" According to the mandate given to Microfinance Companies to operate, they are allowed to take deposits, and give loans" - Collins Kofi Amponsah
The Ghana Microfinance Institutions Network- GHAMFIN has challenged president Mahama's assertion that Microfinance Companies are not allowed under law to take deposits.
In a meeting with the press to mark his third year in office, President Mahama touched on the current crisis in the Microfiance industry where some companies have gone bust with the deposits of investors.
President Mahama said Microfinance companies are not allowed to take deposits, per his understanding of the law governing the operations of Microfinance companies in Ghana.
This, according to Collins Kofi Amponsah is creating a sense of apprehension amongst their customers.
Mr. Collins Amponsah challenged this assertion saying the president was wrong about it.
" According to the mandate given to Microfinance Companies to operate, they are allowed to take deposits, and give loans" he maintained.
Mr. Amponsah sought to allay all fears customers may have after the comments by the president, saying they are operating legally.
" Let me use this opportunity to assure all our customers that with the exception of the few microfinance companies whose licenses have been revoked by the Bank of Ghana, and a few others, Microfinance companies are legitimate businesses operating by law and creating meaningful value to customers."
Meanwhile, President Mahama has charged the BNI to confiscate property of Martin Delle, owner of DKM Microfinance and the other microfinance companies who have gone bust with investors' money.