provided a learning experience for the BEIGE Capital team who experienced a rather diverse banking set-up of the South African Banking Terrain. The Chief Finance Officer of BEIGE Capital, Dawda Hafisdeen, admitted that the South African Banking Terrain has far advanced and is providing a highly advantageous working environment for Bidvest Bank and other South African Banks. He said, “It’s exciting to note that the Banking Regulation can be so diverse and flexible to foster a growth in dynamic income streams for local banks.

 

Management of BEIGE Capital in a pose with Officials of Bidvest Bank

Management of BEIGE Capital in a pose with Officials of Bidvest Bank

Other management members of BEIGE Capital in attendance alongside Mr. Nyinaku were; Alex Konadu (Chief Business Officer); Dawda Hafisdeen Mohammed (Chief Finance Officer); Nana Afia Kyei (Head of Cluster 2 Business); Michael Djanie (Lead for Brands); Peter Dwomor (Lead for MIS, Networking), and Jonathan Sam (Credit Manager).

BEIGE Capital is a member of The BEIGE Group, a financial services firm with business interest in Banking, Insurance, Pensions and Investments.  The firm has seen significant growth in its business portfolio since its inception in 2008 and employs over 2,000 staff.

 

Source: modernghana.com, Daily Graphic, Business and Financial Times

BEIGE Capital continues to consolidate its leadership in Savings & Loans Industry
January 20, 2016. | ghanaweb.com

Chief Executive of BEIGE Capital Savings and Loans, Mike Nyinaku has said the company will continue to consolidate its leadership in the industry. Speaking in an interview at Radio Gold in Accra, he explained that the opportunities within the market are vast and BEIGE Capital has built the capacity to cash in and further expand its market share.

Mike Nyinaku (CEO - BEIGE Capital) at Radio Gold 90.5 FM

Mike Nyinaku (CEO – BEIGE Capital) at Radio Gold 90.5 FM

 

Mr. Nyinaku explained that most players in the universal banking industry are now targeting deposits from micro and small scale businesses. “There are still a lot of opportunities at that level in the SME market.  If you look at the banking survey that was conducted by PwC only a year ago, lots of the universal banks are looking at how to attract deposits from persons and businesses at the micro and small scale level and that’s where we have capacity.”
BEIGE Capital is the most capitalized Savings and Loans Company in Ghana with several bank branches and a staff strength of about 700.

 

Speaking to Gold Business, the elated Chief Executive of the Ghanaian-owned Savings and Loans Company said their model of business (Deposit-led banking) has been their success in growth and market share. “We are always seeking ways, through our research team, to get closer to our target market,” he said.

 

He added that, “Our growing list of customers are very demanding and they’re continually  pushing us to give off our best; to bend our back, to continually satisfy them. The influx of competition in the industry is making us constantly think; how do you maintain your leadership? How do you make sure your products are superior and whatever you do is competitively positive?” he said.

 

“We made some decent margins last year and I will give credit to the fact that we had a better position in 2014 comparatively. We entered into 2015 with that position as an advantage that put us where we could survive the shocks that the whole country went through in 2015. Also we had rates that potentially put us in a position of favor with our clients and that saw us turning around and surviving what I would say was a tough year for Ghana,” Mr. Nyinaku noted.

 

BEIGE Capital is a member of The BEIGE Group, a financial services firm with business interest in Banking, Insurance, Pensions and Investments which has seen significant growth in its business portfolio since its inception in 2008 and employs over 2,000 staff.

 

Source: ghanaweb.com

BEIGE Capital supports Police Team to excel
January 19, 2016. | The Finder | modernghana.com

Management of BEIGE Capital has congratulated the Ladies’ hockey team of the Ghana Police Service on winning Silver at the just ended African Hockey Championship in Zambia.  In December 2015, BEIGE Capital donated an amount of GH¢15,000.00 to the Ghana Police Service towards its preparation for the Tournament.

In a ceremony held at the Police Headquarters in Accra on Thursday, January 7, 2015, to welcome the Team, Mr. Charles Odonkor, Deputy Managing Director of BEIGE Capital, joined the Ag. IGP Mr. John Kudalor, COP Rose Bio Atinga, Mr. Richard Akpokavi, Director of Hockey, and other senior government dignitaries to congratulate the Ladies, for making the country proud at their first ever appearance at the Africa Hockey Competition.

Charles Odonkor (Deputy Managing Director - BEIGE Capital) interacting with Ag IGP John Kudalor.

Charles Odonkor (Deputy Managing Director – BEIGE Capital) interacting with Ag IGP John Kudalor

In his congratulatory message Mr. Kudalor said, “I am glad to use this platform to congratulate our gallant ladies for placing second in the African Hockey Competition. It is good to know that the Police showed class and excelled in another social service aside their core mandate to maintain law and order.”  According to Mr. Kudalor, the ladies excelled despite going through challenges such as late arrival of their luggage and access to training.

Mr. Charles Odonkor also congratulated the team for their sterling performance at the Tournament and reassured hockey pundits of the Bank’s commitment to supporting the sport in Ghana.

BEIGE Capital in its commitment to ensure the growth of Hockey in the nation, has for the past three years been the title sponsor for the Greater Accra Hockey Knock-out Tournament. 

 

BEIGE Capital is a member of The BEIGE Group, a financial services firm with business interest in Banking, Insurance, Pensions and Investments.  The firm has seen significant growth in its business portfolio since its inception in 2008 and employs over 2,000 staff.

 

Source: The Finder | modernghana.com,  Tuesday, January 19, 2016

BEIGE Capital visits Old Mutual Africa to develop ties
December 14, 2015. | |B&FT, Friday, December 11, 2015 & Daily Graphic, Thursday, December 24, 2015

BEIGE Capital visits Old Mutual Africa to develop ties

The Management of BEIGE Capital paid a courtesy visit to Old Mutual Africa Head Office in Johannesburg, South Africa. The visit was organized in partnership with Old Mutual Ghana, with the view to strengthen the relationship between the two (2) companies.

The BEIGE Capital team in a pose with Mr. Randall

The BEIGE Capital team in a pose with Mr. Randall

In his presentation, Gerald Randall; Head of Alternative Distribution and Partnerships: said BEIGE Capital has built a formidable business with great ambition and opportunity. He emphasized the extensive market opportunities in Africa and mentioned that Old Mutual was open to strategic partnership opportunities with BEIGE Capital.  Mr. Randall gave an insightful presentation about the 175 years of rich Financial Services history of his company.

In a team discussion

In a team discussion

Chief Executive Officer of BEIGE Capital, Mike Nyinaku, who led his team of six (6) senior management executives said, “This visit provides a great opportunity for BEIGE Capital to learn from the many years of Financial Services excellence by Old Mutual. I am convinced that there are opportunities ahead for both institutions and our company would certainly explore that in subsequent communications.” He described the meeting as a great platform to look into the prospects of a stronger business partnership than currently exists between the two companies in the Ghanaian Market.

Mr. Randall taking the team on a tour of the facility

Mr. Randall taking the team on a tour of the facility

Other management members of BEIGE Capital in attendance alongside Mr. Nyinaku were; Alex Konadu (Chief Business Officer); Dawda Hafisdeen Mohammed (Chief Finance Officer); Nana Afia Kyei (Head of Cluster 2 Business); Michael Djanie (Lead for Brands); Peter Dwomor (Lead for MIS, Networking), and Jonathan Sam (Credit Manager).

Mike Nyinaku making a presentation on behalf of the team to Old Mutual Africa

Mike Nyinaku making a presentation on behalf of the team to Old Mutual Africa

BEIGE Capital is a member of The BEIGE Group, a financial services firm with businesses in Banking, Insurance, Pensions and Investments. The company has seen significant growth in its asset base and market share since its inception in 2008 and employs over 2,000 staff.

 

SOURCES: Business and Financial Times, Friday, December 11, 2015 & Daily Graphic, Thursday, December 24, 2015.

BEIGE Capital outdoors Technology Centre
November 23, 2015. | |GNA, B&FT, ghanaweb, Daily Guide, modernghana.com

BEIGE Capital has established a Technology Centre in Accra, to accommodate the expansion of its IT Infrastructure.

Deputy Managing Director, BEIGE Capital in an interaction before the facility tour

Deputy Managing Director of BEIGE Capital, Mr. Charles Odonkor addressing invited guests before the facility tour

The Centre will allow BEIGE Capital to provide innovative banking services backed by a solid IT Platform and create new solutions to cater for the banking needs of customers, and as well improve network availability for branches.

The platform can accommodate about five (5) million customers with more room for upgrade.

Mr. Mike Nyinaku, Chief Executive Officer of BEIGE Capital, explaining why the bank has invested so much into technology said: “Although we know it is not usual to find a detached data centre in organisations, we took this step because of where we aim at reaching in the future, and that will require us to have a robust technology platform to provide support for services we will be engaging in”.

Speaking to the GNA in an interview about plans to see BEIGE Capital transformed into a Universal Bank, Mr. Nyinaku said: “We are taking it slowly and don’t want to rush into becoming a Universal Bank because we want to create something that will last. By the time our foundations are laid, we believe the Central Bank will find us credible enough for that status.

The CEO assured clients of an improved, superior and higher stability service after setting up the technology centre.
He further advised youth interested in entrepreneurship to dream realistically and devote themselves to their thoughts, adding that the results of their ventures will not appear in a day or few years; chances are that they will find opportunities when they do not give up.

Mr. Samuel Okine, an Information Technology Auditor at Bank of Ghana (BoG) who graced the ceremony, urged financial institutions who are not prioritising the use of Information Technology in their operations to reconsider their decision because IT has become the backbone of finance in this contemporary age.

Mr. Okine said he had been to different countries that have data centres for their businesses, and would personally put BEIGE’s data centre at eight on a scale of one to ten because it has amazing facilities.

The IT Auditor said one amazing thing he found about the centre is the availability of redundant power supply, including generators and invertors that could supply power for over 24 hours, which is very necessary to withstand the inadequate power supply problem in the country currently.

Mr. Alex Opoku, Head, MIS during a tour of the facility.

Mr. Alex Opoku, Head, MIS during a tour of the facility.

He however advised BEIGE Capital to develop a good maintenance culture so that this very useful set-up will not collapse with time.

Mr. Alex Opoku, Head of Management Information Systems, BEIGE Capital, said technology has taken banking to a level where it is at the convenience of customers; and he believes that with the advent of this facility, delivery channels, such as mobile and internet banking services, ATM extended functionality, money remittance services will be greatly enhanced.

He said: “With this facility, we can promise our customers improved and superior banking services”.

 

 

SOURCES: GNA, B&FT, ghanaweb, Daily Guide, modernghana.com

Another 100 Benefit from The BEIGE Talent Programme.
November 18, 2015. | The Finder | Extracts – The Ghanaian Times | businessghana.com

BEIGE Academy, a subsidiary of The BEIGE Group of Companies, has inducted the second batch of The BEIGE Talent (TBT) Programme to enable the group identify and develop Ghanaian youth towards the world of work.

The ceremony was also meant to give the group an opportunity to build an army of quality talents to manage several facets of the subsidiaries.

A Section of the Inductees

A Section of the Inductees

Abena A. Adu-Larbi, Centre Manager of the Academy, explained that the Academy is a sanctuary for learning and career development and is offering graduates who have completed their national service, an opportunity to work with the group.

She said the trainees will go through a nine-month classroom and on-the-job training for three trimesters and later be placed on specialized talent development paths to equip them for supervisory roles within the group.

Abena A. Adu-Larbi stressed that after going through these process, the trainees would get the chance to work with the group, including BEIGE Capital, BEIGE Assure and BEIGE Capital Asset Management, adding that the group wants to employ about 5,000 by the end of 2017.

The 110 inductees would be taken through a variety of programmes, including Managing Work, Commerce, Corporate Grooming, Building Self Confidence, Self-Etiquette, Basic Leadership Roles, Values and Ethics in Business.

Professor Stephen Adei, Board Chairman of the BEIGE Group speaking at the ceremony told the inductees to enhance their capacity, be cautious of their character to their clients and care for their customers, who are their main stakeholders.

“Never compete with anyone in your career but co-operate with one another for success, rather always compete with yourself so that you will improve in your operations.” He said.

Prof. Adei advised the inductees to work with integrity and build trust with their customers and employers to succeed.

