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RADP / Pulse Ghana  >  news  >  business

Here is a list of 319 microfinance companies in good standing

Magdalene Teiko Larnyoh

In a statement signed by the Secretary to the BoG, Mrs Caroline Otoo, said that “the Bank has been monitoring Microfinance Institutions (MFIs) through offsite surveillance and on-site examination, and also has held a number of meetings with the shareholders and management of the affected institutions.”

This comes after customers of 4 microfinance companies are unable to access their savings.

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“Together with the Government, the Bank is working on a comprehensive reform program to address the challenges in the sector, and strengthen regulatory and supervisory oversight. For the avoidance of doubt, the list of names of licensed MFIs in general compliance with Bank of Ghana’s guidelines is attached,” the statement said.

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The Central Bank said the release of the list is to assure the public that it is taking steps to address the challenges in the banking sector.

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In recent times, some unhappy and frustrated clients of AGT Microfinance, the Man Capital Microfinance, the McOttley Money Lending and the Alpha Capital Savings and Loans companies, have been chasing the directors of the companies for their investments.

Their investments have matured but the directors of the said microfinance are unreachable. This may be another scandal for the financial sector.

Below is the list: 319 microfinance companies in good standing

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Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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