Payflex Microfinance Company Limited has been formally launched in Accra with the aim of helping small and medium enterprises (SMEs) access adequate credit to promote their businesses.

The Chief Executive Officer of the company, Nana Yaw Ababio, said the company has introduced a variety of products designed to help various customers.

He said since its inception, the company has contributed to the socio-economic development of the country and has supported many of its customers who faced challenges.

Nana Yaw Ababio said Payflex will soon become the first point of call to access loans for services such as clearing of goods from the port, completion of buildings among others.

“We have savings and loans products for low-income people, making Payflex able to meet the needs of all Ghanaians - from the market women to corporate business people," he said.

He said in many parts of the world it has been proven that microfinance is a powerful tool to fight poverty because it facilitates increased household incomes.

Investment Banker Yoofi Grant said a lot of SMEs struggle to get support from financial companies, and that Payflex has come to push lending to the small and medium enterprise sector.

“There is need to encourage SME lending, that is why MFIs are there. SMEs are very critical in the development of every country,” he said.

He urged the company to make good use of its youthful staff and bring innovation into its operations to create easy, convenient services for customers.