Chucking out poverty

Ato Essien is driven by a quest to chuck out poverty. “I woke up one morning at 4:30am, went outside the house and saw fire gut and spread through my mother’s hair as she removed bread from her earthen oven. I stood there helpless, not knowing what to do,” recalls Ato Essien as of one of the striking events of his impoverished past.

“It’s a moment I will not forget and I told myself I’m going to do everything it takes to make this woman happy,” he elaborates on a promise he made that morning.

Today, that vow he made, backed by hard work is paying off. He owns and runs a significant and rising player in the savings and microloans sector.

“I’m so glad God has brought me this far,” says Essien, CEO of First Capital Plus, from his office headquartered in Tesano.  His office does not resemble a miniature Oval Office of the White House with all the gaudy wood furniture, but has tasteful dark wood furniture and a relaxed, but focused, atmosphere of business. The  savings and loans company he leads currently has about 500 mobile bankers and it is growing; they are currently in Accra, Tema, Tesano, New Town, Makola and Kasoa. In the next 5 months they hope to be in Tarkwa, Takoradi and Tamale.

So how does Essien perceive what differentiates  First Capital Plus from other savings and loans  companies?
“Our relationship goes beyond the transaction; it doesn’t also mean we are a panacea to your problems either, but what we believe is that hope is a good breakfast and is not a bad dinner either,” says Essien.
“We may not be able to help you, but we will go beyond the transaction and give you a pat on the back and say, keep on going on, this will happen. We are not looking to milk our customers. I’m just excited to see people make progress he elaborates.
But others disagree,  especially with their recovery.
Essien’s pathway to building First Capital Plus is a typical ‘from rags to riches’ story.
“I have done everything,” Essien recollects his past life. It includes a stint as a trader selling used clothing in Central Accra, buying and re-selling Sammy Otoo Books on University campuses, selling stoves at Sunyani and has also earned a living as a head porter at Kaneshie market at the age of 16.
According to Essien, his interest in starting a business was kindled at the Kaneshie market.

Before settling into mainstream microfinance Essien also dabbled in publishing. He started a printing press called Wade Laurel Printing Press. He subsequently returned to Accra and started a small Savings and Loans Company within his community. The initial small-scale microfinance company was fortuitous and profitable .

First Capital Plus was born from his quest to enter the money and portfolio restructuring space in 2009.
So how does he run  the  business?
Human Resource is also very important in his business and Essien confirms this by saying, “First Capital Plus is not the building; it’s the human resource, because this building doesn’t run any show, it’s the customer who does.” He also relates very well with his colleagues and believes in ‘building relationships and good rapport’ with people he works with and believes in always resolving conflicts effectively. He says, “The behavioural process is  complex  so we need to apologise when we are wrong and communicate effectively”.
The company is also run by 3 main principles: 1. The God Factor, because the Bible says that if the Lord does not build the house, the builders labour in vain 2. Speed and Accuracy because we are in a service industry which is so fierce and competitive and you cannot delay time and people and 3.Leadership…”Leadership is the cause; all others are effects, so display leadership wherever you find yourself and you’re good to go”

Essien has fulfilled the vision that powered him to be successful. But he has an appetite for more dreams: first, he wants to see First Capital Plus Savings and Loans “metamorphose” into a Universal Bank.
The second is more grandiose:  “Our vision is to move the unbanked to the banked.” Very soon you are going to see us in Manhattan, you’re going to see us in London, Australia…It is a global brand,” he says of what he is dreaming of what he wants First Capital Plus to become.

Essien, born in the mid-seventies, grew up in Agona Swedru in the Central Region to a mother who was a baker and a father who made a living as a trader. After enrolling and passing out of the Winneba Secondary School he received a scholarship from the University of Ghana to study Medical Science but was unable to pursue this due to financial constraints within his family; money for transportation to Accra was even difficult to find and he was forced to abandon this dream. He did eventually go to Central University where he earned his Bachelor’s Degree.
Essien is married to Gifty Essien who manages a fashion business, Royal Clothing and the couple has four children.
Essien is ‘musical’ in nature and loves to dance and listen to jazz when he isn’t working and if he wasn’t doing microfinance he says he would have loved to teach and serve as a motivational speaker.
“I like to talk to encourage people and help people discover themselves.  We hope to set up a university to be called First Capital Plus University and I hope to teach there part-time when I finally retire.” He said.