He noted that many youth who wished for such opportunity to develop their skills do not get the chance, hence the need for the beneficiaries to take advantage of it to excel.

Invited guests with the Inductees

Invited guests with the Inductees

Mr. Ras Mubarak, Chief Executive Officer of the National Youth Authority, said globalization has broken down barriers, making it possible for citizens of many countries to apply for jobs in Ghana; therefore it is necessary for the Ghanaian youth to work harder and learn from the failures.

He commended the group for its contribution to reduce the graduate unemployment rate in the country.

Mrs. Louisa Laryea, Chief Operating Officer of BEIGE Capital, another financial subsidiary of the group, also advised the inductees to be disciplined since they will not succeed without discipline no matter how good or intelligent they are.

Stressing that the group only works with people who are disciplined, Mrs. Laryea said, “You have to be disciplined to keep the job.”

Source: The Finder, page 9

BEIGE to employ 5,000 graduates by 2017.
November 17, 2015. | |Business & Financial Times

The BEIGE Group is set to employ up to about 5,000 graduates by 2017 through its graduate training programme called The BEIGE Talent (TBT), initiated this year by BEIGE Academy, a subsidiary of the Group.

Abena Asantewaa Adu-Larbi, Centre Manager, BEIGE Academy, disclosed this in an interview with the B&FT during the second induction service of the programme in Accra.  “We want to capture the fresh graduates, and to employ as many as 5,000 youth by the end of 2017; and the TBT initiative is one strategy that we think will help us achieve this target,” she said.

A Section of the Inductees

A Section of the Inductees

The initiative, since its inception in July this year, has enrolled 100 graduates who are currently in their second trimester of the programme.  The BEIGE group increased the second batch by 10 percent, taking the total number of participants to 110.

Speaking at the induction ceremony, Board Chairman of The BEIGE Group, Professor Stephen Adei, decried the high unemployment situation in the country, especially among the youth, which he said informed BEIGE to adopt the talent initiative.

He said, “It is very difficult these days to have young people who are educated, disciplined and hardworking with jobs right after school, and so we decided that we would not sit on the bench and criticize the system; rather, we will be part of developing the talent — hence the implementation of this initiative.”

The seasoned educationist further advised youth to invest their time and energy into building their capacities in order to specialize in specific areas of professions, and to be disciplined enough to desist from corrupt activities at all times.

The TBT programme is tailored to identify and develop Ghanaian youth who will be taken through a management development programme and later employed — based on performance and skills required to manage the several facets of businesses in the Group.

To qualify, each participant must be a degree-holder aged 22 to 27, must have completed national service, and are required to go through a nine-month classroom and on-the-job training course, after which successful ones will be assigned roles within The BEIGE Group.

Invited guests with the Inductees

Invited guests with the Inductees

Adding his voice to the event, Chief Executive Officer of the National Youth Authority, Ras Mubarak, advised fresh graduates to adopt and build the spirit of volunteerism at workplaces to gather experience even if they will not be paid immediately. This, he said, will be better than staying home idle and waiting for a paying job, when jobs these days require a certain amount of experience.

He also urged government to consider giving The BEIGE Group some amount of tax break for taking up the TBT programme, so as to motivate other companies to emulate this action.

“We have also been speaking with our colleagues in government that with a company like BEIGE, willing to give apprenticeships to some Ghanaian youth, government should consider giving them some amount of tax breaks to encourage others to do the same,” Mr. Mubarak said.

Source: Business & Financial Times, page 5

BEIGE Academy Inducts More Talents.
November 17, 2015. | |Daily Guide | Extracts – myjoyonline.com | Ghana News Agency | modernghana.com

BEIGE Academy, a subsidiary of The BEIGE Group, has inducted the second batch of inductees into the BEIGE Talent (TBT) Programme to enable it identify and develop Ghanaian youth for meaningful employment.

A Section of the Inductees

A Section of the Inductees

The forum was also designed to give the business unit of BEIGE Group an opportunity to train the youth to manage the company’s subsidiaries.

Abena A. Adu-Larbi, Centre Manager of the Academy, explained that the Academy is a sanctuary for learning and career development and is offering people, who have completed their national service an opportunity to work with group The BEIGE Group.

She said the trainees would go through a nine month classroom and on-the-job training for three trimesters and later be placed in specialized talent development paths to equip them for supervisory roles within the group.

Abena A. Adu-Larbi stressed that after going through these processes, the trainees would get the chance to work with the Group’s subsidiaries, including BEIGE Capital, BEIGE Assur, BEIGE Capital Asset Management, adding that the group wants to employ about 5,000 people by the end of 2017.

The 110 inductees would be taken through Managing Work, Commerce, Corporate Grooming, Building Self Confidence, Self-Etiquette, Basic Leadership Roles, Values and Ethics in Business.

Professor Stephen Adei, Board Chairman of The BEIGE Group, speaking at the ceremony, told the inductees to enhance their capacity and to be polite with their clients and customers who are their main stakeholders. “Never compete with anyone in your career but cooperate with one another for success.  Always compete with yourself so that you will improve in your operations,” he said.

Prof. Stephen Adei addressing the Inductees

Prof. Stephen Adei addressing the Inductees

Prof. Adei advised the inductees to work with integrity and build trust with the customers and employers in order to succeed.  He noted that many youth who wish for such opportunity to develop their skills, do not get the chance, hence the need for the beneficiaries to take advantage of it to excel.

Ras Mubarak, Chief Executive Officer (CEO) of the National Youth Authority, said globalization has broken down barriers, making it possible for citizens of many countries to apply for jobs in Ghana.

It is therefore necessary for the Ghanaian youth to work hard and learn from their failures, he stated.

Source: Daily Guide, page 17

Global Leadership is about Economic Influence.
November 16, 2015. | |Extracts – Ghana News Agency | Webster University’s (Ghana Campus) Website

As part of celebrations to mark Webster University’s centennial year, the Ghana campus hosted a public lecture, Global Citizens in Africa – Leading the New Century, at the Alisa Hotel in Accra on November 4th 2015. The lecture provided a platform for lively discussions on how education and the concept of global citizenship can be used to assist aspiring African leaders who will propel the continent into the new century. Discussions centered on the core program areas of Webster University Ghana: Management, International Relations and Media Communications.

The panelists at the Webster University Centennial Public Lecture, Accra-Ghana.

The panelists at the Webster University Centennial Public Lecture, Accra-Ghana.

Keynote speaker Mike Nyinaku, Chief Executive Officer of BEIGE Capital, said in order for Ghanaian companies to compete with global giants, it was important to move away from the culture of subsistence entrepreneurship; rather, SMEs should focus on expanding to become sub-systems of the economy. “Monster Corporations”, as he put it, must be deliberately created with collaborations from state and private institutions. He explained that the mere size of an SME business should trickle down several facets of the socio-economic lives of the individuals and micro businesses who are linked, either directly or indirectly to that business.

He said for a country to be in the position of authority, it needs to have the economic capacity to influence other nations. “This is critical because without economic leadership and independence, our voices may be heard but our thoughts and ideas will not be heeded. If we are determined to lead, then we must generate wealth and put that wealth where our mouth is,” he added.

Mr. Nyinaku therefore urged African leaders to lift up their game and earn the right to sit at the table of global leaders at the turn of century.

“I believe that values and nobility is necessary for personal leadership, but when it comes to world leadership, it is economic power that prevails.”

He said Africa has the largest store of mineral deposits in the world and supplies about 31 per cent of global demand for minerals.

“African countries are posting economic growth rates far in excess of average growth indicators for countries in the East and West, and the returns on investments in Africa are still above global averages in spite of the inherent and sometimes over-exaggerated risks,” he said.

Mr. Nyinaku noted that the discovery of oil in Ghana has brought in its wake, a massive influx of businesses in the country, most of which are multinationals, and tasked the government to fully optimize the opportunities in the sector.

Director of the Ghana campus, Ms. Christa E. Sanders, expressed admiration at the progress the University has made globally, and was excited about all that is in store for the Ghana Campus. “The purpose of forums such as this is to start the dialogue on change,” said Sanders. “This stimulates the thinking that eventually leads to creating change – which is the hallmark of a true global citizen.”

Other speakers at the event included Webster’s international faculty members, Michael Williams, Timothy Malloy, Suweon Kim and Esther Armah. Distinguished guests at the event included Daniel Asiedu, Chief Executive Officer of Zenith Bank, along with members of the expatriate community and other stakeholders in business and academia.

BEIGE Capital is best Savings and Loans Company.
November 09, 2015. | BFT, page 27|myjoyonline.com | modernghana.com

DSC_0072

BEIGE Capital celebrated a successful evening at the third (3rd) Made in Ghana Awards (MIGA 2015) when it was adjudged the best Savings & Loans Company and inducted into the ‘Made in Ghana Hall of Fame’. The bank was also highly commended for its general banking and investment services in the Financial Services Provider category.

The event was organized by Entrepreneurs Foundation of Ghana (EFG), under the auspices of the ministries of Trade and Industry, Finance and the Ghana Standards Authority, on the theme: “Nationalism, the key to Social and Economic Development”.

In his response to the awards the CEO of BEIGE Capital, Mr. Mike Nyinaku, said he was hopeful that very soon some indigenous Ghanaian companies will outgrow their boundaries in Ghana and strongly represent the country on the global landscape.

He commended the EFG and its president, Mr Sam Ato Gaisie, for creating a worthy platform to promote made in Ghana products and services.

Mr. Gaise, during an interview before the event said, “It is about seeking the pride of Ghanaian indigenous twenty (20) most celebrated high quality and competitive products and services to create awareness, provide a boost to the business profile and reputation, increase the products’ credibility in international markets and build product loyalty to save the local manufacturing industries from collapse”. He explained that the ‘Made in Ghana Awards’ process basically shortlists the best celebrated products and services which have exhibited excellence in quality, manufacturing practices and standards over the years.

Ten of the outstanding products and services were inducted into the prestigious ‘Made in Ghana Hall of Fame’, whiles another ten were selected for awards as ‘Made in Ghana Products and Services of the Year’ for their exceptional contributions to the development of the private sector in creating economic and social values.

Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in several parts of the country and employs about 700 people.

BEIGE Capital makes significant progress.
October 28, 2015. | The Ghanaian Times;

BEIGE Capital has recorded profit before tax (PBT) of GH¢8.5 million for the quarter ending September 2015, putting the company’s year-to-date position at GH¢12.3 million. This compares favourably to the amount of GH¢9 million that was budgeted for the period under review.

According to a Ghana News Agency (GNA) report, the information was announced at the bank’s routine performance review meeting held for the quarter ending September 2015, at BEIGE Academy, in Accra, to evaluate all branches and functional teams on their performance as measured against the budget for the period.

Mr. Mike Nyinaku, CEO, BEIGE Capital.

Mr. Mike Nyinaku, CEO, BEIGE Capital.

The Ghanaian-owned bank said the results were achieved through a mix of carefully and strictly implemented strategies that include; minimising operating expenses, investing in quality assets only, and diversifying the source of its deposits.

The bank’s total assets stood at GH¢754million, a rise of approximately nine per cent above the previous quarter’s position of GHc695million.
Net loans and advances stood at GH¢343 million, being 45 per cent of total assets, while liquid and short-term investments stood at GH¢213 million, representing 28 per cent of total assets. Shareholders’ funds at the end of the quarter stood at GH¢140 million. Again, this marginally exceeded the bank’s originally budgeted figure of GH¢138million.

In his report, the Chief Finance Officer noted that strict adherence to budgetary controls throughout the year had resulted in significant savings on operational expenditure and these were impacting positively on the bank’s bottom line.
Mr. Mike Nyinaku, the Chief Executive Officer (CEO) of the bank, stated: “The bank’s results have improved continuously and consistently every successive quarter of this year. “Most of the milestones we put before us for 2015 are gradually being realised in spite of the difficult economic conditions facing us, the banking industry and the country at large. “These results altogether, put us in a good position for the kind of business we intend to undertake come 2016”. Mr Nyinaku stated that although the pace was slow, the bank was growing every quarter, which was what mattered…. “The bottom line is progress”.

DSC_4854
Responding to questions about the bank’s exposure to the fluctuating currency market, Mr. Nyinaku remarked: “Every situation presented by indicators in the economy, whether positive or negative, also presents other opportunities.“Just analyse this; if the currency market makes the oil and gas industry lose price, investors look for other avenues to invest their monies. At least in the short-term, they can invest in our Fixed Income Products, which offer very competitive rates.”

