Chief Executive Officer of Amenfiman Rural Bank, Alexander Asmah has warned that the current Corporate Tax Rates in the country could cripple rural banks. Mr Asmah is concerned this could affect efforts to rope rural folk into the formal financial sector. Rural banks are currently charged a Tax Rate of 25 percent – that’s a … Read more
The Financial Inclusion Advocacy Centre, in collaboration with the Ghana Microfinance Institutions Network (GHAMFIN), is set to establish a financial inclusion fund that will provide cheap lending funds to microfinance institutions and rural banks. This is expected to deepen financial inclusion in the country as more businesses can source for loans from these microfinance institutions … Read more
Star Microinsurance Services in collaboration with Ministry of Fisheries and Aquaculture Development has begun the second phase of the Fishermen Life Insurance Scheme (FLIS) from the landing beaches in the Greater Accra Region. The nationwide rollout of the scheme according to the FLIS Project Manager, Jesse Justice Asante Fordjour, will cover all the landing beaches … Read more
Some banks are impressing on the Bank of Ghana the need to possibly streamline the regulations for Mobile Financial Services. The Central Bank announced a new set of guidelines for the service about a year ago to improve money transfer via mobile phones. The new regulatory regime among others empowered telecom companies to also own … Read more
Citi Business News can confirm customers of DKM Diamond Microfinance limited will begin receiving their locked up investments by the end of this month – September, 2016. The payment will be made by the Registrar-General’s Department which is the official liquidator of DKM. Over 70,000 customers have so far been validated to receive their locked … Read more
Founder of UT Holdings, Prince Kofi Amoabeng, has said there should not be too much sympathy for “greedy” victims of microfinance scams. According to Mr Amoabeng, the depositors are aware of the risks involved by saving with such microfinance companies, who invariably promise huge interests on deposits. In the past one year, several customers have … Read more
“… Things are never as complicated as they seem. It is only our arrogance that prompts us to find unnecessary complicated answers to simple problems.” The preceding words by Professor Muhammed Yunus, a nobel laureate and the originator of the microfinance concept, could not have been more sensible. More often than not the solution to … Read more
Recent headline news on the microfinance sector is not interesting reading. Day in, day out, column inches of newspapers are filled with stories about scammers swindling hundreds of poor people of their hard-earned savings. In radio discussions and television programmes too, issues on microfinance fraud have dominated discussions sometimes. What is equally fascinating about the … Read more
The Bank of Ghana (BoG) will not take responsibility for fraudulent activities by unlicensed financial institutions. It has, therefore, warned the public to be circumspect in dealing with such institutions. The Communications Director of the BoG, Mr Bernard Otabil, said people must do business only with licensed financial institutions in the country to avoid being … Read more
Some victims of the microfinance scam in the Volta region have disputed Police assertion that they are not cooperating with the investigation process to arrest the perpetrators. The Police in the Volta Region yesterday told Citi Business News that the lack of cooperation by some victims is hindering the investigation processes. According to the police, … Read more
We members of the National Democratic Congress, Germany Chapter wish to react to a statement released by one faceless supposed former coordinator of the Lordina Foundation in the Brong Ahafo Region by name Hajia Barakisu Amadu. The statement is not only false but extremely uncivilized, distasteful and malicious. It has been well calculated to tarnish … Read more
Microfinance and Small Loans Centre (MASLOC) has disbursed GH?886,400 to 89 women groups in the Upper West Region, to improve their livelihood in line with government’s transforming Ghana and changing lives policy. The 89 recipient groups representing 2,225 women were drawn from Jirapa, Lambussie, Nandom, Daffiama, Issa and Bussie communities. The rest are from Wa … Read more
Scores of market women at the Kaase Market in the Ashanti region for years to come, may never nurse the thought of saving their earnings with any banking institution following what has befallen them. Few months after thousands of persons lost their investments to Ponzi Micro-finance institutions in the Brong Ahafo in the infamous DKM … Read more