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BoG clamps down on illegal microfinance companies

Written by  Mar 10, 2018
The Bank of Ghana (BoG) has in a statement hinted of steps it is taking to address challenges in the microfinance sector. This was contained in a statement signed by Secretary of the bank, Mrs. Caroline Otoo. Read Below the full statement NOTICE TO THE BANKS AND THE GENERAL PUBLIC NOTICE NO. BG/GOV/SEC/2018/05 NOTICE ON LICENSED MICROFINANCE INSTITUTIONS The Bank of Ghana has noted the challenges in the microfinance sector and would like to assure the public that it is taking steps to address these challenges. The Bank has been monitoring Microfinance Institutions (MFIs) through offsite surveillance and onsite examination, and also has held a number of meetings with the shareholders and management of the affected institutions. 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. (Sgd.) CAROLINE OTOO (MRS) THE SECRETARY 8th March, 20 Attach
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