play videoAto Essien, founder of defunct Capital Bank
In an interview from 2019, Ato Essien, a prominent figure in the Ghanaian financial landscape, declared himself the "Father of Microfinance" in the country.
The interview, a flashback to a time when the CEO and Managing Director of the now-defunct Capital Bank, Ato Essien, was charged with 16 counts of charges including stealing and money laundering.
Read full articleDuring the interview with Paul Adom-Otchere, Ato Essien spoke proudly of his role in shaping the microfinance landscape in Ghana.
He emphasized that the concept of microfinance, now widely recognized and adopted, was originally his brainchild.
"So I'm the father of microfinance in this country," he touted his achievement.
He indicated that somewhere in 2006, at a time when microfinance wasn't regulated, he took advantage of a moneylender's license from the Ghana Police Service to get his venture off the ground.
"It wasn't regulated. So I was using the moneylender's license from the Ghana Police Service. That was how it was, you know," Essien revealed during the interview.
Despite the unconventional beginnings, Essien's microfinance endeavor grew and prospered.
He described the early years of this venture as a "beautiful journey." By 2006, they had already made a significant impact, reaching out to approximately 4,800 market women.
However, on October 12, the founder of the defunct Capital Bank, William Ato Essien, was sentenced to 15 years imprisonment with hard labour by the Accra High Court for stealing over GH¢90 million of the bank’s money.
Ato Essien is the first banking executive to serve a jail term following the massive banking sector clean-up in 2017 that led to the collapse of seven indigenous banks, including Capital Bank.
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