Ghana-based Chinese investment company, Daily Wads (DW), has taken over Planters Capital, a microfinance company, after acquiring 80 per cent shares of the Sunyani-based local financial institution.
The company now operates under the new name Daily Wads Microfinance.
With its operational headquarters in Sunyani and a branch in Techiman, both in the Brong Ahafo Region, the company intends to establish its presence in Accra by the close of November 2018.
According to DW officials, the move will enable them to meet the demands of their new target audience while positioning the company to advance into other local markets like Kasoa in the Central Region; Madina, Ashaiman and Tema, all of which are strategic markets in the Greater Accra Region.
Managing Director of DW, Asafo Adjei, indicated during the takeover ceremony that they are coming in with experience and credible people who are going to steer the affairs of the company and support small businesses.
“Our aim is to target the rural poor, middle-class and business partners, especially those importing from China”, he noted at the takeover ceremony in Accra.
A representative of Planters Capital, Francis Adjade, told the gathering that the takeover of Planters Capital will see DW collaborate with Africa-China Union (ACU) to create access and platform for businesses in Ghana to do business with firms in China.
“The institution is policy-driven, conscious of depositors’ funds and the regulatory requirements. All one has to do is to have a relationship with DW, which is operating with ACU, and get registered for them to do all your business transactions for you, which comes with cost-effective measures. What this means is that we are liberalising trade, giving confidence and creating wealth for the people”, he noted.