SIC Life Saving and Loans launches ‘Sika Fie’ for informal sector workers

By Clement Edward Kumsah
Managing Director of SIC Life Savings & Loans, Richard Appietu

SIC Life Savings and Loans, a wholly owned subsidiary of SIC Life Company Limited has launched ‘Kiosk Banking’ aimed at providing financial services to the unbanked and under-banked segment in Ghana.

The innovative product Dubbed ‘Sika Fie’, (Kiosk banking) is developed for high traffic areas in urban and rural communities  where people have difficulty accessing financial services.
The Kiosk bank is a one stop shop for persons in the informal sector that want to enjoy banking services such as account opening, cash deposits, withdrawals, bill payment, and remittances.

According to the Managing Director of SIC Life Savings & Loans Richard Appietu, about 40 customized kiosks will be placed at selected places for prospective customers to make transactions. Adding that once a transaction is made, a notification is sent to the customer through a text message guaranteeing the safety of the money.

Richard Appietu continued that if a client opens the “Sika Fie” account, he or she automatically qualifies to apply for a loan with a flexible payment plan.

Speaking as the guest of honour, Member of Parliament for Ofoase-Ayirebi constituency and Deputy Information Minister, Kojo Oppong Nkrumah, applauded the SIC Life for the innovative idea indicating that the initiative spells a new open for the financial industry of the country.

He encouraged the informal sector to embrace the opportunity since the safety of their money can be guaranteed.

“SIC Life Savings and Loans is owned by SIC Life, a company which has a strong track record and a big balance sheet… it is exciting to know that this idea is purely Ghanaian.”

He stated the kiosks and the software used by the Sika Fie are all Ghana made, and that shows the ingenuity of Ghanaian enterprises. News