Mr. Nyinaku gave the assurance that the bank would continue to manage its exposures to ensure that it posted a set of healthy results, which would be the platform upon which it would drive its agenda for 2016. “While perfecting our internal procedures, we are also actively seeking equity partnership from interested investors as we consider moving up the Tier,” he said.

Since its inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in many parts of the country and employs about 700 people.

 

SOURCE: The Ghanaian Times, Wednesday, October 28, 2015. Page 27.

BEIGE Capital makes impressive profit in third quarter.
October 27, 2015. | Ghana News Agency & Ghana Web;

BEIGE Capital has recorded profit before tax (PBT) of GH¢8.5 million for the quarter ending September 2015, putting the company’s year-to-date position at GH¢12.3 million. This compares favourably to the amount of GH¢9 million that was budgeted for the period under review.

The information was announced at the bank’s routine performance review meeting held for the quarter ending September 2015, at BEIGE Academy, in Accra, to evaluate all branches and functional teams on their performance as measured against the budget for the period.

Mr.Mike Nyinaku, CEO, BEIGE Capital

Mr.Mike Nyinaku, CEO, BEIGE Capital

The Ghanaian-owned bank said the results were achieved through a mix of carefully and strictly implemented strategies that include; minimising operating expenses, investing in quality assets only, and diversifying the source of its deposits.

The bank’s total assets stood at GH¢754million, a rise of approximately 9% above the previous quarter’s position of GHc695million.
Net loans and advances stood at GH¢343 million, being 45 per cent of total assets, while liquid and short -term investments stood at GH¢213 million, representing 28 per cent of total assets. Shareholders’ funds at the end of the quarter stood at GH¢140 million. Again, this marginally exceeded the bank’s originally budgeted figure of GH¢138million.

DSC_4848 (2)

In his report, the Chief Finance Officer noted that strict adherence to budgetary controls throughout the year had resulted in significant savings on operational expenditure and these were impacting positively on the bank’s bottom line.
Mr. Mike Nyinaku, the Chief Executive Officer (CEO) of the bank, stated: “The bank’s results have improved continuously and consistently every successive quarter of this year. “Most of the milestones we put before us for 2015 are gradually being realised in spite of the difficult economic conditions facing us, the banking industry and the country at large. “These results altogether, put us in a good position for the kind of business we intend to undertake come 2016”. Mr Nyinaku stated that although the pace was slow, the bank was growing every quarter, which was what mattered…. “The bottom line is progress”.

Responding to questions about the bank’s exposure to the fluctuating currency market, Mr. Nyinaku remarked: “Every situation presented by indicators in the economy, whether positive or negative, also presents other opportunities.“Just analyse this; if the currency market makes the oil and gas industry lose price, investors look for other avenues to invest their monies. At least in the short -term, they can invest in our Fixed Income Products, which offer very competitive rates.”

Mr. Nyinaku gave the assurance that the bank would continue to manage its exposures to ensure that it posted a set of healthy results, which would be the platform upon which it would drive its agenda for 2016. “While perfecting our internal procedures, we are also actively seeking equity partnership from interested investors as we consider moving up the Tier,” he said.

Since its inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in many parts of the country and employs about 700 people.

 

SOURCE: Ghana News Agency (GNA) & Ghana Web.

BEIGE Capital swings to 3rd Quarter Profits.
October 26, 2015. | Business and Financial Times, page 25;

BEIGE Capital has yet again achieved an impressive set of results for the quarter ending September 2015. This information was disclosed at the bank’s performance review meeting held for the quarter ending September 2015. The routine quarterly review took place at BEIGE Academy in Accra. During the event, all branches and functional teams were evaluated on their performance as measured against the budget for the period.

The Ghanaian-owned bank, which is gradually extending its footprints in the industry, said the results were achieved through a mix of carefully and strictly implemented strategies that included; minimizing operating expenses, investing in quality assets only and diversifying the source of its deposits.

Profit before tax(PBT) for the quarter alone amounted to GH¢8.5 million, whiles the year-to-date position stood at GH¢12.3 million. This compares favorably to the amount of GH¢9million that was budgeted for the period under review.

Total assets stood at GH¢754million, a rise of approximately 9% above the previous quarter’s position of GHc695million. Net loans and advances stood at GH¢343million, being 45% of total assets. Liquid and short term investments stood at GH¢213million, representing 28% of total assets. Shareholders’ funds at the end of the quarter stood at GH¢140million. Again, this marginally exceeded the bank’s originally budgeted figure of GH¢138million.

Mr. Mike Nyinaku, CEO, BEIGE Capital.

Mr. Mike Nyinaku, CEO, BEIGE Capital.

In his report, the Chief Finance Officer mentioned that strict adherence to budgetary controls throughout the year have resulted in significant savings on operational expenditure and these are impacting positively on the bank’s bottom line.

An obviously elated CEO, Mr. Mike Nyinaku, said, “The bank’s results have improved continuously and consistently every successive quarter of this year. Most of the milestones we put before us for 2015 are gradually being realized in spite of the difficult economic conditions facing us, the banking industry and the country at large. These results altogether, put us in a good position for the kind of business we intend to undertake come 2016.” He added that, “The pace may be slow but we’re growing every quarter and that is what matters. The bottom line is progress!”
He responded to multiple questions about the bank’s exposure to the fluctuating currency market. Mr. Nyinaku remarked that, “Every situation presented by indicators in the economy, whether positive or negative, also presents other opportunities. Just analyze this;if the currency market makes the oil and gas industry loose price, investors look for other avenues to invest their monies. At least in the short term, they can invest in our Fixed Income Products, which offer very competitive rates.”

Mr. Nyinaku concluded that, “For the remainder of the year, we will manage our exposures to ensure that we post a set of healthy results which will be the platform upon which we shall drive our agenda for 2016. Whiles perfecting our internal procedures, we are also actively seeking equity partnership from interested investors as we consider moving up the Tier”.

The CEO later hosted the management team at his private residence for brunch, after a team-building session near the Aburi Mountains.

Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in several parts of the country and employs about 700 people.

 

SOURCE:Business and Financial Times. Monday, October 26, 2015.page 25.

Your business attitude is key to attracting finance, BEIGE CEO.
October 23, 2015. | Brands & Marketing Desk, BEIGE Capital

CEO of BEIGE Capital, Mr. Mike Nyinaku has admonished new business owners to demonstrate a modest attitude towards managing their finances, especially at the initial stages of their businesses. Mr. Nyinaku was addressing entrepreneurs of various Small/Medium-sized Enterprises(SMEs) during the Enhancing Development of Ghanaian Entrepreneurs(EDGE) Stakeholder Conference and Exhibition 2015, at the Accra International Conference Centre this month.

Mr. Mike Nyinaku making a point during the EDGE forum

Mr. Mike Nyinaku making a point during the EDGE forum

The stakeholder conference which was organized by TechnoServe, with support from the UK’s Department for International Development (DFID), was part of a series of capacity-building programmes for the ENGINE Project.

The event raised an insightful platform where entrepreneurs of various SMEs interacted with a panel of experienced entrepreneurs and business experts including Larry Yirenkyi Boafo, Deputy Director of Securities and Exchanges Commission (SEC), Dr. Bernard Lawer-Tetteh, CEO, SGL Kapita and Hamdiya Ismaila, General Manager, Venture Capital Trust Fund, to share experiences and guiding principles relating to business financing.

_DSC0366 (2)

Central to the discussions, was the topic on how budding SMEs would be able to secure growth funding for their businesses. Responding to a question from the moderator Jerry Nathaniel Halm, on where to find money needed to finance a business, Mr. Nyinaku said, “money is around, Jerry. Money is in our pockets, family, friends, SSNIT, EXCO, high net worth friends, so Jerry, money dey” He indicated that getting the needed funds to run a business is vital but highlighted the unfortunate financial management attitude of some young entrepreneurs when their young businesses begin to make little gains in their early stages.

_DSC0368 (2)

Mr. Nyinaku continued to explain that at a certain point in the life of a business – regardless of its size – that business is going to have to submit to due diligence by ‘a certain financial institution’. This ‘financial institution’ could be your uncle in the home setting or your friends in the other social settings or the IMF if you’re a country. He said, “the reason why they will deal with you is that they have some amount of trust with you. That is all you have.” He added that, “we borrow from friends and family members but when payment is due, we cook up stories and end up refusing to pay back our debts. Such attitude leaves an indelible mark in the minds of our lenders and they completely lose trust in us. The same applies to securing loan from financial institutions; they should have some sort of trust in us. If we borrow and are not willing to submit ourselves to the agreed terms, it becomes difficult to get the needed funds to run the business.”

Audience Participation

The panel discussion session gave time for audience to share their views and and ask questions. A young man ceased the opportunity to put across that he has a growing business with the necessary documents but needed some assistance from BEIGE Capital. In response, Mr. Nyinaku assured him that the bank is ready to help grow his business after going through the required formalities.

 “….investment is not a charity business”

Mr. Nyinaku explained that, the act of investment is not a charity business. He said, “we sometimes make the mistake of thinking because we have a business idea, somebody should be willing to invest in our idea, no! no! no! It is not ‘akyede’(a gift); The moment somebody decides to put money in what you are doing, he wants something back”. He explained that, more importantly we need to establish a history of good relationship and track record with the financial institution as they are not interested in what you are planning for tomorrow, but are prepared to help you based on the history you have built with them.

This history building phase, he explained, comes in the first two stages of business development. Thus, the start-up and survival stages, which involves lots of hardwork and toil, but unfortunately many people are not prepared to face this toil which will take 4 to 5 years depending on the type of business.

He said “it is when you have gone through these phases that growth capital will become attractive to you. Venture Capital funds are growth capital, they are not start-up capital; they are also not survival capital but growth capital. You should be able to prove that you have the capacity to manage capital when it becomes attractive to you. You cannot have a business idea today and think that in 6 months someone will invest in you. You have to build history, and that takes time and sweat”, he concluded.

Baba Adongo, Deputy Country Director for TechnoServe in Ghana explained that, it is the vision of EDGE and the ENGINE programme at large to continue assisting SMEs overcome barriers to growth and improve competitiveness by equipping them with the necessary skills and resources to improve their business plans and internal operations, while creating a thriving community of entrepreneurs through increased access to business development services and to financing.

 

 

BEIGE CEO awarded as SME Financial Leader 2015
October 19, 2015 | Brands & Marketing Desk, BEIGE Capital

Mr. Mike Nyinaku, Chief Executive Officer of BEIGE Capital, has been awarded as SME FINANCIAL LEADER OF THE YEAR, 2015. The award was conferred on him at The GHANA CFO Awards 2015 at the Movenpick Ambassador Hotel in Accra.

The award, which was received on his behalf, is in recognition of the financial excellence Mr. Nyinaku has demonstrated over the years in private sector business advocacy, to support Small/Medium-sized Businesses.

Mr. Nyinaku's team from BEIGE Capital, received the award on his behalf.

Mr. Nyinaku’s team from BEIGE Capital, received the award on his behalf.

The GHANA CFO AWARD

Aside from South Africa and Nigeria, Ghana is the third country to honour financial executives. Ghana CFO Awards is a yearly event recognizing the accomplishments of financial executives and organizations for their financial leadership and contributions to their companies’ growth. It is a unique platform to lift the veil on the exceptional roles played by financial experts toward sustaining their organisational growth.

This year’s awards demonstrated the maturity and success of Ghana’s Financial Sector through a strong and diverse short-listing. The awards are designed to reward and recognize not only Chief Finance Officers and their teams, but also firms and individuals that have contributed immensely to the financial sector. In addition, the awards night provided an opportunity for stakeholders to network, entertain clients and reinforce business relationships.

An Elite List of Winners

Edward Botchway, Chief Financial Officer (CFO) at Ecobank Ghana, swooped 2 awards for himself and 2 for company. Apart from claiming the CFO of the Year in the banking category, he also took home the prestigious Industry Personality of the Year, while Ecobank also picked up the Business Bank of the Year, Best Bank Provider of Cash Management Services and Finance Team of the Year

Other winners on the night included Mark Thompson, CFO Old Mutual Assurance, as CFO of the Year, Insurance; Yogesh Chopra, CFO SBC Beverages Ghana, CFO of the Year, Consumer Goods; Modupe Kadri, CFO MTN Ghana, CFO of the Year, IT & Telecom; Richard Kwae, Financial Controller Toyota Ghana, CFO of the Year, Auto; and Eric Sarbah, CFO DHL Ghana, CFO of the Year, Service/Logistics.

