VOA Microfinance Limited since its commencement in 2010 has proven itself as a trusted one-stop shop in investments, with its reliable 48- hour realistic financial solution for salaried workers in both the formal and informal sectors. A key part of that success story is Rhys Gyamfi Adjei, the General Manager.
Rhys holds an MBA (Finance) from SMU and a Bachelor of Business Administration (Accounting Option) from the Valley View University, Ghana. He is also a seasoned loan administrator with over five years’ cognate experience in marketing, Microfinance and general load administration.
Prior to joining of VOA Microfinance limited he worked with Union Saving and Loans as a Relationship Manager in the area of loan portfolio management. He also worked with UT Life as insurance adviser.
Rhys is extensive experience in micro-finance, marketing and accounting working as an accountant for PDVS in Botswana in southern Africa.
Mr. Adjei has risen through the ranks from Portfolio Manager and later to Operations Manager of VOA Microfinance limited before his current position.
YEN.com.gh caught up with him to find out how to make the right microfinance transactions, the challenges, and what the future holds for him and his team.
Tell us 5 things about yourself outside work life.
I usually spend most of my time reading any material, which educates me and makes me stay alive and relevant in the world of business. These may range from legal materials, inspirational and motivational books, to profiles of great-accomplished men.
I love good music and I listen to all genres but I’m quite selective in what I listen to. Not loud or noisy, good rhythm, smooth lyrics, something jazzy.
I indulge in all kinds of sporting activities when time allows me, including going to the gym at least twice a week, playing soccer, volleyball; and tennis which I recently took to stay in shape and become healthier.
I also like spending time with my family and some few friends.
On few occasions when the opportunity presents itself, I share my experiences to inspire the younger generation and I love it.
How did your background prepare you for your current position as Managing Director of VOA Microfinance?
My background and experience in Banking, Insurance, Accounting and Auditing prepared me for my current position. Most importantly, what makes me grow in business is my willingness to learn in every situation, take up new challenges and not make or accept any excuse for failure, which is too common in our Ghanaian environment.
I must say that In addition to my upbringing which instilled in me values of integrity and hard work, the kind of training and discipline I received from my secondary school days in Pope John Secondary School and Valley View University, went a long way to define who I am today.
I also have an MBA in Finance from Sikkim Manipal University (SMU). In addition to all these, I’ve had the privilege of learning from a great mentor in the person of Mr Victor Obeng–Adiyiah, who happens to be my Board Chairman and the MD of Unique Insurance. He is an experienced businessman, an entrepreneur and a visionary leader.
What are the challenges currently facing the microfinance sector in Ghana?
So what is VOA Microfinance Ltd?
VOA Microfinance is a Non- Bank financial institution licensed by Bank of Ghana and registered under the laws of Ghana to perform the business of microfinance, which includes giving credit for business purposes and social improvement.
It also does the business by accepting deposits in the form of investment from the public. The role of the management includes maximizing returns on shareholder’s equity, return on investors deposit through improvement of small and medium scale enterprises, households and individuals by offering timely need-based credit facility to improve and grow small and medium scale enterprises, households and individuals.
As one of the fastest growing Non-Bank Financial Institution, what has been your most substantial accomplishment in the Ghanaian financial market?
Since its commencement on December 31, 2010, VOA has over years proven itself as a trusted business in investment and a reliable 48- hour realistic financial solution for salaried workers in both the formal and informal sectors for micro businesses and other sister micro finance institutions (MFI’S).
It is putting smiles on the faces of everyday people and businesses that need our help through the solutions we offer. We do not only care about the money, but subsequently offer sound pragmatic business advice to our clients and those we come in contact with. At VOA, professionalism and speed is not just a working attribute; it is a way of life.
What products are currently being offered by VOA Microfinance Ltd. in Ghana?
Our Salary Loan Product is designed for people who are employed and have a regular monthly income. This product comes at very competitive interest rate.
Our Business Loan product is designed to cater for the needs of Small and Medium Scale businesses, which needs some quick cash to turn their business round. We have a proven track record of being one of the fastest institutions in terms solution response time.
Our Personal Loan product is also tailored to see to the needs of individual in the informal sector with no savings but a running business. This product comes with a savings component which instills the culture of disciplined savings whiles increasing working capital.
Our Investment Products, which comes in the form of fixed term deposits, have been designed to meet the individual/institutional peculiar investment needs in terms of duration and returns.
We promise a return on investments ranging from T-Bill plus four and negotiable based on the amount and duration.
What are the best loan and investment opportunities in VOA Microfinance Ltd. currently and how can one be assisted in making the right choices?
We offer competitive interest rate and our fixed deposit products, which is a very safe form of investment. In the wake of what is happening in the microfinance sector, I would like to speak to the issues, which confronts the industry.
First of all, the concept of microfinance the world over is meant to alleviate the plight of the poor unbanked population. However, in Ghana the sector has been tinted with gross greed and gross dishonesty both on the part of investors (depositors) and beneficiaries (debtors) respectively. Those who have the money are expecting astronomically unrealistic returns.
What advice do you have for Ghanaians regarding microfinance transactions in Ghana and what do you think makes VOA Microfinance the best choice for potential clients?
Microfinance institutions are the best one can rely on for quick and reliable financial solutions for small and medium scale enterprises, households and individuals. Ghanaians are to know that microfinance institutions can be trusted.
Those who are accredited licensed and well supervised by Bank of Ghana actually assist poor low-income earners. VOA Microfinance is one of the best choices a client can rely on because of our genuine and trusted products and moderate interest rates. And Bank of Ghana licenses us.
My caution however is for potential clients to check for the display of the valid license of any microfinance institution they intend to deal with.
How do you see VOA Microfinance Ltd. changing in the next 5 years, and how do you see yourself creating that change?
The change process has already begun. In 5 years, VOA is going to be a Finance powerhouse.
We are doing that through improved services, strategic alliances and efficient management of resources (cutting down waste). In 5 years, VOA will be a most preferred Finance House in Ghana.
What do you have to tell the young investors who aspire to get involved in Ghana’s Non- Banking Financial Industry?
Start small, grow organically, take calculated risk and cover your back. Stick to best business practices and ask if you don’t know. Find a relevant mentor, work hard and finally trust in God.