Following the recent challenges where customers of four microfinance companies have not been able to access their savings, the Bank of Ghana (BoG) has released a list of 319 licensed institutions in general compliance with guidelines.
According to the bank, the move was to assure the public that it was taking steps to address the challenges.
Frustrated customers of AGT Microfinance, the Man Capital Microfinance, the McOttley Money Lending and the Alpha Capital Savings and Loans companies, whose investments have long past their maturity dates have been chasing the directors of the companies around.
This is because the customers numbering thousands have not been able to retrieve their locked up lifetime savings, signaling another round of a ticking time bomb for the financial sector.
This has however prompted the BoG to move to assure the public that it was taking steps to address challenges facing the microfinance sector.
A statement dated March 8, 2018 and signed by Mrs Caroline Otoo, Secretary to the BoG noted that “ 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," the statement said.