Grofin Ghana was awarded for their Outstanding Contribution to the Growth of SMEs and Patience Akyianu, MD, Barclays Bank Ghana, as Woman of Excellence in Finance.

CEO of InstinctWave Akin Naphtal said Ghana’s financial sector has undergone significant changes in recent years. “Executives have had to step up their ante, which has led to the transformation we are seeing right now. Innovative products and services abound and customers are smiling. It was with this backdrop that we set up the Ghana CFO Awards.”

CFOs in organisations most often take their role very seriously yet they are not honoured in any way. This award, he said, will go a long way to challenge Finance executives to do more.

“It is a project that will look at those executives which have performed extraordinarily well and deserve to be honoured. Indeed, the importance of the finance Industry cannot be overemphasised, considering the fact it is the sector that drives many other sectors,” he added.

The maiden Ghana CFO awards night attracted CFOs from different industries across Ghana and created a platform to recognise CFOs who usually operate in the back-end of the business, without any recognition for their immense contribution to the success of their organisations.

BEIGE Executive Trainees begin CSR
October 5, 2015 | Daily Graphic, page 35;

BEIGE Academy has ushered executive trainees of The BEIGE Talent (TBT) programme to undertake a communal Corporate Social Responsibility (CSR), as part of their training. This forms part of activities to be undertaken, by the executive trainees, in the second trimester of the programme. The initiative was announced by the Centre Manager, Abena Asantewaa Adu-Larbi, during a group assignment session of trimester one.

Finding the right CSR
In order to have an innovative and attainable CSR, the various teams within TBT were tasked to investigate the core communal issues and propose the best CSR project for the communities where The BEIGE Group and its subsidiaries operate. The teams deployed field surveys with one-on-one interviews to put together their various presentations.
Twelve (12) teams presented CSR proposals for consideration by the Academic Council. Of the 12, three (3) were selected based on content, delivery, feasibility and impact on the identified stakeholders. In doing so, the executive trainees got the opportunity to sharpen their corporate presentation and research skills.

TBT 'LEADERS' with their winning presentation.

TBT ‘LEADERS’ during their winning presentation.

The Winning Proposal
After the 3-day presentation, members of the Academic Council expressed optimism about achieving the intended objective with the trainees’ attitude to public service. The centre manager expressed satisfaction at most of the proposals by the trainees. She commented, “Service to society is at the heart of the entire CSR exercise; so we’re not just looking at the checklist but the approach in putting those proposals together”. She added, “This is the first CSR to be undertaken by TBT and would be emulated by upcoming TBT Programmes, hence it must set an enviable benchmark”.

A gift for Public Service
The common idea amongst the 3 proposals selected were the facilitation of sustainable mentorship programme; for the pupils of LA Nkwanatanang Cluster of Schools (Madina), New Abirem L/A Primary School (New Abirem) and Sokoban M/A (Kumasi).
Trainees will engage in a continuous process of grooming the pupils into responsible adults, with the attitude to positively drive themselves to their maximum potentials and inculcating in them the spirit of self-belief.

Anthony Manye of TBT 'LEADERS' during a one-on-one field interview.

Anthony Manye of TBT ‘LEADERS’ during a one-on-one field interview.

The Team Leads of the 12 TBT groups emphasized the importance of implementing this idea since it has the potential to positively affect the beneficiaries and to a greater extent, the quality of human resource in the country.
Other proposed projects by the trainees included renovation of classroom blocks, construction of state-of-the-art toilet facilities, a well stocked library, and a fully furnished ICT Centre.

The Winning Team
The best amongst the three selected teams would be made ambassadors to spearhead the implementation of the selected project(s). In addition, the team will receive a BEIGE-branded trophy and a cash reward.

TBT 'DO THINGS' in a group discussion before their presentation

TBT ‘DO THINGS’ in a group discussion before their presentation.

The team that presented the best CSR project, satisfying all the criteria for selection, were TBT ‘LEADERS’ for Greater Accra and TBT ‘BEST’ for New Abirem. The Team Lead for TBT ‘LEADERS’ remarked that, we deemed it expedient to choose LA Nkwantanang for our CSR project because the good people of Madina and its environs have contributed immensely to the growth of BEIGE Capital, hence giving back to them a sustainable legacy is befitting.
LA Nkwantanang Cluster of schools is a government basic school located within the locality where BEIGE Capital, a subsidiary of The BEIGE Group, was birthed.

TBT 'BEST' of New Abirem pose for camera

TBT ‘BEST’ of New Abirem pose for camera.

Funding the CSR
The winning CSR Proposal will be funded by The BEIGE Foundation, which is funded by the profits of The BEIGE Group’s subsidiaries and other benevolent individuals and institutions. There is also an opportunity for Philanthropists, Parents & Teacher Associations of the schools and other organizations to support the trainees in putting smiles on the faces of the pupils.
Through the BEIGE Academy, The BEIGE Group seeks to achieve its goal of fielding a workforce of about 5,000 youths by 2017.

 

Source: Daily Graphic, Monday, October 5, 2015. page 35.

BEIGE Academy begins Leadership Programme for Cluster Heads
September 23, 2015 | Brands & Marketing Desk, BEIGE Captital

BEIGE Academy, the talent development centre, has begun professional leadership training for Cluster Heads of BEIGE Capital. The programme focuses on enriching the bank’s pivotal leaders through a programme of executive coaching, leadership acceleration initiatives, topical roundtables and special master classes.

To kick-start the programme, BEIGE Academy organized a training on team-building to initiate the Cluster Heads into the 3 month programme.  The team camped at Asutuare in the Eastern Region and had various sessions with facilitators. The purpose of the camp was to help the Cluster Heads have a better understanding of their job roles, particularly, their leadership position in the strategic direction of the bank.

Speaking at the camp, the centre manager of BEIGE Academy said, “the Cluster Heads manage an average of 8 branches of BEIGE Capital, so they are strategically placed to lead the bank towards its medium term aspirations.

Heads of Cluster 1, 7 & 8 having a team-building activity.

Heads of Cluster 1, 7 & 8 having a team-building activity.

Time with The CEO

Some of the sessions offered one-on-one interactions with the CEO of BEIGE Capital, Mr. Mike Nyinaku, who sought to delve into the challenges facing Cluster Heads in the delivery of their expected targets. In an interview with Mr. Nyinaku, he explained that the team were the pillars around which the firm revolved, hence the need to equip them with the requisite skills to lead their respective teams.

“…those who grind the perfume…”Prof Adei

Prof. Stephen Adei, former rector of GIMPA, was the guest of honor at this inaugural camping session and shared his thoughts. He explained that banking is based on confidence and the state of the economy, which is not so healthy currently. Thus, if people should panic over a situation, the bank could collapse within 24 hours; “a little error”, he cautioned, “could bring us down.” “The best time to position yourself to be bigger is when people are failing”, Prof added.

His final words to the team were very scintillating. Most assuredly, it could be a promising statement one might have heard, not coming from the CEO himself. Prof. Adei announced that BEIGE Capital would be the biggest bank in five years. “Wait, do not exclaim!” he cautioned. “Five years is just around the corner”. Everyone was silent. Then he continued, “those who grind the perfume should smell good”.

Heads of Cluster 3 & 5 having a go at the team-building activity.

Heads of Cluster 3 & 5 having a go at the team-building activity.

The consultant for the inaugural session, Raymond Abaifaah of Mindset Consult, was geared up in ensuring the training was a big success. There were also a variety of fun activities to enforce effective learning.  As an evaluation on the impact of the entire leadership programme, Cluster Heads have set goals aimed at improving their teams to achieve set targets.

Through BEIGE Academy, The BEIGE Group seeks to achieve its goal of fielding a workforce of about 5,000 youth by 2017.

SOURCE: Brands & Marketing Desk. Wednesday, September 23,2015.

100 BENEFIT FROM The BEIGE Talent PROGRAMME
September 7, 2015 | Daily Graphic, page 41;

In seeking to recruit and retain highly skilled and talented graduates, The BEIGE Group introduced The BEIGE Talent (TBT) Programme earlier this year. TBT is a career skills development programme, which identifies, grooms and prepares a team of young and dynamic individuals to fill various positions within The BEIGE Group and its subsidiaries. The first set of trainees, numbering 100, were screened out of over 1,000 applicants. Out of the over 1,000 applicants, 200 qualified per the advertised criteria, of which 158 candidates made it through aptitude testing and interviews and the top 100 were selected.

Prof. Stephen Adei at the induction ceremony.

Prof. Stephen Adei at the induction ceremony.

The Induction
The induction of the first set for The BEIGE Talent was held in July 2015, at a ceremony at BEIGE Academy in Accra. The event was attended by Professor Stephen Adei, former Rector of Ghana Institute of Management and Public Administration (GIMPA), as the main speaker, with Mr. Kofi Otutu Adu-Labi (Board Chairman of BEIGE Capital), Rev. Lartey (Director of Training at the National Youth Authority).Trainees in a goup photo with the CEO

What Next on TBT?
Speaking on what next to expect from TBT, CEO of BEIGE Capital, Mr. Mike Nyinaku said, “by the end of 2017, our staff numbers are likely to exceed 5,000 in all our subsidiaries. We’ll be doing ourselves a great deal of good if 30% of them are graduates from the TBT programme”. He continued that, “we’re encouraged by the success of the first set of trainees on the programme and thus, encouraged to roll out the second set very soon. We intend to recruit every 6 months; hence rolling out early will facilitate the process”.

Mr. Nyinaku with some Team Leads of TBT

Mr. Nyinaku with some Team Leads of TBT

The BEIGE Talent has a well-structured selection process and identifies talents from a variety of academic backgrounds. The intention is to enable trainees draw strength from a highly collaborative and intellectually stimulating environment.

Testimonials

Naomi Edufuwa Mensah, Controls & Compliance, The BEIGE Group.

Naomi Edufuwa Mensah, Controls & Compliance,
The BEIGE Group

“I graduated from the University of Professional Studies with a Business Administration degree and with a post graduate certificate in Finance. Working with an investment firm has always been my dream. The BEIGE Talent Programme has offered me the opportunity to acquire requisite practical skills about the job I desired to do. Now, I’m a proud team member of the Controls and Compliance Department of the BEIGE Group, East Legon”.

Alvin Randy Cofie, Relationship Officer-Trainee, East-Legon Branch

Alvin Randy Cofie, Relationship Officer-Trainee,
BEIGE Capital East-Legon Branch

“Having graduated from the University of Manchester, with a degree in Economics, I’d always wanted to come back home and put into practice what I learnt in school. Being a part of The BEIGE Talent Programme is allowing me develop my skills and training me to a new standard in corporate Ghana. I feel that this programme will serve as a solid foundation to my anticipated future success within The BEIGE Group. The professional competency at BEIGE Capital has enlightened me on real life out there. I know years from now, I will look back at this opportunity with much fondness and appreciation”

Prince Teye Owodo, Admin. Support- The CEO Secretariat

Prince Teye Owodo, Admin. Support-
The CEO Secretariat

“I’m a Bachelor of Management Studies graduate from the University of Cape-Coast. The BEIGE Talent Programme has afforded me the opportunity to learn practically, the things studied at school.
I was first placed with the Business Creation Team and I’m now at the CEO’s Secretariat. The staff have been helpful in facilitating my learning process. I’m looking forward to becoming a successful banker.
God bless The BEIGE Group for this opportunity”

Source: Daily Graphic.Monday,September 7,2015.page 41.

BEIGE Capital customers happy with performance
August 29, 2015 | Business and Financial Times, page 5;

Customers of BEIGE Capital have expressed stronger confidence in the bank for its recent mid-year review. This was made known during BEIGE Capital’s Customer Appreciation Event in Kumasi this month.

General views expressed during interactions with the customers at the event, were about the mid-year review of the bank. The review, which was published last month, gave details of the bank’s performance in relation to its 2014 year-end report.

The customers also gave feedback directly to the CEO, Mr. Mike Nyinaku who hosted them at the Golden Bean Hotel in Kumasi. Of paramount interest was the stated capital of the bank, on which most customers commented that it gave them confidence in the bank, even at their Tier 2 category.

