The Member of Parliament for Asunafo South, who was a Minister for the Brong Ahafo Region under the John Mahama administration, has challenged President Nana Akufo-Addo, to fulfill what he calls a promise made to hundreds of DKM Microfinance customers, whose investments were locked up in what some have described as one of the largest … Read more
Letshego Holdings Limited (“Letshego”), the inclusive finance focused group with consumer lending, microfinance and deposit-taking subsidiaries across Southern, East and West Africa, today announces its second acquisition in West Africa, acquiring a 100% shareholding in afb Ghana Plc (“afb”) from Jumo World Limited. afb is a licensed non-bank financial institution and offers innovative credit products … Read more
Validated customers of DKM Microfinance Company have accused officials of the Ghana Commercial Bank as well as security personnel at the payment centers of demanding bribes before paying them their locked up investments. According to the customers, officials of the Registrar General’s Department, which is the Official Liquidator of the company, demand between GHC200 and … Read more
Validated customers of DKM Microfinance Company have accused officials of the Ghana Commercial Bank as well as security personnel at the payment centers of demanding bribes before paying them their locked up investments. According to the customers, officials of the Registrar General’s Department, which is the Official Liquidator of the company, demand between GHC200 and … Read more
Another batch of payments is underway for customers of the defunct DKM Diamond Microfinance Company. The Registrar General’s Department, which is the official liquidator, has tasked Pricewaterhouse Coopers to execute the payments. Initially, payments made to clients did not exceed GHS3,500, but this has been reviewed. Customers who invested below or up to GHS10,000 will … Read more
The Official Liquidator of DKM Microfinance Company, the Registrar General’s Department has resumed payments of locked up investment due validated customers of the company. This follows a series of delays after some validated customers protested for not finding their names on lists released by the Registrar General’s Department. But information from the department indicated that … Read more
Many people in Ghana have lost money by investing in a Russian-backed Ponzi scheme which promises huge profits. The scheme, the Mavrodi Mondial Movement or MMM, was introduced in Ghana after it was banned in Nigeria. Ghana’s financial sector is currently struggling to recover from a major financial crisis involving Ponzi investment schemes. Millions of … Read more
Mr Philip Appiah-Mensah, the Chief Executive Officer (CEO) of UDF Microfinance Limited (UDFM), has advised microfinance institutions not to concentrate on profits but also empower their clients. He said microfinance institutions being interested in the businesses their clients do would help them to know and be actively involved in the day-day activities of people they … Read more
The Official Liquidator for DKM micro finance company, the Registrar General’s Department has denied reports that it has put on hold indefinitely the payment of locked up investments of validated DKM customers. The department has on several occasions postponed the payments citing administrative challenges for the delay. The department was scheduled to commence payments yesterday … Read more
The Microfinance and Small Loans Centre (MASLOC), under the Office of the President, has been embroiled in a fresh corruption scandal. MASLOC, which is a microfinance apex body responsible for implementing the government’s pro-poor credit scheme, recently awarded a contract for the supply of 1,000 motor tricycles to the tune of a whopping GH¢10,000,000.00. It … Read more
The government should not attempt to introduce legislation to cap interest rates because the consequences could be dire, Frank Adu, Managing Director of CAL Bank, has said, agreeing with other industry players that the market should be allowed a free hand. “You cannot manually determine interest rates. If you control interest rates by an Act … Read more
Banking Consultant, and Head of the Osei Tutu II Centre for Executive Education & Research, Nana Otuo-Acheampong has expressed optimism in the new regulations announced by the Bank of Ghana (BoG) aimed at strengthening activities in the microfinance industry. As part of the regulations, the central bank has directed microfinance companies to observe corporate governance … Read more
The long awaited list of validated DKM customers who have not received any payment of their locked up cash is to be released tomorrow, 6th December, 2016. This is according to the Registrar General’s Department who is the Official Liquidator for DKM Microfinance Company. According to the Official Liquidator, the list will be posted at … Read more
The long awaited list of validated DKM customers who have not received any payment of their locked up cash is to be released tomorrow, 6th December, 2016. This is according to the Registrar General’s Department who is the Official Liquidator for DKM Microfinance Company. According to the Official Liquidator, the list will be posted at … Read more
Banking Consultant, and Head of the Osei Tutu II Centre for Executive Education & Research, Nana Otuo-Acheampong has expressed optimism in the new regulations announced by the Bank of Ghana (BoG) aimed at strengthening activities in the microfinance industry. As part of the regulations, the central bank has directed microfinance companies to observe corporate governance … Read more
It appears the decision by the Bank of Ghana(BoG) to introduce a new logo for all microfinance companies in the country may face a stiff resistance. The Bank of Ghana in announcing new regulations for microfinance companies in Ghana launched a logo to distinguish between licensed microfinance institutions and unlicensed ones. Unveiling the logo in … Read more
The Central Bank of Ghana has introduced a new set of business regulations and corresponding sanctions to effectively regulate the microfinance industry. Limits of risk management and effective corporate governance practices are outlined in the sixty-six-page document. It also emphasises the need for boards of the companies to act collectively with management to put some … Read more
Some customers of DKM Microfinance Company who have so far not received any payment of their locked up investments, are planning to embark on a major demonstration. This follows another assurance by the Official Liquidator for DKM Microfinance Company, the Registrar General’s Department that it will complete all anomalies for customers to be paid. ‘We … Read more
Some customers of DKM Microfinance Company who have so far not received any payment of their locked up investments, are planning to embark on a major demonstration. This follows another assurance by the Official Liquidator for DKM Microfinance Company, the Registrar General’s Department that it will complete all anomalies for customers to be paid. ‘We … Read more
The Managing Director of Capital & More Microfinance, Mrs Akosua Oduma Oppong-Tawiah, has urged Ghanaians to put the country above their political interest as they go to the polls to elect a president and members of parliament on December 7. She said it is imperative for Ghana to maintain its stable political environment for the … Read more