Board Chairman’s Statement
On behalf of Opportunity International Savings and Loans (OISL) Board, I present to you the annual report for 2016. I use this opportunity to thank the executive management of OISL for their dedicated efforts which resulted in the strong financial results achieved. I would like to thank the board members for their dedication and leadership, providing strategic guidance to the management team.
In the year under review, shareholders stated capital remained at GH¢18.64 million. The total equity has grown from GHS29.4 Million in the prior year to GHS33 Million in 2016, as a result of the consistent profit retention at OISL over the past years, with 2016 as no exception. The capital adequacy ratio of 14.83%, is comfortably above the regulatory requirement, and provides a strong foundation for the company.
The Board is dedicated to ensuring effective corporate governance and sound risk management practices which are of fundamental importance in the industry. The adherence to good corporate governance principles continues to be the basis of the company, thereby helping the Board to fulfill their supervisory role.
The Board has been vigilant and responsive to the changing regulatory framework and laws, ensuring that the company policies are aligned to the best practice in the financial services sector in Ghana. The level of compliance with regulatory standards has been attested by the good reports received from the Central Bank and other regulatory bodies.
The shareholders and the Board have undertaken a strategic review of the operations of the company, the outcome of which was a decision in 2016 to seek new investors, to allow for the further growth and expansion of the company. This process is ongoing and there is nothing on the horizon that can be reported at the time of writing. In the meantime it remains business as usual, with the prospects for the company in 2017 remaining good.
Outlook for the Year 2017
The year 2017 is a post-election year, with normal peace and stability continuing in Ghana. This creates a positive environment for business, which the company is ready to embrace. As our clients create the economic activity and growth in Ghana, the company will be able to support with a wide range of financial services.
For Opportunity International Savings and Loans, the year 2017 will be a year of growth for digital banking, enhancement to the cell phone banking application, linking the ATM network to the Ghana national switch, all of which will offer clients new ways to access their banking needs. Loans and deposit products will be core to the services the company will offer, uniquely tailored and providing the solutions that clients need.
I am very optimistic about the future of the Company. The goal of reaching over 1Million customers in Ghana by 2020 is within sight.
On behalf of the Board of Directors, I wish to thank our Shareholders and other Stakeholders for the firm confidence and support given to the company over the years. I would also like to express my sincere gratitude to the loyal employees at all levels for their contribution to the growth and business performance for 2016.
I would also like to thank our loyal clients who have trusted Opportunity International Savings and Loans with their savings, have come to the company for their banking needs and for their enthusiastic support for the work we do across Ghana. We intend to remain close to all our clients and be a part of their communities and families, helping them to build lives of dignity and purpose, reaching their goals and aspirations.