Mr. Nyinaku encouraged the customers who were mostly high net worth with average investments of about GHc 500,000.00 to continue to support the bank with their patronage. He was full of praise for the customers and thanked them for their confidence in BEIGE Capital.

A customer of BEIGE Capital receiving her gift from the BEIGE CEO,Mr. Mike Nyinaku

A customer of BEIGE Capital receives her gift from Mr. Mike Nyinaku.

Since July 2012,when the bank introduced six(6) branches in a day in Kumasi, the number has grown and BEIGE Capital’s branches in Kumasi alone employs over 150 staff and the bank seeks to grow that number as it continues its national expansion drive. “We have now established solid footprints here in Kumasi. It is a formidable foundation to branch out northwards” added Mr. Nyinaku.

In addition, Mr. Nyinaku noted that BEIGE Capital by its solid presence in Kumasi has been able to consolidate its leadership position in industry. The bank’s branches in Kumasi, contributed significantly to its total deposits in 2014.

Kumasi, well known as one of Ghana’s most industrious cities, and considering the influx of businesses there, BEIGE Capital seeks to further grow its share of the high net worth segment.

Branch Managers of the branches in Kumasi, joined Mr. Nyinaku to exchange warm pleasantries with the clients, who received various gifts from the CEO. The clients expressed their delight at the CEO thoughtfulness and asked for more of such interactions.

Team Lead for the bank’s business in Ashanti Region said, “BEIGE Capital acknowledges the patronage of our stakeholders. We desire to regularly fete with them to foster more interaction and most importantly, feedback. But we have realized that customers are often unable to, as they cater for other pressing demands in their lives and businesses, therefore, any opportunity to interact closely with them is our greatest pleasure.” Management of BEIGE Capital intends to use these celebrations to appreciate clients and establish stronger relations with them. According to the bank, this will also enlighten potential customers on the range of services and products it offers, in order to enhance its impact in their financial lives and businesses.

Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. BEIGE Capital has business offices in several parts of the country and employs about 700 people.

SOURCE: Business and Financial Times.Friday, August 28,2015.page 5.

BEIGE Capital to build premium banking office in Kumasi
August 24, 2015 | The New Crusading Guide, page 6.Business and Financial Times, page 7;

As part of its national expansion drive, BEIGE Capital has announced that the bank will be opening a Prestige Banking Office in the Garden City, Kumasi, in the near future. This move intends to augment its prestige banking services in the Ashanti Capital. This was made known by the CEO, Mr. Mike Nyinaku, at the bank’s customer appreciation event organized by the bank for its top performing customers in Kumasi.

Mr. Nyinaku said, “our patrons in Kumasi should look forward to a Prestige Banking Office in the near future”. He encouraged customers to continue to support the bank with their patronage. He was full of praise for the customers of the bank and thanked them for their confidence in BEIGE Capital.

Since July 2012 when the bank introduced six(6) branches in a day in Kumasi, the number has grown and BEIGE Capital’s branches in Kumasi alone employs over 150 staff and the bank seeks to grow that number as it continues its national expansion drive. “We have now established solid footprints here in Kumasi. It is a formidable foundation to branch out northward” added Mr. Nyinaku. In addition, Mr. Nyinaku noted that BEIGE Capital by its solid presence in Kumasi has been able to consolidate its leadership position in industry. The bank’s branches in Kumasi, contributed significantly to its total deposits in 2014.

Branch Managers of the BEIGE Capital branches in Kumasi joined Mr. Nyinaku to exchange warm pleasantries with the clients who received gifts from the CEO. The clients expressed delight at the CEO’s thoughtfulness and asked for more of such interactions.

CEO of BEIGE Capital ,Mr. Mike Nyinaku(3rd from left) in a group photo with some customers.

CEO of BEIGE Capital, Mr. Mike Nyinaku(4th from left) in a group photo with some customers.

Kumasi, well known as one of Ghana’s most industrious cities and considering the influx of businesses there, BEIGE Capital seeks to further grow its share of the high net worth segment and to offer them exclusive banking, well tailored for their needs.

Team Lead for the bank’s business in Ashanti Region said, “BEIGE Capital acknowledges the patronage of our stakeholders. We desire to regularly fete with them to foster more interactions and most importantly, feedback. But we have realized that customers are often unable to, as they cater for other pressing demands in their lives and businesses, therefore any opportunity to interact with them is our greatest pleasure”.

Management of BEIGE Capital intends to use these celebrations to appreciates clients and establish stronger relations with them. According to the bank, this will also enlighten potential customers on the range of services and product it offers, in order to enhance its impact in their financial lives and businesses.

 

Sources: The New Crusading Guide, Thursday, August 20, 2015. page 6.
Business and Financial Times, Friday, August 21, 2015. page 7.

Mike Nyinaku as Guest of Honour, UPSA 7th Congregation
August 17, 2015 | www.ghana.gov.gh; ISD(Aliya Bayali)

The seventh congregation of the University of Professional Studies, Accra (UPSA) has taken place in Accra, with a call on the graduands to commit to life-long learning in order to keep themselves relevant and useful within the requirements of the evolving dynamics of the labour market.

Prof. Joshua Alabi, Vice Chancellor, UPSA, who made the call, also urged the graduating students to embrace entrepreneurship and become employers rather than job seekers. Furthermore, Prof. Alabi advised them not to think only of themselves, but to also think of their families and friends, communities, country, the poor and disadvantaged, and the humanity as a whole.

The Chancellor of the University, His Royal Majesty (HRM), Drolor Bosso Adamtey I, known in private life as Dr Kingsley Fletcher, urged the graduating students to become agents of change and social transformation in their chosen fields of endeavour, wherever they found themselves.

HRM, Drolor Bosso Adamtey I, also charged them to endeavour to make the world a better place by making their communities safer, healthier, more informed, more prosperous and less hungry.

In an address titled: “Go and Write Your Story”, the Guest of Honour, Mr Mike Nyinaku, Chief Executive Officer (CEO), BEIGE Capital, commended the Vice Chancellor, Prof.  Alabi, for the amazing transformation his leadership had brought unto the institution. Mr Nyinaku urged the graduating students to be inspired by successful people to eschew average performance. He underscored the importance of upgrading oneself, adding, however, that any upgrading should transform into improved quality of work.

CEO of BEIGE Capital Mike Nyinaku addressing the audience

CEO of BEIGE Capital, Mike Nyinaku addressing the congregation.

 

A total of 2,087, comprising 335 Diploma, 1,366 Undergraduate and 386 Postgraduate students, received Diplomas and Degrees in various disciplines and levels.

The congregation, also dubbed: “The 50th anniversary congregation”, coincides with the 50th anniversary of the University which is being celebrated on the theme: “Celebrating our Past, Present, and Igniting our Future with Scholarship and Professionalism”.

UPSA, formerly known as the Institute of Professional Studies (IPS), was established in 1965 as a private institution. In 1979, IPS was taken over by the Government of Ghana and in 1999, The Institute of Professional Studies Act, 1999 (Act 566) was passed to transform IPS into a tertiary institution with the mandate to offer professional programmes in the disciplines of Accountancy and Management, leading to the award of Degrees, Diplomas and Certificates.

On September 1, 2008, IPS was granted a Presidential Charter to become a fully-fledged University, meaning that IPS, which was then affiliated to the University of Ghana, now had the authority to run and award its own accredited Degrees, Diplomas and Certificates.

IPS was renamed the University of Professional Studies, Accra on October 9, 2012, following the Presidential assent to the University of Professional Studies Act, 2012 (Act 850) which was enacted by Parliament on July 31, 2012.

Currently, the University runs various Bachelors and Masters Degree programmes in Faculties and Schools, namely  The Faculty of Management Studies, under which are the Department of Marketing and the Department of Business Administration; Faculty of Accounting and Finance, made up of the Department of Accounting and the Department of Banking and Finance; Faculty of Information Technology and Communication Studies, comprising the Department of Public Relations and the Department of Information Technology; and the School of Graduate Studies, which promotes and facilitates research activities as well as co-ordinates the teaching and learning activities of postgraduate programmes.

Apart from these Faculties, the Distance Learning and Weekend School has also been established to reach out to workers who see the need to pursue further studies.

In addition, the Centre for International Education and Collaboration has also been established to pursue international collaboration, and to oversee the interest of the growing number of international students who are pursuing various programmes at the University.

The University also has a Business Development Centre which generates income for the University through consultancy services and the running of training programmes and short courses.
UPSA has a total student population of 11,324.

SOURCE: www.ghana.gov.gh;  ISD(Aliya Bayali).

 

The BEIGE Talent; Training and Placement begins
August 08, 2015 | Brands & Marketing Desk, BEIGE Capital

On Wednesday, August 5, 2015, about 09:20hrs, the Chief Executive Officer (CEO) of  BEIGE Capital, Mr. Mike Nyinaku met the first batch of The BEIGE Talent(TBT) team with his final message of inspiration to them as they embarked on their respective trainings and placements.

TBT Goal

After a brief introduction, Mr. Nyinaku reiterated the goal of TBT, thus; unearthing and grooming individuals who will become the backbone in driving the visions of The BEIGE Group(TBG) in the medium term.

“Our focus on TBT performance is sterner than other Strategic Business Units(SBUs) within TBG. We need persons who possess technical skills, positive mental attitude and a high level of confidence” he said. He advised participants to associate with the best and not the less than average.

Mr. Nyinaku addressing the participants.

Mr. Nyinaku addressing the participants.

The CEO introducing Team Leads for the first batch of The BEIGE Talent

The CEO introducing Team Leads for the first batch of The BEIGE Talent

Teams

Mr. Nyinaku noted that he expects discipline from Team Leads and urged them to work hard at their respective SBUs and also ensure they meet assignment deadlines.

“Leadership is lonely; so Team Leads, pretend to be with your members but you actually think for them”. To the members, the CEO admonished them to put up their best because the current generation is a generation of “self-help”. He said, “this is a generation of self-help. I’m not interested in your problems and challenges. Fix it yourself, because we are looking at solution providers not story tellers. I’ll rather be interested in hearing about proposals, about how the challenges can be fixed”.

TBT Structure

The CEO highlighted the structure of the training. Successful graduates of TBT will move to the Executive Program, then to Junior Management Program and finally the Strategic Management Program; in that order. He also talked about the attributes of The BEIGE Staff and said he expected the Team Leads to exhibit 7 of them and the members; at least 5.

Participants took time to ask questions and get clarity on other issues regarding their training and placements.

In his concluding remarks, the CEO said, “In our country, the educational system doesn’t encourage us to think; but to repeat. That is why BEIGE is giving you the opportunity to think for yourself. This world has opportunity for all of you, but how you can harness the opportunity depends on how you manage yourself. If I told you 20years ago, I knew where I will be, ‘chale, adey lie’. Therefore, take this opportunity to excel and when your fruits are evident, opportunity will find you” he concluded.

Source: Brands & Marketing Desk, BEIGE Capital.

BEIGE Capital reviews mid-year performance
August 4, 2015 | Business & Financial Times

DSC_1889-(2)

The Management of BEIGE Capital has met to review the bank’s mid-year performance. The mid-year review which happened at BEIGE Academy in Accra took stock of the bank’s current performance with reference to its Strategic Operational Plan (SOP) for 2015.

BEIGE Capital’s SOP 2015 set targets which sought to maintain and consolidate its leadership position among the Tier II category of bank’s in Ghana. The bank was able to achieve averagely 85% of its mid-year targets for all key performance indicators. Deposits increased by 28% from 2014 year end position of GHc413m

Borrowing also increased by 55% from December 2014 figure of GHc24m.Total Assets increased by 28%.Total Asset position at GHc695m represents 27% of the industry’s total.

Loans and Advances increased by 12%. Cash and Bank balances stood at GHc47m, an increase of 64% from the December 2014 position. Shareholders’ Fund stood at GHc132m, representing 35% of the industry.

Although the bank achieved a significant increase in its Demand Deposit Book, the results at the end of the period were below expectations.

The CEO, Mike Nyinaku said: “We have successfully created a platform that will enable us to consolidate our leadership in the industry, and hopefully transition into universal banking if need be.

“Our key challenge now is our inability to offer certain basic banking services in spite of our size and capacity, due to regulatory limitations within the Banking Act for Savings and Loans companies.

