Monrovia - Group Nduom Bank (GN Bank) in collaboration with international auditing and financial firms, PricewaterhouseCoopers Liberia (PWC) on Friday, March 16 conducted a one-day seminar for Liberian entrepreneurs on effective financial management and good bookkeeping practices.
The participants, predominantly small and medium sized business owners and customers of GN Bank, were drilled on the importance of record keeping, bookkeeping, steps in acquiring loans, the roles of entrepreneurs in the financial management systems, among others.
In his introductory statements, the Managing Director of GN Bank Liberia, Joseph K. Anim said the bank has observed that the issue of non-performing loan (NPL) is a major challenge in the sector - both at the central bank and commercial banks.
NPL is a loan where the borrower is not making interest payment or repaying any principal as scheduled.
Mr. Anim attributed the problem to poor system of financial record keeping or the non-availability of financial records in many businesses that he said leads to resource mismanagement and poor cash management that cause many businesses to fail.
“Poor record keeping makes it difficult to differentiate business transaction and personal transactions. And the responsibility of business owners and managers to avoid using assets of the business for personal use at the expense of the business,” he said.
The GN Bank Manager furthered that it was based on this that the partnered with PWC to undertake the seminar.
He also reminded the participants that quality financial record keeping offers many benefits to business owners or managers, because it is one of the main avenues to successes and assured the participants that the bankers’ association is working hard to address many of the issues affecting them.
Also speaking, the lead facilitator of the seminar from PWC, Edward E. Gomado urged the participants to utilize the knowledge acquired from the training if they must succeed in their businesses.
Gomado averred that establishing a cordial relationship with the bank would lead to a win-win situation wherein the entrepreneurs’ businesses will grow, and the bank asset will increase.
Meanwhile, beneficiaries of the seminar commended GN Bank for the training and vowed to put into practices the knowledge acquired.
“I really appreciate GN Bank for this training. Nowadays to get a commercial bank render this important service free of charge is hard. And in addition, I really admire them for the way they treat their customers.
They are flexible with their customers. And for that reason, I am not facing any difficulty in paying back the loan I took. I am even thinking about taking a bigger sum of money,” said James Boakai of God Bless Me Business Center in Ganta, Nimba County.