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 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
Mr Mawuko Williams, a Consultant with the Frankfurt School of Finance and Management, on Monday said huge financing gaps were reducing the job creation potentials of Small and Medium Scale Enterprises (SMEs). He said many SMEs that were providing jobs for a larger segment of the population were unable to access credit from lending institutions … 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
A five-dayinduction and transition training for young female school leavers in the Central Region under the sponsorship of the Campaign for Female Education (CAMFED) opened last Monday at the University of Education, Winneba (UEW). The event which is on the theme: ‘Shaping the future of young women’ has brought together about 662 young female students … Read more
WaterAid Ghana(WAG) has signed a GHC 2.5million agreement with the Bongo and Kassena Nankana West district assemblies in the Upper East Region to improve Maternal, Newborn and child health-care under its Water, Sanitation and Hygiene for Public Health Project(WASH4PH). The agreement seeks the commitment of all parties to work efficiently to improve access to water … 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
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
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
Shear Power Ventures, in partnership with the REP and NBSSI, is promoting equitable distribution of wealth in Ghana’s districts through proper implementation of the Local Economic Development (LED) policy. LED is a bottom-up approach to sustainable economic empowerment, growth, and development through activities in and by localities for the benefit of residents. The goal is … Read more
Members of Parliament (MPs) are asking for a parliamentary probe into the micro-finance scam that rocked the Brong Ahafo Region last year leading to the loss of millions of depositors’ money. The MPs want the Speaker, Professor Aaron Mike Ocquaye, to treat the issue with the seriousness it deserves. They are convinced a successful investigation … Read more
By Roderick Okoampah Ayeh The Microfinance industry in Ghana has gone through some notable phases; influx of microfinance companies, regulation, collapse, scam, etc. These happenings seem to have impacted the industry in diverse ways. The scams and how there were handled, regulatory strengthening, regulator role and the role of microfinance apex bodies within the microfinance … Read more
The Chief Executive Officer of Eclipse Microfinance, Mr Kafui Amegah, has applauded government for setting up the Ministry of Business Development saying it is one of the best ways to sustain Ghanaian businesses. He said he believes the ministry must empower local businesses to showcase what they have because Ghanaians have what it takes to … Read more
The President of Groupe Ideal, Nii Kotei Dzani, has called on the Bank of Ghana (BoG) to sanitise the operations of financial institutions in the country. According to him, the financial sector was disorganised because some microfinance institutions were operating like commercial banks, while others were working without the required capital as prescribed by the … Read more
Debt recovery has been identified as a major challenge crippling the Microfinance and Small Loans Centre (MASLOC) in the erstwhile National Democratic Congress (NDC) administration. The previous government has been accused of politicizing operational activities of MASLOC as cronies of then government were allowed to access loans from the state agency without following due processes … Read more
The Bank of Ghana (BoG) has disclosed it will duly sanction owners of the two institutions whose activities have been halted for operating illegally. The central bank explains that it is currently working with the security agencies to investigate persons arrested in connection with the development. “The BoG was able to close down the operations … Read more