BoG clamps down on illegal microfinance companies

Already, the Governor of the Bank of Ghana, Dr. Ernest Addison has served notice that the central bank will not issue any license this year.

According to Dr. Addison, this is to allow the central bank strengthen control and supervision of the activities of the financial institutions.

In response, the microfinance association has lauded the move by the regulator saying it will help identify non-complying institutions and sanction them accordingly.

For last year alone, Citi Business News reported at least seven separate cases of microfinance institutions whose inefficiencies led to investors losing their investments.

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