Players in the financial industry, despite competing for customers when it comes to loans, must pursue collaborations instead of unnecessary competition to weed out bad customers, Richard Kwarteng Ahenkorah, the Chief Executive Officer of AllTime Finance, a leading financial service provider, has said.
“Industry players must learn not to compete for customers but to collaborate in screening credit deals. Credit goes beyond KYC and internal risk management procedures. It involves checking, double- checking and cross-checking even though the ability to pay is paramount,” Mr. Ahenkorah, said.
Speaking in an interview with the media, at the Ghana Credit Excellence Awards and 4th Graduation & Admission Ceremony of the Chartered Institute of Credit Management Ghana (CICMG) where he was inducted as an honorary fellow in recognition of his outstanding leadership in the industry and contribution to society.
He commended the credit bureaus for their service to the banking and finance industry but also called for regular updates of data collection on credit information on individuals and businesses. “The business of credit in banking requires much more than just granting credit,” he said.
“Inasmuch as it is crucial to understand the customer, professionals must continuously improve skill sets in credit management in order to respond favourably to the changes in especially the Micro Small and Medium Enterprises (MSMEs). This can only happen if professionals understand the language of credit in the streets and in principle,” he stated.
His status as an honorary fellow of the CICMG also offers him the opportunity to contribute his knowledge and experience towards credit management in the country and to also support the objectives of the institute.
He thanked the CICMG for the honour and subsequently commended the institute for its role in developing and building capacity in credit management professionals in Ghana.
“I guarantee that I will always give my unflinching support to the institute to achieving its objectives in its endeavours. I am ready and ever willing to share knowledge when called upon. This award will be shared with my employees in the spirit of UBUNTU. They are the best team in the world. Without my employees I wouldn’t have had the opportunity to lead,” he stated.
“As a CEO of a learning organisation, AllTime Finance, this honour brings greater responsibility to my leadership in this present times as far as the banking industry is concerned. To the board and cherished customers of AllTime Finance, thank you for challenging me and your bank,” he said.
To crown the event, Mr. Ahenkorah, who is also the author of the bestselling leadership book, ‘Your Journey to the Top: Proven Best Approach to Accelerate Your Career Progression’ presented the award of the night to the overall best student during the 4th Graduation & Admission Ceremony to Anthony Mensah who happens to be the Head of Credit & Risk also at AllTime Finance, who the MD/ CEO introduced as an outstanding colleague from a learning organisation, not just a bank.