Tag: Microfinance
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Micro Credit Association demand policies to control inflation and cedi fall in budget
Members of the Micro Credit Association of Ghana are calling on the Finance Minister, Ken Ofori Atta to introduce policies aimed at controlling inflation and stabilizing the cedi in the upcoming budget presentation. The economy has been hard hit with the effects of the depreciating cedi and the rise in inflation which is currently at…
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Receiver for Microfinance, S&L companies pays GH¢700 million to customers
The Receiver for the 347 Microfinance institutions, 23 savings and loans and finance houses, whose licenses were revoked last year, has announced the commencement of processes to complete final payments to depositors. In a press release issued on Monday, March 2, 2020, the Receiver explained that full and final payments are ongoing in line with…
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Workers of Trust Microfinance take on PwC over unpaid salaries
Some workers of Trust Microfinance have expressed their dissatisfaction over the non-payment of their salaries by the Receiver, Eric Nana Nipah of Price Water House Coopers (PWC) after the Bank of Ghana revoked the company’s license. The workers tell Citi Business News their contracts have also not being renewed. “The first week of the revoking…
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‘Wholesale’ banking licenses injurious to industry – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has implored Savings and Loans companies to exercise restraint in their quest to operate as banks as the implications could be dire. The Ghana Association of Savings and Loans Companies earlier warned that unfavorable conditions in the industry is compelling most of their members to pursue universal banking status. The…
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BoG clamps down on illegal microfinance companies
The Bank of Ghana (BoG) is to outline new reforms to sanitise Ghana’s microfinance industry. The reforms are expected to among others provide a comprehensive plan by the central bank to improve activities in the microfinance industry. It also comes on the back of reports of customers losing their investments to some microfinance institutions when…
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Accent financial services customers livid over locked up cash
Customers of Accent Financial Services have threatened to use all means possible to get back their locked up cash. The customers who staged a protest last week over the matter said all efforts to get their cash have been unsuccessful. The agitated customers of the company besieged the premises of the alleged owner of the…
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BoG sanitizes microfinance sector by ‘naming & shaming’
The Bank of Ghana’s decision to name and caution the public from doing business with all institutions operating illegally as microfinance companies should culminate in sanitizing the sector. At least this is the optimism by the Ghana Association of Microfinance Companies (GAMC). The Association is also confident the move will restore confidence in the industry. Reports…
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BoG warns of doing business with ‘Oboanipa’
The Bank of Ghana is cautioning the general public to refrain from making deposits with Oboanipa Ventures Limited. According to the BoG, it has not granted the company any licence to operate in deposit taking thus anyone who does so does it at his or her own peril. The warning was contained in a statement…
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Microfinance: Ghana’s situation and what you need to know [Article]
The primary objective of microfinance is to create financial inclusiveness and provide an avenue for the delivery of essential financial services to sections of the society who would otherwise be largely uninvolved or unable to fully access them. Ghana’s microfinance sector has been immensely beneficial to the economy. It has expanded the scope of participation…
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BoG to penalize owners of closed down illegal institutions
The Bank of Ghana (BoG) has disclosed it will duly sanction owners of the two institutions whose activities have been halted for operating illegally. The central bank explains that it is currently working with the security agencies to investigate persons arrested in connection with the development. “The BoG was able to close down the operations…