“Considering that our current stated capital falls just a shade short of the Central Bank’s minimum capital requirements for Universal Banks, we’re actively seeking equity partnership from interested investors as we consider moving up the Tiers. In so doing, we have also not ruled out the possibility of listing on the Stock Exchange.”

Mr. Nyinaku congratulated management and staff, but cautioned management not to be complacent. He said the bank cannot afford to be complacent at the No.1 position”

He added “This is the time to put in our maximum effort to drive business and improve profitability for our shareholders. In times as challenging as now, it’s prudent that we invest only in quality assets”.

Mr. Nyinaku also predicted that the third quarter will be challenging for the industry in general, because of the dollar-cedi instability facing industry and the difficult economic conditions facing the industry at large.

During the review, the various branches of BEIGE Capital did presentations of their individual positions with respect to the bank’s overall performance. The top five (5) performing branches were honored by management.

Since inception in 2008, BEIGE Capital has seen consistent growth in both size and scope of its operations. BEIGE Capital has business offices in several parts of the country and employs about 700people.

 

SOURCE: BUSINESS & FINANCIAL TIMES, TUESDAY, AUGUST 4, 2015.back page.

SME Bank concept viable, BEIGE CEO.
August 3, 2015 | Business & Financial Times

DSC_2804-(2)

CEO of The BEIGE Group, Mike Nyinaku has proposed the idea of an SME bank structure to serve as a bridge between the rural banks, microfinance institutions (MFIs), savings and loans companies and commercial banks in Ghana.
“An SME bank is not a communal bank. It may not be as big as Commercial bank but it’s much bigger than rural bank, MFIs and savings and loans; between these portfolios, there can be a structure where we can merge all of them”, he said.

The Ghanaian banking sector has over the last decade seen a lot of rapid changes in the dynamics of their operations with the recapitalization of the commercial bank, influx of Microfinance Institutions (MFIs,) and the phenomenal growth of rural banks.

However, there is a huge gap between the commercial banks and their rural bank counterparts and MFIs in terms of operations capital threshold and business size.

According to Mike Nyinaku, the SME bank is expected to raise more capital than a rural bank or MFI, yet it is smaller and more in operation than the commercial banks.

He also said that the reason behind the establishment of rural banks in the past have changed today. “At the time it was set up, the big banks were not going in there; but now the big banks are in the rural communities so it defeats the existence of the rural banks, the rural bank is probably operating on the same platform.”
Mr. Nyinaku also bemoaned the survival rate of MFIs and rural banks in the country. “Some MFIs will not survive if they keep going solo, but if a lot of them merge, they will survive.”

He also explained that commercial banks are by nature, risk averse and rather stiff and colossal. Though heavily capitalized, they are beyond reach of the ordinary man in terms of response and venture into small businesses. This makes them unsuited for everyone and creates a situation where we will have a large number of Ghanaians unbanked. The rural banks and MFIs also lack the capacity and capital to help businesses grow into the stature required to really accelerate our economy.

This has necessitated a new bank that can do both but is neither as heavy as the commercial bank nor as weak as most MFIs or rural banks-but it is stronger and more business-enabled than the rural bank or MFI, and more flexible and agile than the commercial bank.

He also expressed wary at the trend wherein the MFIs and savings and loans are taking the markets of rural banks, suggesting that the concept of communal banking needs to be reviewed, maintaining that things have changed. “It was a long time ago-say 20years when there were no microfinance institutions. Now their significance is being challenged because of their proliferations, and now some of the places savings and loans companies are there as well, so they are taking a lot of their market.”

Rural banking when it was established, Mr. Nyinaku claims, looked at communal banking: “It did not anticipate the banks were going to extend their reach outside the community; if they go outside that mandate, then they might be performing outside what they originally set up to do,” he said.

Source: Business & Financial Times, Monday, August 3, 2015. Page 25

Partnership Needed Between Education, Business – To equip youth for job market – Nyinaku”
July 25, 2015 | Daily Graphic

tbt-group-photo
The Chief Executive Officer (CEO) of BEIGE Capital, Mr. Mike Nyinaku, has emphasized the need for stakeholders in the educational sector to partner their counterparts in business to equip the youth with employable skills. “The gap between the two sectors is the reason why most youth remain unemployed after their tertiary education,” he said.
Mr. Nyinaku, who said this at a ceremony to induct trainees into The BEIGE Talent (TBT) in Accra, stated that businesses did not employ most products of tertiary institutions because the graduates did not prepare for work in industry.
He disclosed that such partnership between the two sectors would enable them to discuss modifications to causes which will assist businesses with products from the education sector with the requisite knowledge and skills for the job market.
Closing the gap
On closing the gap, Mr Nyinaku said examination questions should be geared towards demands of business.
He added that businesses also had a role to play in closing the gap by offering work for internship for students to equip them with on the job skills.
Mr. Nyinaku also called on the educational sector to adjust its curricula to enable students to combine education with successful industrial or business skills such as good human skills, good analytical skills and creative skills.
TBT
Briefing the Daily Graphic, the head of Human Resource of BEIGE Capital, Mrs. Dolly Laryea explained that the TBT was a program aimed at grooming trainees into resourceful persons.
She stated that the program which was to last for nine months, would equip the trainees with the required skills to work with the BEIGE brand in future. Trainees, she added, would be given the opportunity to understand the various work processes with the various companies within The BEIGE Group as well as being given the opportunity to apply the skills.
Mrs. Laryea said 100 trainees had been inducted in the TBT, out of which 31 are females and would be taken through formal training such as office skills, grooming, time management and overcoming procrastination.

Source: Daily Graphic, Saturday, July 25 2015; Page 26.

Redemption commitment key – BEIGE CEO
July 24, 2015 | Business & Financial Times

REDEMPTION COMMITMENT KEY-BEIGE CEO

Mike Nyinaku

Mike Nyinaku- BEIGE CEO

The CEO of BEIGE Capital, Mike Nyinaku has challenged growing banks to meet all their redemption commitments when they fall due, which he reckons is the key to their survival in their medium-term.
According to him, as the country battles economic challenges, growing banks predominantly in the Tier 2 Category (Savings & Loans) and others in the Micro Finance category (MFI) must have potential strategies to remain very liquid in the interest of customers.
He pointed out that “you don’t necessarily need to have a big stated capital for you to be able to redeem investments or meet your investments redemption commitment; you should be smart at managing your liquidity, because that is not a function of your stated capital, but the stated capital you have is a function of the size of your business because that is the size of the money you have put in”.
In an exclusive interview with B&FT, Mike Nyinaku said: “We are only custodians of the monies our customers have entrusted in our care and we must be as robust as ever, especially at this time.”
He also welcomed Bank of Ghana’s decision to quadruple the minimum capital requirement of microfinance institutions and rural banks as one that will protect depositors’ fund and encourage consolidation among smaller players. According to him “The depositor’s money is not your money; so when I am coming to put money in your business as an investor, I’m looking at how much you have been able to put in, not how much you have been able to borrow; there is a relationship between the two”. Mr. Nyinaku further explained: “You cannot borrow and above certain ratio, so if you want to borrow, you have to put in more; thus, putting in more directly impacts on your ability to expand your business. If you put in more you are able to borrow more, you are able to create more assets and expand your business”.
The Central Bank’s Head of Other Financial Services, Raymond Amanfu explained to the B&FT in Accra early this month that the latest directive requiring microfinance firms to increase their stated minimum capital progressively over the next three years, and that of rural banks over the next two years, is to protect depositors, stay abreast with dynamics of the economy, and also make sure that these institutions have capacity to undertake the full extent of businesses they are engaged in.
“Looking at the dynamics- which include the economy, the size of the microfinance institutions (MFI) and the nature of business they are doing, and the fact that their capital is continuously eroded by their activities and size of the loans they give-these MFIs need to cushion themselves. That is why we extend the capital and the deadline,” he said.
According to the directive, microfinance institutions which presently require GHc100, 000.00 to operate are expected to ramp-up their core capital to GHc2million by 2018; while rural banks which now need GHc150,000.00 to operate, are to gradually meet a new capital requirement of GHc1million by December 2016.
By the notice, microfinance institutions which have been granted provisional approval by the Bank of Ghana must comply with a minimum paid up capital requirement of GHc500, 000.00 and submit a credible capital plan to raise the minimum paid-up capital to GHc2million in accordance with the transitional arrangements; meanwhile, new applicants and those that are yet to secure provisional approval will have to, with immediate effect, meet the full capital requirement.

Source: Business and Financial Times, Friday July 24, 2015, back page.

 

BEIGE CEO, chosen among “Choiseul 100 Africa.”
July 20, 2015 | Brands & Marketing Desk, BEIGE Capital

Mike Nyinaku, Chief Executive Officer of BEIGE Capital, among other young men aged 40 years and below, were chosen to attend the 2nd Edition of Choiseul 100 Africa in Paris, France.

“Choiseul 100 Africa” presents African businessmen and women who contribute to the continent’s economic, social and cultural development. These young leaders, under 40 years of age, representing 27 different nationalities and 60% of them French-speaking, are mainly active in the new technology, services, finance and energy spheres. They employ more than 300,000 people in Africa today and their economic activity accounts for €90 billion.

 

The invitation only event took place under the theme “Choiseul 100 Africa” with a lot of pomp and pageantry and recognized young African business people of the future. This event testifies to France’s steadfast commitment alongside Africa.

At the banquet

At the banquet

At the banquet

At the banquet

Mike entering the Novotel with his colleagues

Mr. Nyinaku was selected through an annual study carried out independently by the Institut Choiseul, which identifies and ranks young African economic leaders who play a major role in Africa’s future economic development. In total, 62 African Economic Business ‘gurus’ were invited.

The Selection Criteria

To classify selected profiles, several weighted criteria were taken into account such as; the image and reputation, the background and skills, the power and function, the influence and networks, and the potential and leadership. The total of the scores obtained in the different categories of criteria determined the position of each laureate in the final ranking.

Criteria for the awards included considerations to the individuals who have distinguished themselves in their businesses and making waves in economic development.

During the event, participants visited several places of historical importance in the French capital city, Paris.

The 2nd edition of “Choiseul 100 Africa” saw 62 young African economic business leaders from Nigeria, Tanzania, Egypt and other African countries.

Mr. Nyinaku, the only entrepreneur from Ghana, at the event, was noted for his active role and the inspiration he imparts on youth in the development of entrepreneurship in Ghana. This has seen him manage successful businesses over the years and contribute significantly to the socioeconomic growth of the Ghanaian economy. His leadership, with a driving force for economic development and growth in Ghana has witnessed economic transformations taking place in his country.

On his part, Mr. Nyinaku expressed profound gratitude to the organizers for his recognition and invitation granted him.

 

Mike Nyinaku attends Executive Leadership Programme at Cranfield
July 17, 2015 | Brands & Marketing Desk, BEIGE Capital

Cranfeild-University---Personal-Transformation-For-Leaders---July-2015

Mike Nyinaku attends Executive Leadership Programme at Cranfield.

The CEO of BEIGE Capital, Mr. Mike Nyinaku, was among 12 other senior business executives that received leadership training at the Cranfield University, School of Management. The programme is in two(2) parts. The first part lasted from 6th to 10th July 2015, and continues with the second in September 2015.

This was an invitation-only programme, designed for Senior Executives who wish to develop their leadership potential through in-depth self-examination. It provided a transformational experience, which allowed the delegates to find their own authentic style of leadership, be more comfortable with ambiguity and improve their understanding of people. At the end of the first part of the programme, most of the delegates gave very positive feedback on how it had expanded their emotional comfort zone.

Participants were excited about Ghana and BEIGE Capital’s performance over the years.

The following business executives attended the program.

Darren Barker
Logistics Director

News UK Limited

Jamie McCann
Associate Director

BGL Group
Insurance & Aggregation

Jean-Pierre Braun
Direction de la Communication

Siblu France

 

Michael Forrester
Managing Director

Orchard Valley Foods Limited

Gerry Bolger
Chief Clinical Information Officer -Nursing

Imperial College Healthcare NHS Trust ICT

St Mary’s Hospital

 

Bernie de Haldevang
Head

FINPRO International

 

Attila Kurdash
Managing Director

Gina Shoes
GINA Head Office

 

Jo McCormick
Associate Director of Nursing

Belfast Health & Social Care Trust Royal Victoria Hospital

Mike Nyinaku
Chief Executive Officer

BEIGE Capital Savings & Loans
Alejandro Valle Carrillo
NMUK Customs Head

Nissan Europe Finance
Dr. Linda Florio Zintel
Executive Coach & Specialist Facilitator

BSc, MBA, MRes, PhD
Joe Rowan
Supply Chain Specialist

Scottish Water
The Bridge Stepps

 

Ido Van der Heijden

Oakhurst
Oakhurst

BEIGE Capital maintains Leadership amongst Savings & Loans companies.
July 10,2015 | Business & Financial Times

BEIGE Capital has once again maintained its position as the leader amongst the Savings and Loans companies in Ghana. This was revealed at the just ended Annual General Meeting held by shareholders. The CEO, Mike Nyinaku and management were commended by shareholders, for meeting most of the key targets contained in the medium term plan of the Bank and particularly for maintaining a healthy balance sheet in spite of the challenges that the entire industry faced in 2014.

