Bank of Ghana Money Lenders Association changed to Micro-Credit Association

A necessary name change has been made by the Money Lenders Association for financial conclusion

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The Money Lenders Association of Ghana has changed its name to Micro-Credit Association, Ghana (MCAG) with approval from the Bank of Ghana (BOG), to enable it reposition the industry and serve its customers in an efficient and effective manner.

National Board Chairman of MCAG, Mrs Regina Kumi says the change of name was to clear the erroneous conception that money lenders are shylocks or loan-sharks who take advantage to deceive customers.

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According to her, the name change was important especially because of the continued old misconception in both local and international circles espoused in “Merchant of Venice” that microfinance practitioner disadvantages its members.

Mrs Kumi aslo noted that MCAG operated as one of the umbrella organizations in the microfinance industry in the country recognized by the BOG and operated under Tier three and four of BOG categorization of micro finance institutions.

She said one of the activities of the Association and its members was the granting to the economically disadvantage citizenry.

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She added that the association and its member were committed to providing the financially disadvantaged members of t society with micro-credit facilities

“We are committed to our mission of providing credit to economically deprived individuals and businesses in a regulated, market-driven environment to improve standards of living in the country,” she added.

To help achieve financial inclusion, the association has embarked on media awareness campaigns about the change of the name, she said.

Already with a total of 681 members across the country, the association has contributed substantially to socio-economic growth and development in the areas of health, commerce, agriculture and trade.

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“It was our hope that the change of name will help us remain competitive in the market and continue to be the most credible institution to impact positively on the people”.

Deputy Chief Manager of BOG, Mr Philip Oppong Mensah also emphasized the need for all financial institutions in the country to have a signage for public consumption.

He said that the signage was necessary to educate the public to know whether the financial institution was legally licensed by the BOG.

“It is BOG’s directive for every financial institution to display license, certificate of operation, both borrowing and lending rates and certificate to commence business to boost the client’s confidence as well as transact business with the institution,” he added.

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