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    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Don’t resort to panic withdrawals—GHAMFIN to microfinance customers

byLawrence Segbefia
June 7, 2019
in Banking And Finance, Business, General, Top Stories
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The Ghana Micro Finance Institutions Network (GHAMFIN) has appealed to the public not to resort to panic withdrawals, following the cleanup exercise by the Bank of Ghana.

The group in press statement assured that “it is safe to do business with the 137 microfinance and 31 microcredit companies” in good standing.

The Bank of Ghana last week revoked the licenses of 347 microfinance companies and 39 microcredit companies after the regulator declared them as being insolvent.

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Reacting to the situation for the first time, GHAMFIN pointed out that the sector remains the main source of access to finance to the informal sector of the economy.

The group was hopeful the Receiver named by the Bank of Ghana, Eric Nana Nipa will announce venues for payments to clients of the collapsed companies.

“We entreat the clients of affected institutions should remain calm as the government has made provision to enable the receiver settle depositors upon validation of their claims,”

The statement disclosed that GHAMFIN has been in contact with the Bank of Ghana prior to the exercise.

GHAMFIN is a network of Microfinance Associations, and member of microfinance institutions engaged in the provision of microfinance services.

Customers to receive money

The Bank of Ghana’s appointed receiver for the 347 collapsed microfinance companies, Eric Nana Nipah, will today start paying depositors whose claims have been validated and agreed.

This follows the release of funds by the Government to the Receiver.

A release issued by the receiver said over 420 personnel have been deployed across the country to validate and approve claims and to start making payments to depositors whose claims have been validated and agreed, without delay.

Payments to depositors will be made at designated branches of CBG, following notifications to these Depositors from the office of the Receiver.

“Depositors whose claims have been validated and agreed will receive phone calls from the Receiver’s representatives confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible,” the press release said.

Depositors will be required to provide valid ID documentation. These can either be passports, NHIS cards, Voters ID and Drivers Licenses.

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