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
The Central Bank, in collaboration with other partners is set to enroll all microfinance institutions unto a single software by close of the year to ensure transparency in the management of data in the sector. The move, according to the Head of the Microfinance Examinations Office of the BoG, Patience Yeboah-Nkansah, is to ensure that … Read more
Some bankers have warned any move by Government to cap interest rates in Ghana will end in a disaster. Banking consultant and Principal Consultant at Osei Tutu II Centre for Executive Education & Research Nana Otuo Acheampong told host of Business Today, Vivian Kai Lokko that ‘It will be a disaster if we decide to … Read more
One of the fast growing microfinance companies in the country, Capital & More, is introducing yet another unique product in the industry that is set to cushion commercial drivers to overcome their financial burden in order to be self-reliant. The company has within this year, expanded its scope of service to make a significant number … Read more
How strong are our banks? In recent months, l have heard and read about genuine concerns expressed about the “banking sector” in Ghana. The sad reality, however, is that most of the concerns are based on activities undertaken by people whose aim is to do anything but banking! So, the concern may be genuine but … Read more
Creditors of DKM Microfinance Limited who were not paid in the first week of payments, are expected to receive their investments from today. This is according to the Principal Company Inspector for the official liquidator, Jones Nathaniel Ansah According to him “some of those who have so far not received any payment are getting their … Read more
The Ghana Association of Savings and Loans Companies (GHASALC) will be holding its 6th Annual General Meeting (AGM) at the Holiday Inn, Accra on Thursday, October 20. Under the theme ‘Digital Financing: The New Dawn in Banking Towards Unlimited Opportunities for S&Ls’, the Meeting will explore ways of taking advantage of technology to boost growth … Read more
Executive Director of Microfin Rural Bank (MRB), Ishmael Kwesi Otchere, has described as appropriate and timely the move by the central bank to raise the minimum capital requirement for rural banks and microfinance firms as it will restore security and trust to the sector. According to him, the recapitalization will strengthen banks to “survive the … Read more
The hierarchy of the Money Lenders Association of Ghana (MLAG) has encouraged members of the Association to adopt credit reference bureaus as a strategic response to the high rate of loan defaults, which have caused significant losses among the lenders. This, the National Board Chair of the Money Lenders Association of Ghana, Regina Kumi, said … Read more
About 2,000 traders in Accra who would have found it extremely difficult to access credit facility from banks, have been given a collateral-free loan by Capital and More Microfinance, to expand their businesses. Each of the beneficiaries, predominantly market women, food vendors, spare parts dealers, auto mechanics, phone retailers, taxi and trotro drivers, received between … Read more
Some outraged customers of DKM Microfinance Limited have threatened to go to court over the amounts of money given them. Some of the customers said they have been given paltry sums not close to what they invested in the company. “We are going back to the court to fight this matter, take DKM assets, confiscate … Read more
The aggrieved customers of DKM Microfinance in Tamale, seeking an injunction over payments scheduled for next week Monday [October 17, 2016], have abandoned the move to hit the courts. The customers, on Monday [October 10, 2016], initiated processes for an injunction to halt the payments of monies to validated creditors. They argue that there is … Read more
Aggrieved customers of DKM Diamond Microfinance Limited in the Upper East Region have expressed dissatisfaction over a list of customers for payment by the liquidator. According to the customers, a total of 998 instead of 6000 names were published as DKM creditors in the Upper East Region. The customers want to find out the system … Read more
The Managing Director of Capital & More, Akosua Oduma Oppong-Tawiah, says the recent bunco scheme that rocked Ghana’s microfinance industry has dealt a big blow to companies in the industry. She noted the fiasco, involving the popular DKM Microfinance Company and others including some fun clubs, has caused customers and investors’ interest in the sector … Read more
The Registrar General’s Department (RGD) will on Monday October 3 commence the publication of the list of validated customers of the defunct microfinance institution, DKM. Acting Registrar-General Jemima Oware said the planned publication was initially stalled due to logistical challenges. However, all such issues had been resolved, paving the way for the publication. The list … Read more
A 38-year-old man has reportedly committed suicide at Aprabong, suburb of Kumasi after he became a victim of microfinance scam, StarFMonline.com has learnt. The yet-to-be named victim reportedly invested his church’s money into the Noble Dream Microfinance with the hope of gaining some interest. According to reports, about 30,000 customers have lost their investments to … Read more