Business

Microfinance institutions laud BoG for releasing list of licenced companies

The Association of Microfinance Institutions has applauded the Bank of Ghana (BoG) for publishing the list of licenced microfinance institutions in the country.

In a move by BoG to guide customers in their dealings with the various microfinance institutions, the Bank has released the names of 319 institutions which were licenced as at December 31, 2017.

Greater Accra region had 210, Ashanti region 41, while the Brong Ahafo region had 7 microfinance institutions.

The release of the names comes on the back of news that customers of AGT Microfinance, the Man Capital Microfinance, the McOttley Money Lending and the Alpha Capital Savings and Loans companies, whose investments have long past their maturity dates have been chasing the directors of the companies around.

Board chairman of the association of microfinance institutions, Collins Amponsah Mensah has thus expressed happiness about the move by BoG.

“The Bank of Ghana should continue publishing these names to ensure sanity in the sector. The move is welcomed as it will ensure discipline in the banking industry”, he added

He expressed optimism that constant publication of the names will restore confidence in the sector.

“The last publication didn’t have as much as 319 institutions; this means that the sector is getting better by the day, he added

By Grace Amoah|3FM|3news.com|Ghana

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