The bank ended the year with Total Assets of GHS 538m; 81% growth from GHS 297m in 2013.This further represents about 25% of the combined asset base of the Savings on loans sector. Loans and advances made up about 55% of this, while investments in liquid financial instruments contributed about 20% of total assets holdings. In spite of the high incidence of defaults experienced as a result of the economic hardships suffered by key clients, loan loss provisions reduced in quantum as compared to that of the previous year.

BEIGE Capital Head Office, Adentan - Accra.

BEIGE Capital Head Office, Adentan – Accra.

Total Liabilities also rose to GHS 440m from GHS 250m in the previous year. This represents a rise of 76% from the previous year and also constitutes about 27% of the combined liabilities of the savings and loans sector. Fixed Term Deposits comprise a majority of the bank’s deposits and these are largely from corporate institutions and high net worth individuals. Due to the consistency in performance, BEIGE Capital has built a growing reputation amongst many finance houses and asset management firms across the country. Thus BEIGE Capital trades actively with these finance houses as wells as maintaining on another side a growing pool of high net worth clients who invest with the institution for very attractive returns.

In spite of BEIGE Capital’s success with the fixed income instruments, the bank seeks to attract more demand deposits at lower costs in order to afford it the opportunity to reduce the rates at which it lends to clients. The CEO, Mike Nyinaku in his submission said, “We suffer an identity crisis as Savings and Loans companies simply because one cannot clearly differentiate between us and micro finance companies. We operate at almost the same costs as most universal banks but do not have the luxury of generating income from multiple sources as are available to Universal Banks. So we are limited to interest income only. Moreover, our inability to offer Forex services to our clients and also provide some non-cash movement services makes it difficult to attract quality demand deposit clients. How easy life would have been, if we were simply referred to as SME banks – just like rural banks – rather the Savings and loans companies”. The term was appropriate probably twenty years ago but very much out of place now considering the nature and scope of our business now and how the financial services landscape has evolved. The CEO further mentioned to shareholders that the board would consider making a request to the BoG to consider granting some service dispensation particularly to savings & loans companies that have demonstrated the proven capacity to serve as universal banks albeit without having met the minimum capital requirements.

At GHc90m, BEIGE Capital has the highest stated capital amongst players in the industry – about 20% of the combined stated capital of that industry – and has the most outlets due to its unique operating model. Last year the bank acquired 40 ATMs that are being deployed on a piecemeal basis at key branches and other specific locations across the country. “This project would be completed by the end of 2015”, the CEO said. Our clientele base has exceeded 150,000 now and promises to rise much further as we roll into 2015. This represents a growth of 56% of the previous year’s figure of 96,000. The number of fixed term deposit holders triples from the figures recorded last year whilst volume of transactions grew by 75%. In spite of the high incidence deposit withdrawals experienced by savings and loans companies as well as finance houses during the year BEIGE Capital was able to retain most of its high profile corporate deposit clients and also attract a good number of high net worth individual clients. “Throughout the year our most important feat, for me, was the fact that we met all our deposit redemption commitments as and when they fell due; thus, inducing a great deal of confidence in our clients about the safety of the investments they continue to hold with us” Mr. Nyinaku added.

Auditors of the bank commended BEIGE Capital for good results and also advised management to fast-track their process of compliance with IFRS.

Mr. Nyinaku expressed gratitude to the board, management and staff, for their resilience and loyalty which has brought the bank such achievements. Responding to questions as to whether BEIGE Capital was considering a universal banking license, Mr. Nyinaku said “our Board has not ruled that out yet, but we would like to perfect our processes and systems before we transition into that stage of business. He further gave insight about the status of the Brand Equity Project which the bank launched in 2013. He assured members that BEIGE Capital was on track to meet its target for Project BE, as is popularly known amongst staff.

Mr. Nyinaku also made known, at the meeting, some other projects the bank was embarking upon as it continues to consolidate its position within the industry. He shared information about the new Data Centre for BEIGE Capital and The BEIGE Talent program.

The New Data Centre is expected to enhance the operational efficiency of the bank to compete more effectively. This facility will house a set of modern technology and software to support the bank’s IT Infrastructure and become the backbone of the bank’s operations. According to Mr. Nyinaku, with the growth of mobile computing and internet services, customers are becoming increasingly technology savvy and looking for improved and expanded service options. So this Data Centre has come in handy as the bank plans to compete in the e-banking band wagon. In addition to this, BEIGE Capital has also procured new software to enhance the quality of service to its customers.

Mr. Nyinaku was happy to note that BEIGE Capital had fulfilled all of the recommendations proposed by The Central Bank, following the regulator’s previous examination of the bank’s operations. He further commented that “at this stage of our growth, we’ve gone through all the teething challenges of a bank in its growth stages and we have successfully hurdled through. We’re thus, more prepared to drive business growth and profitability for our shareholders and all other stakeholders in the coming years.”

Since inception in 2008, BEIGE Capital has seen consistent growth both in the size and scope of its operations. Currently the leading Savings and Loans Company in Ghana, BEIGE Capital has business offices in several parts of the country and employs about 700 people.

 

SOURCE:Business & Financial Times, Friday, July 10,2015. back page

BEIGE Capital holds AGM
June 30,2015 | Business & Financial Times

BEIGE Capital has held its Annual General Meeting with the bank’s shareholders. As at the end of the year, BEIGE Capital still maintained its leadership position within the industry.

The CEO and management were commended by shareholders for a promising performance as compared to the previous year. In spite of generally low deposit receipts throughout the year, the bank ended the year with Total Assets of GHc540m – a 29% growth from GHc297m in 2013.Total Liabilities also rose to GHc440m from GHc250m the previous year. Customers accounts closed in excess of 150,000 customers from the previous year’s position of 96,000 customers representing an annual growth of 56%.Auditors of the bank commended BEIGE Capital for good results and also advised management to fast-track their process of compliance with IFRS.

BEIGE Capital Head Office, Adentan - Accra.

BEIGE Capital Head Office, Adentan – Accra.

CEO of BEIGE Capital, Mr. Mike Nyinaku expressed gratitude to the board, management and staff for their resilience and loyalty to which has brought the bank such achievements. He added that: “Due to continuous devaluation of the cedi in 2014, the banking industry generally experienced an increased volume of withdrawals as customers sought to hold deposits in US dollars instead of the local currency.

“This notwithstanding, BEIGE Capital was able to retain most of its high profile corporate deposit clients and also attract a good number of high net worth individual clients. Throughout the year, our most important feat, for me, was the fact that we met all our deposit redemption commitments as and when they fell due-thus inducing a great deal of confidence in our clients about the safety of the investments they continue to hold with us.”

Responding to questions as to whether BEIGE Capital is considering a universal banking license, Mr. Nyinaku said: “Our Board has not ruled that out yet, but we would like to perfect our processes and systems before we transition into that stage of business.”

The new comfy East Legon Branch was a key highlight for the bank in 2014

The new comfy East Legon Branch was a key highlight for the bank in 2014

He further gave insight about the status of the Brand Equity Project, which the bank launched in 2013.he assured members that BEIGE Capital is on track to meet its target for Project BE, as it’s popularly known amongst staff. Mr. Nyinaku also made known at the meeting, some other projects the bank was embarking upon as it continues to consolidate its position within the industry. He shared information about the new Data Centre for BEIGE Capital and The BEIGE Talent programme.

The New Data centre is expected to enhance the bank’s operational efficiency for it to compete more effectively. This facility will house a set of modern technology and software to support the bank’s IT infrastructure and become the backbone of the bank’s operations.

According to Mr. Nyinaku, with the growth of mobile computing and Internet services, customers are becoming increasingly technology-savvy and looking for improved and expanded service options.

So this Data Centre has come in handy as the bank plans to jump on the e-banking bandwagon. In addition to this, BEIGE Capital has also procured new software to enhance its quality of service to customers.

Speaking about the BEIGE Talent programme, he explained that it is part of a medium-term strategy to attract, groom and retain quality talent. The BEIGE Talent programme is being managed in collaboration with BEIGE Academy, the learning and development subsidiary of The BEIGE Group. “Beyond 2017, about 80% of our key talent will be products of our Academy,” he added.

Mr. Nyinaku was happy to note that BEIGE Capital has fulfilled all of the recommendations proposed by the central bank, following the regulator’s previous examination of the bank’s operations.

He further commented: “At this stage of our growth, we’ve gone through all the teething challenges of a bank in its growth stages and we have successfully hurdled through. We’re thus more prepared to drive business growth and profitability for our shareholders and all other stakeholders in the coming years.”

Sources: Business and Financial Times, Tuesday, June 30,2015
The Daily Democrat, Monday, June 29,2015
Network Herald Monday, June 29,2015.page 9
Economy Times Monday, June 29,2015 page 12
Today, Monday, June 29,2015

Senchi Consensus is Academic Exercise – BEIGE CEO
June 30, 2015 | www.peacefmonline.com

The Chief Executive Officer of BEIGE Capital, Mike Nyinaku says the various platforms for the discussion of Ghana’s economic growth would continue to remain merely academic exercises if it is not backed by action. “All this Ghana Economic Forum, Akosombo declaration, Senchi Creed, etc would be an academic exercise if we would keep them on the bookshelves and not back them with action”, Mr. Nyinaku said in an address at the Ghana Economic Forum 2015.
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He stressed that though the country had enough existing documentation, it lacked the needed executors, doers and development architects who would translate the documents into tangible projects. “There’s a lot of action documents already, I believe that what we need are executors, doers, and development architects, who don’t fear who or what!! And it can only be achieved by only one crazy leader who is; ambitious, authoritative and a doer”, Mike Nyinaku added.DSC_1197 (3)

Speaking on why the Public Private Partnership (PPP) was not yielding the desired economic growth results, the BEIGE Capital boss explained that instead of a partnership, there was an existing competition between the public and private sectors hence a stifling of the expected economic growth.

According to him, Ghana’s PPP could be described as the case of “a willing government on one side, a civil sector that cannot be bothered on another side and a hurriedly formed inexperienced private sector institution on the other side”.“Word has it that sometimes some of our government institutions whether intentionally or not, just stifle the initiatives of government. What stops us from being united in a manner for progress and nation building?” he queried.

He advised the public sector and policy makers to remain true to their role of facilitating access to resource instead of competing with the private sector and stifling its growth.

Speaking on Ghana’s entrepreneurial evolution, Mr Nyinaku said Ghana had lost 20 years of its entrepreneurial evolution due to political upheavals in the 70s and 80s which prevented entrepreneurs, in that era, from fully fulfilling their full potential and passing on the skill to the next generation.

This he explained, had slowed the entrepreneurial evolution, causing current entrepreneurs to now lay foundations for the next generation of entrepreneurs; a foundation that should have been laid 10 years ago.

This notwithstanding, Mr. Nyinaku said subsequent entrepreneurs, after the upheavals, had chalked feats that had put the country back on track and gave hope that the idea of a Ghanaian owned economy was possible. This, he however said, was only possible provided room was created for entrepreneurs to flourish.

Despite these challenges and gap in the entrepreneurial evolution, the BEIGE CEO expressed confidence in Ghana stating that he believed the country was green and awashed with various opportunities.

Source: Business Day ; www.peacefmonline.com, 30th June 2015.

BEIGE Capital makes strides
July 01, 2015 | Daily Graphic

In spite of the generally low deposit receipts throughout the 2014 financial year, BEIGE Capital ended the year with total assets of GH¢ 540 million. At an annual general meeting in Accra with its stakeholders, the bank made it known that the current growth represented an increase of 29 per cent from GH¢ 297 million in 2013. Total liabilities also increased to GH¢ 440m in 2014 from GH¢ 250m the previous year.

