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Thursday, December 27, 2012

Sinapi Aba Trust evolves to savings and loans company

Sinapi Aba Trust (SAT), a not-for-profit microfinance organization in Ghana has evolved its business to begin operations in the first tier as a non-bank financial institution.

According to Board Member, Theodosia Jackson, the Sinapi Aba Savings and Loans Limited should start operations early 2013 with its head office in Kumasi.

“Early January we’re taking off. All our banks have been renovated to the Bank of Ghana status and we’re just about to kick off”, she told Luv Biz Report.

The SAT has been supporting the economically active poor to enhance their lives through microfinance and basic business training.

Mrs. Jackson is confident the savings and loans status will enable the company to mobilize more resources to expand and reach out to more vulnerable groups with financial services.

Meanwhile, Sinapi Aba Trust is priding in its Youth Apprenticeship Programme (YAP) as a sustainable solution to mass youth unemployment in Ghana.
The scheme provides employable and entrepreneurial skills development to the youth and also designed to respond to their sexual and reproductive health needs, especially HIV/AIDS education and prevention.

Beneficiaries are equipping with training, tools and start-up capital for their income earning opportunities.

Youth Development Manager, Thomas Appiah-Mensah, says about Gh₵400,000 has been earmarked to train and establish 179 youth to be economically productive under the 4th project to be implemented in Kumasi.

“The objective of the programme is to strengthen the innovation and resilience of youth, developing their role as decision makers as well as income earners”, he said.

Through financial support from Opportunity International network, apprentices enroll in a three year project to acquire vocational skills in various marketable trades, including dressmaking, hairdressing, carpentry, wielding, plumbing, ICT, auto spraying and cookery.
Over 1,500 young persons from seven regions have benefitted from the programme since inception in 2003.

Mr. Appiah-Mensah says the programme will be expanded to cover all ten regions next year.

Story by Kofi Adu Domfeh

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