Twenty out of the 30 existing universal banks in Ghana have met the GHC400 million Minimum Capital Requirement of the Bank of Ghana as the 31 December 2018 deadline approaches, Second Deputy Governor Elsie Awadzi has revealed at a Finance forum in Accra. “Over 20 banks have met [the minimum capital requirement] or are already … Read more
Some customers of ASN Financial Services Limited say they are losing confidence in the central bank over its apparent lose of control over the financial system. The customers who have been investing with the company for some time now are angry over the delays by management of the savings and loans company to pay their … Read more
The high level of mistrust for banks has long been an issue of statistics placed at a very discouraging figure of 60 per cent, representing the unbanked of population of bankable Ghanaians. But it is a story of an elderly woman in Kpassa in the Nkwanta North District of the Volta Region that epitomises this … Read more
With global growth showing solid momentum, the challenge is to make it inclusive, World Bank Chief, Jim Yong Kim, has said last week. “The challenge now is to ensure that strong growth will translate into inclusive growth, so that the benefits of global economic integration are enjoyed by all members of society,” Kim said at the start 2018 Spring Meeting of … Read more
The Association of Microfinance Institutions has applauded the Bank of Ghana (BoG) for publishing the list of licenced microfinance institutions in the country. In a move by BoG to guide customers in their dealings with the various microfinance institutions, the Bank has released the names of 319 institutions which were licenced as at December 31, … Read more
Disgruntled customers of COM-AID Microfinance Limited in the Upper East Region, have appealed to President Nana Akufo-Addo to direct the Builsa South District Chief Executive, Daniel Kwame Gariba, to refund their investments. According to them, the DCE, who was the director of COM-AID microfinance, received deposits from the affected customers to be invested in God … Read more
The Board of Directors of the African Development (AfDB) has approved a US$ 15 million investment in Shore Capital Fund III, a multinational Private Equity Fund that aims to promote financial inclusion by supporting Financial Institutions (FIs) serving Africa’s low income and emerging middle-class communities. With a target capitalization of US$ 150 million, the Fund … Read more
A Digital for Inclusion (D41) program has been launched in Accra. D41 is a collaborative initiative between Ghana Investment Fund for Electronic Communications (GIFEC), the National Board for Small Scale Industries (NBSSI), the United Nations Capital Development Fund (UNCDF) and Zeepay Ghana Limitd (Zeepay), a digital financial services Company. D4I was developed to improve the … Read more
Government has begun moves to convert all post offices in the country into electronic service centres to deepen digital financial inclusion and internet access in the hinterlands. According to Communications Minister Ursula Owusu-Ekuful, the conversion, which has been necessitated by emerging modern trends of transacting business, is expected to be done in phases with the … Read more
Amazon co-founder Jeff Bezos is giving $1 million to the Reporters Committee for Freedom of the Press, the largest-ever gift to the media rights watchdog. The gift from Bezos, who also owns the Washington Post newspaper, was announced at the organization’s awards dinner Tuesday. “This generous gift will help us continue to grow, to offer … Read more
The primary objective of microfinance is to create financial inclusiveness and provide an avenue for the delivery of essential financial services to sections of the society who would otherwise be largely uninvolved or unable to fully access them. Ghana’s microfinance sector has been immensely beneficial to the economy. It has expanded the scope of participation … Read more
The payment of monies owed clients of the defunct DKM Diamond Microfinance Limited at Wa in the Upper West Region begins today, Monday May 15. Close to 3,000 clients have been validated to receive their locked-up cash, and the GCB Bank Limited at Wa has been contracted to make the payments. The reimbursements will take … Read more
At least two persons have been arrested by the Police for allegedly luring some unsuspecting persons to subscribe unto the operations of MMM. The arrest, which was effected by the Tema Community One police over the weekend, follows a directive from the Bank of Ghana warning the public against doing business with the blacklisted ponzi … Read more
The Ghana Association of Microfinance Companies (GAMC) is asking its members to merge, as part of moves to strengthen and consolidate institutions in the sector. The consolidation of the existing institutions is needed to strengthen members of the association to be able to deliver the needed financial support to businesses in the microenterprise sector. The … Read more
The former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Sedina Tamakloe Attionu, is ready to attend upon the Economic and Organized Crime Organization (EOCO) in what appears to be an investigation into her tenure at the center, her lawyers have said. They said although EOCO has not stated exactly why they … Read more
A former CEO of the Microfinance and Small Loans Centre (MASLOC), Sedinam Tamakloe Attionu, is currently out of the country and cannot honour, in person, an invitation extended to her by the Economic and Organised Crimes Office (EOCO) today, Monday 8 May. It is not clear why EOCO is inviting Mrs Attionu but EOCO, according … Read more
The National Chairman of the Ghana Association of Microfinance Companies (GAMC), Mr Collins Amponsah-Mensah, has said potential investors must undertake due diligence on microfinance companies before investing their resources with them. He said although the association and the regulator – Bank of Ghana (BoG) – would continue to work to protect depositors from unscrupulous institutions, … Read more
A Former Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Sedinam Tamakloe Attionu, is to appear before the Economic and Organized Crime Office for questioning Monday, May 8,2017. It is unclear the reasons for her invitation, but StarrFMonline.com sources say she expected to answer questions over some irregularities that occurred at the … Read more
The government is to launch in June, this year, a national financial inclusion strategy aimed at making financial services accessible to all Ghanaians, a Deputy Minister of Finance, Ms Abena Osei Asare has said. She said the strategy would address issues of soundness and stability in the financial market and oversee the deployment of financial … Read more
The Ministry of Finance has set a target to increase the country’s banked population from 58% to 75 % by the year 2020. In line with the target, the ministry will in June this year launch a National Financial Inclusion Strategy targeted at financial literacy, a key tool for financial inclusion. According to the ministry, … Read more