Additionally, it said customer accounts closed in excess of 150,000 customers from the previous year’s position of 96,000 customers, representing an annual growth of 56 per cent.

Retained clients

Addressing the meeting, the Chief Executive Officer of BEIGE Capital, Mr Mike Nyinaku, lauded the efforts of the management and staff for their resilience and loyalty which had brought the bank such achievements. He said due to the continuous devaluation of the cedi in 2014, the banking industry generally experienced an increased volume of withdrawals as customers sought to hold deposits in US dollars instead of the local currency.
“This notwithstanding, BEIGE Capital was able to retain most of its high profile corporate deposit clients and also attract a good number of high net worth individual clients,” he said.

Additionally, he said throughout the year, the bank’s most important feat “was the fact that we met all our deposit redemption commitments as and when they fell due; thus inducing a great deal of confidence in our clients about the safety of the investments they continue to hold with us”.

Universal banking licence

Responding to a question about whether BEIGE Capital was considering a universal banking licence, Mr Nyinaku said, “Our board has not ruled that out yet, but we would like to perfect our processes and systems before we transit into that stage of business.” He also gave an insight into the status of the Brand Equity (BE) Project which the bank launched in 2013 and assured members that the bank was on track to meet its target for Project BE, as it was popularly known among the staff members. Mr Nyinaku also made known to the stakeholders some other projects that the bank was embarking upon as it continued to consolidate its position within the industry.

Data centre

He gave information about the new data centre for BEIGE Capital and the BEIGE Talent programme. According to him, the new centre, when established, would enhance the operational efficiency of the bank to compete more effectively. Also, the facility would house a set of modern technology and software to support the bank’s information technology infrastructure and become the backbone of the bank’s operations. Mr Nyinaku also added that with the growth of mobile computing and internet services, customers were becoming increasingly technology savvy and looking for improved and expanded service options. “So this data centre has come in handy as the bank plans to compete in the e-banking band wagon,” he added. In addition to this, Mr Nyinaku said the bank had also procured a new software to enhance the quality of service to its customers.

Touching on the BEIGE Talent programme, Mr Nyinaku said the programme, which was being managed in collaboration with BEIGE Academy, the learning and development subsidiary of the BEIGE Group, was part of a medium-term strategy to attract, groom and retain quality talent. “Beyond 2017, about 80 per cent of our key talents will be products of our academy,” he said.

Source: Daily Graphic, 01 July 2015.

– See more at: http://www.graphic.com.gh//news/general-news/45462-beige-capital-makes-strides.html#sthash.strEkkIt.dpuf

BEIGE CEO commends Bank of Ghana
June 15, 2015 | Daily Graphic

THE Chief Executive Officer of BEIGE Capital, Mr. Michael Nyinaku, has commended the Bank of Ghana (BoG) for setting up the Collateral Registry backed by an efficient lending system.“I think the setting up of the Collateral Registry at the Bank of Ghana is one of the laudable things that has happened to the financial and business sector in recent times” Mr. Nyianku said.

He was speaking at the maiden international conference on business management and entrepreneurial development organized by the University of Professional Studies, Accra (UPSA)
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The conference was on the theme: “Management of SMEs (small and medium enterprises): issues, challenges and opportunities.” Mr. Nyinaku added that with such database, government financial assistance to SMEs could also come in handy where the financial market had failed or become inaccessible.

“About 85 per cent of jobs in the country are being created by SMEs and they contribute 70 per cent to the nation’s Gross Domestic Product.“When the SME sector is booming, other dependent industries such as management consulting, tax preparation, auditing, advertising and banking also thrive,” he added.

Mr. Nyinaku also spoke about the high rate of borrowing for small businesses and advised upcoming firms to be circumspect, especially during the early years of their operations. He noted that SMEs borrowed at exorbitant cost and were often dwarfed or crowded out by the government and big corporations in accessing funds, leading to many going to SME banking.Mike Nyinaku at UPSA (2)

On dealing with some of the challenges facing SMEs, Mr. Nyinaku proposed continuous business management capacity training for entrepreneurs to instill the knowledge and skills required to properly manage the business they have started. He also noted that the lack of confidence in the ability of the SMEs to effectively manage their businesses so they could repay their loans was one of the reasons the financial institutions refused SMEs loans.

He suggested a coordination of all disjoint training programmes under a single umbrella where training programmes offered could include accounting, business management and preparation of business plans, financial statement analysis, personnel management and marketing.

The BEIGE Group CEO also suggested, “Government financing assistance to SMEs to be ideally managed by a political body that will administer the funds on purely merit and not on the grounds of any other criteria.”

SOURCE: Daily Graphic

Ghana needs revolutionary entrepreneurs – CEO, BEIGE Capital
May 29, 2015 | The Ghanaian Times

“Ghana needs revolutionary entrepreneurs and “crazy” leaders to turn the country’s economic fortunes round. Ghana needs leaders, who without fear, are willing to take those bold decisions that could make them unpopular knowing that they have taken a decision in the interest of our country,” Mr. Nyinaku,  Chief Executive Officer of BEIGE Capital has  said.Mike Nyinaku speaking

Speaking at a two-day international summit on leadership enrichment organized by Translead Consult (TC) and Eric Kwapong in Accra, he said, there was the need for aspiring entrepreneurs to take their minds off all the challenges the country was currently going through and look up.

“It’s obvious and I must admit that things appear a bit slow. Yes there’s ‘dumsor’ and all of that and I believe that it’s difficult in times like this to express faith, especially to say things will be well, because ‘dumsor’ is annoying. But on the lighter note, ‘dumsor’ may be uncomfortable to us, but have we asked ourselves what it is like for the people involved in selling generators and those that are selling fuel and those selling the re-chargeable lamps? Their turnovers are skyrocketing, because we’re buying,” he said

He said there were lots of opportunities in the country which Ghanaians should take advantage of.

Mr. Nyinaku cited the examples of Rand Merchant Bank (RMB), one of the biggest banks in South Africa, Prudential Life Insurance, Aspen, a large pharmaceutical services provider in South Africa  which had entered into the Ghanaian market because of the opportunities available. “The question is, why have they left their multi-billion economies and set foot here as well? There is something here,” he said.

Delegates at the University of Professional Studies, Accra.

Delegates at the University of Professional Studies, Accra.

He said the above-mentioned firms entering the Ghanaian market had well-established research and development departments, which did all the market survey work before they took any investment decision.

“Who says they did not predict or power challenges……yet it did not deter them. Don’t forget that this whole challenge with power itself represents an opportunity for companies engaged in the production and distribution of energy…….tell me, is it not a strange initiative that soon after President Obama launched his Power Africa Initiative in 2013, suddenly the issue of energy challenges in Africa are gaining attention and somehow companies, like GE and others are interested in partnering African countries in solving the situation?” he asked.

SOURCE: The Ghanaian Times – Friday, May 29,2015

Skills gap is problematic; BEIGE CEO
March 19, 2015 | BEIGE Capital

This presentation was delivered at the Ashesi Career Fair 2015, held at the Ashesi University College in Berekuso, Eastern Region on March 18, 2015.  The fair was a one day event that brought together the entire Ashesi community (students, alumni, faculty and staff) with representatives from various organizations to interact at various career development levels. – March 19, 2015

 

 

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The Chief Executive Officer of the BEIGE Capital Savings and Loans Ltd, Mike Nyinaku, has stated that the number one problem confronting firms now, in their quest to remain in competition, is the skills gap.

A presentation was delivered on his behalf by the Chief Operating Officer of BEIGE Capital, Dawda Hafisdeen Mohammed at the Ashesi University Career Fair at Berekuso.

Mr. Nyinaku expressed worry at the skills gap which doesn’t seem to be reducing by the years. According to him, although many employers are prepared to offer significant amounts of training to ensure their work force has the needed skills, students are expected to better prepare themselves for the labour market.

Mr. Nyinaku said, “We must look at sharing the responsibility more broadly – it should not just be up to employers, but potential employees, institutions, parents and guardians are to understand the job market and take deliberate steps to add value to potential employees. Just imagine the level of productivity of an aspiring Accountant with very limited knowledge of current trends in Information Technology and basic Software like MS Excel. It’s a problem!”

He explained that educational institutions should know what industry needs by now and offer curricular that aims at feeding firms with the right talent. “It eventually boosts productivity, which is very good for a growing economy like ours”, he added.

Mr. Nyinaku’s presentation made reference to his company’s flagship Recruitment Programme, The BEIGE Talent (TBT) – a career skills development programme. TBT is a practical management development programme, which would expose participants to the reality of work in today’s world. Trainees would be afforded the opportunity to understand various work processes and functions within a banking setting.

The BEIGE Capital Team at the Ashesi Career fair commend the university for running a very competent Career Office, especially because, not all students have the opportunity to receive the family and social support to prepare them for the job market.

BEIGE Capital is a subsidiary of the BEIGE Group, an investment firm in Ghana, with business interests in Banking and Finance, Real Estate, Logistics, Trade and Hospitality.

BEIGE Capital promises more for financial inclusion
February 5, 2015 | Daily Graphic

The Chief Executive of BEIGE Capital Saving & Loans Ltd, Mr. Mike Nyinaku has pledged BEIGE Capital’s support to the Central Bank to end the regime of unlicensed financial institutions exploiting the rural poor in unserved and underserved areas of the country.

He said that in reaction to a call by the First Deputy Governor of the Bank of Ghana, Millison Narh, for Non-Bank Financial Institutions to penetrate the rural areas as they tended to be concentrated in the cities and in large towns and hence left room for unlicensed institutions to operate in such areas, exploiting patrons who were already poor.

The CEOs in a pose at the GHASALC Round-table with Dr. Alberta Hagan of BOG

The CEOs in a pose at the GHASALC Round-table with Dr. Alberta Hagan of BOG

Exploitation of the Poor

Mr. Narh, who was commenting on the role and impact of Savings & Loans Companies in promoting financial inclusion in Ghana, appealed to Savings and Loans Companies to end the exploitation of the rural poor by unlicensed financial institutions.

“We accept the challenge by the Bank of Ghana to reach unserved and underserved parts of the country and for us at BEIGE Capital this ideal held by the Central Bank is in sync with our medium-term strategic direction and pledge our support to help the Bank of Ghana to bring to a halt activities of unlicensed institutions exploiting their patrons”, Mr. Nyinaku said in a statement. “It is actually part of our medium term ending 2018 strategic plan, to expand our business across all the regions of Ghana and more especially, to be at the doorstep of Ghanaians in the rural and smaller towns,” he added.

Recent data available to the Bank of Ghana indicates that 80 per cent of Ghana’s population is unbanked and the country’s financial sector is dominated by banks, with non-bank financial institutions accounting for 11 percent of total financial sector assets, and Savings and Loans companies with 5.7 per cent of total assets.

BEIGE Capital is a subsidiary of The BEIGE Group, which is an investment firm with business interests in Banking and Finance, Real Estate, Logistics, Hospitality and Trade.

 

Source; Daily Graphic, Thursday February 5, 2015.

BEIGE Capital, a safer option to invest funds – Mike Nyinaku
Jan 14, 2015 | modernghana.com

The Chief Executive Officer of BEIGE Capital, Mr. Michael Nyinaku has assured entrepreneurs and individuals interested in doing business with the savings and loans sector to consider Beige Capital as a safe option to invest funds.

“We are well placed as a safe option for you to consider when looking for a place to invest your funds”, he said.

CEO of BEIGE Capital, Mike Nyinaku

CEO of BEIGE Capital, Mike Nyinaku


He revealed in an interview that the company currently has a stated capital of GHC90 million, which is in excess of the minimum capital requirements for Savings and Loans companies in Ghana.

He said, BEIGE Capital is committed to helping business and individuals achieve incremental growth and profitability though building a lasting relationships.

“If you are not getting your needs met elsewhere, come to BEIGE Capital where we have put in place systems and structures which will allow you grow your businesses” he added.

BEIGE Capital is currently the leading Savings and Loans Company controlling 30% of the entire industry’s assets and liabilities and has branches in over 50 different locations across the country.

Incorporated in Ghana, BEIGE Capital is a subsidiary of the BEIGE Group, an investment firm with interests in Banking and Finance, Real Estate, Logistics, Tourism and Hospitality.

modernghana.com 14th Jan 2015.