Financial Regulations: Bank of Ghana to clamp down on illegal financial NGOs

This comes after a recent report put together by the Central Bank revealed that over 40 organizations in the country, only eleven have registered with the regulator.

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Bank of Ghana is threatening to clamp- down on financial NGOs operating in Ghana illegally.

This comes after a recent report put together by the Central Bank revealed that over 40 organizations in the country, only eleven have registered with the regulator.

This was revealed by Patience Yeboah-Nkansah, the Deputy Chief Manager, Micro-finance Unit of the Bank of Ghana at the 4annual general meeting of the Association of Financial Non-Governmental Organizations (ASSFIN).

The AGM on the theme: “Regulation of the Micro-finance Industry: Challenges and Prospects for FNGO’was to find feasible ways to boost the sector.

It also provided a platform for interaction among FNGOs and the regulator with focus on information dissemination as well as addressing consumer concerns.

Mrs. Yeboah-Nkansah expressed worry about how some Microfinance companies use the BoG provisional licenses for advertisement.

She revealed that the Central Bank has granted licences to 468 microfinance companies, 64 Money Lenders and 11 financial NGOs.

The BoG Deputy Chief Manager added that her outfit is closely monitoring the activities of the microfinance sector.

Mrs. Yeboah-Nkansah also urged FNGOs to expedite action in obtaining their license before they begin the crackdown next year.

 

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