The microfinance institution company collapsed in 2016 following risky investment and many depositors were unable to access their funds.
The microfinance institution collapsed in 2016 following risky investment and many depositors were unable to access their funds.
Weeks after the debacle, parliament passed the depositors' protection bill to protect the funds of depositors in the event that a bank or a microfinance institution collapses.
Since the passage of the law, two banks-- Capital Bank and UT Bank-- have collapsed while the funds of depositors have been protected.
On a three-day tour of the Brong Ahafo Region Friday, President Akufo-Addo urged residents the region, and, indeed, all parts of the country to be wary of unlicensed microfinance institutions.
He urged residents to demand from microfinance institutions, into which they intend to deposit monies, their license from the Bank of Ghana before undertaking any transactions with them.