It appears the decision by the Bank of Ghana(BoG) to introduce a new logo for all microfinance companies in the country may face a stiff resistance.
The Bank of Ghana in announcing new regulations for microfinance companies in Ghana launched a logo to distinguish between licensed microfinance institutions and unlicensed ones.
Unveiling the logo in Kumasi, officials of the central bank insisted that the logo will replace all logos of microfinance companies in the country.
But the decision was vehemently criticized by the Association of Microfinance companies.
Speaking to Citi Business News, Banking Consultant Nana Otuo-Acheampong stated that the resistance was expected since most microfinance companies have build their corporate brands with their unique logos.
Nana Otuo Acheampong
According to him, the central bank could have used a small signage on the logos of microfinance companies to indicate its endorsement.
He argued that replacing the logos of all microfinance companies in the country will not work since some firms have spent huge funds in branding.
“We can have a small signage similar for what we have for Visa cards , but not such big thing that will replace what they have. People have built their brands over a number of years and some of these microfinance companies have been trading for ten, fifteen twenty years. All of a sudden you come and say deface it and use this big thing, it will be difficult so I think the brand must be there,” he stressed.
Mr. Otuo-Acheampong stated that the BoG has promised to readdress the issue and come out with a final decision soon.
Expressing optimism in the central bank's ability to resolve the issue, Mr. Otuo-Acheampong observed that the relevant authorities will come out with position that will strengthen the relationship between the bank and the companies.
“BoG as a listening bank said they are taking their concerns so hopefully they should come out with something not big as the one they show but something a miniature of the Visa sign,” he said.
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By: Lawrence Segbefia/citibusinessnews.com/Ghana
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