Tag: Microfinance Sector
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Collapsed MFIs: More depositors to be paid this week — Receiver
More customers of the 347 microfinance companies that had their licenses revoked on May 31, 2019, will be paid this week, the receiver appointed by the Bank of Ghana has revealed. The receiver, Eric Nana Nipah — a Partner at PwC, speaking on the Citi Breakfast Show on Monday morning admitted that claims payments to…
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![[Article] A smart investor is an informed investor](https://citibusinessnews.com/wp-content/uploads/2019/06/bank-of-ghana.jpg)
[Article] A smart investor is an informed investor
In recent times, the financial sector in Ghana has come under strict scrutiny from its regulators. The Bank of Ghana (BOG) for instance, has been very stern in whipping both Financial and Non-Bank Financial Institutions into shape. The result of this exercise has led to the collapse and revocation of the license of seven (7)…
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Bank of Ghana considers review of minimum capital for MFIs
The Bank of Ghana (BoG) has said is considering a review of the minimum capital requirement for microfinance companies after it revoked the licences of more than 70 percent of them. The BoG, in a press release last Friday, notified the public of closure of 347 microfinance companies across the country – citing various…
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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…
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Gov’t can’t pay full principal and interest to Microfinance customers – Financial Economist
A Financial Economist Dr, Lord Mensah has expressed doubt about the ability of the receiver of the now defunct 347 microfinance companies, to be able to pay all the affected depositors their full principals in addition to their interests. The Bank of Ghana (BoG) had earlier indicated that it had secured about one GHC 1 billion to…
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Full list of microfinance institutions shut down by Bank of Ghana
The Bank of Ghana has descended on Non-bank financial institutions as part of measures to sanitize the financial sector. The central bank on Friday, May 31, 2019, announced that it had revoked the licenses of some 347 microfinance institutions in the country. It also took similar action against some 39 microcredit institutions operating in Ghana.…
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Bank of Ghana clean-up leaves only 137 microfinance companies in good standing
Ghana currently has 137 microfinance companies in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday, May 31. The central bank in a statement said the institutions whose licenses were revoked were either insolvent or had ceased operations. The Bank of Ghana in the statement…