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Microfinance crisis Measures in place to sanitise microfinance industry- GHAMFIN

The Association said because of the recent brouhaha in the industry, there's been a "dent on the microfinance industry" which is causing "panic withdrawals."

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The Ghana Microfinance Institutions Network (GHAMFIN) has assured Ghanaians that measures are being put in place to sanitise the microfinance industry of fraudulent operators.

In press statement issued in Accra and signed  by it  Exexcutive Director, Yaw Gyamfi,  the Association said it is working closely with the Bank of Ghana and "other partners" to bring "sanity into the sector and wish to assure the general public that measures are ongoing to protect the whole industry to enable microfinance contribute its quota to Ghana’s developmental agenda"

The Association said because of the recent brouhaha in the industry, there's been a "dent on the microfinance industry" which is causing "panic withdrawals on other microfinance institutions as depositors become uncertain of the security of their deposits with other institutions."

Associations have adopted an industry wide code of conduct aimed at complementing ongoing efforts by the regulator, the statement said.

The Association said the implementation of the code will be closely monitored in order to streamline the practices in the sector. Again, the regulation and monitoring of the activities and operations of the microfinance practitioners is being strengthened from the Apex Association level.

The regulator has also indicated its plans to review the licensing process for the microfinance operators in its efforts to deal with the situation and the Apex bodies will work hand in hand with the regulator in monitoring the activities of the operators, the statement added.

The Ghana Microfinance Institutions Network (GHAMFIN) includes the Ghana Association of Savings and Loans Companies (GHASALC), the Ghana Association of Microfinance Companies (GAMC), the Money Lenders Association of Ghana (MLAG), the Association of Financial NGOs (ASSFIN), the Ghana Co-Operative Susu Collectors Association (GCSCA), the Association of Rural Banks (ARB), and the Credit Unions Association (CUA).

The statement also appealed to the public to enquire of the Licences of all microfinance operators they have dealings with and ensure that they are licensed by Bank of Ghana.

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