Sikamaster Loans (SML) started as a workplace benefit for employees and staff of The DCANS Group, aside the group founder's painful personal and business experiences.
Our first official foray into the lending business was in 2012 as an arm named DCANS Money Lending (DML) under DCANS Investments Ltd. DML was a non-deposit taking direct lender lending private funds in as quickly as in less than 24hrs between ghs300 and ghs5,000.
DML still had a non-performing loan size of ghs148,764.80 as at the time of evolving/pivoting it into Sikamaster Loans -- the ghs200,000 ($100,000 at an exchange rate of approx ghs1.88/2.0 = $1 as at 2012) was all from the group founder himself, from his proprietary forex trading kitty then.
SML, unlike DML, has diversified and bigger lending pot. The Sikamaster Loans brand seeks to correct and re-strategise to plug all the loopholes that made it easier for borrowers to abscond or for loans to go bad or delinquent -- as evident in our current risk management practices and/or responsible lending policies.
Before DML the founder started small lending business with income from his side hustles -- making very small loans to colleague student borrowers secured against a collateral (usually was against textbooks, desktop computers at that time, and later was lending against phones and laptops) during his medical school days..
The over ghs148,000 learning curve has provided priceless lessons in running a sustainable, profitable and tremendous service delivery models for our current growing credit business, Sikamaster Loans.
The regulator's action on February 19th 2014 on the restrictions impossed on Foreign Currency Accounts (FCA) and Foreign Exchange Account (FEA) posed exogenous risk to our business model, in lieu of our funding sources.
Sikamaster Loans is growing rapidly, though 'very slow and steady'.