Tag: Bank of Ghana
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Banks to start operating MoMo points directly from July–BoG
The Bank of Ghana (BoG) is predicting stiffer competition as banks prepare to directly operate mobile money(MoMo) vending points through the Electronic Payment and Financial Services law from July 2019. By this, banks in the country will be allowed to brand specific points to render mobile money services. Speaking to Citi Business News on the…
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Akufo-Addo backs Bank of Ghana to ensure financial sector is sound
President Akuffo Addo has charged the central bank to maintain a fit financial sector by ensuring strict adherence to the various laws governing the sector. The president made these remarks while delivering his keynote address at the ongoing 2019 SWIFT African Regional Conference in Accra. President Akuffo Addo, who opened the SWIFT African Regional Conference,…
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![[Article] Strengthening the Non-Banking Sector: A Shared Responsibility](https://citibusinessnews.com/wp-content/uploads/2019/05/Dr.-Addison.jpg)
[Article] Strengthening the Non-Banking Sector: A Shared Responsibility
On May 31, 2019, the Bank of Ghana (BoG) revoked the licenses of 347 insolvent microfinance companies. This action forms the second phase of the on-going reforms in sanitising the financial sector towards improving operational resilience and confidence in the system. It is expected that government’s release of GHS900 million will enable the Receiver pay…
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Loan defaulters reach out to receiver of consolidated banks as ultimatum expires today
Some loan defaulters of the seven collapsed banks merged into Consolidated Bank Ghana, have reached out to the receiver, Nii Amanor Dodoo of KPMG, to discuss new terms of their indebtedness as a one-month ultimatum issued by the receiver elapses today, June 14, 2019, Citi Business News has learned. The receiver in a notice published…
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Malicious messages about Rural Banks can hurt financial sector – Dep ARB Apex Bank MD
The Deputy Managing Director of ARB Apex Bank, Alex Awuah has cautioned individuals responsible for spreading false messages about the state of Rural and Community Banks in the country, to desist from their actions, since they can negatively affect that segment of the financial system. His comments follow a recent call by the Bank of…
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Commercial banks need to take advantage of ongoing reforms – Access Bank MD
Universal Banks in the country have been challenged to take advantage of the ongoing clean-up exercises in the non-bank financial sectors such as the Microfinance sector to extend their services to the micro level. According to the Managing Director of Access Bank Olumide Olatunji, the recent reforms by the Bank of Ghana can be viewed…
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Stanchart pays GH¢140 million in dividends for 2018
Shareholders of Standard Chartered bank have voted to approve a dividend per share of 1 cedi 4 pesewas for 2018. This represents 7 percent drop compared to the 1 cedi 12 pesewas dividend per share approved in 2016. The total dividends for last year amounted to 140 million cedis. The Board Chairman of Standard Chartered…
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Disregard messages on social media about Rural and Community Banks – BoG
The Bank of Ghana has called on the public to disregard some malicious messages circulating on social media platforms such as WhatsApp and Facebook. According to a press release from the Central Bank, the messages create the false impression that an intended “clean up” of Rural and Community Banks (RCBs) sub-sector by the Bank of…
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Bank of Ghana clears Barclays Bank over forex incident
The central bank has revealed that it reached an agreement with Barclays Bank, which was on Monday fined for breaching some forex trading conduct. Bank of Ghana earlier in the week fined the Barclays Bank GHC4.6 million for making “frivolous” quotes on Ghana’s Interbank Foreign Exchange Market. But a statement the banking regulator issued on…
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Mitigate impact of microfinance companies clean-up on informal sector — Dr. Lord Mensah
Senior lecturer of the Department of Finance at the University of Ghana Business School, Dr. Lord Mensah, has called on the Bank of Ghana to as a matter of urgency put in place measures to ensure the recent clean up of the microfinance does not put a strain on the informal sector. According to Financial…