Home   >   Business   >   Banking/Finance   >   201312
BOG ask to investigate applicants of microfinance companies   
 
  << Prev  |  Next >>
 
08-Dec-2013  
Comments ( 0 )     Email    Print
       
 
 
 
 
Related Stories
 
The Bank of Ghana (BOG) has been called upon to investigate and know the financial background of microfinance companies before issuing them with licenses to operate.


This will enable the BOG to identify those companies that could function when granted the license.

Mr Samuel Kofi Mensah Abrompa Okyn, Microfinance Co-ordinator of Microfin Rural Bank at Gomoa Pomadze made the call at the 29th National Farmers Day at Gomoa Abaasa.

He stated that the situation where some micro-finance companies ran away with monies of innocent customers in the rural areas, was not the best.

Mr Okyn urged BOG to strengthen its monitoring unit, in order to check micro-finance companies in order to save customers from suffering from fraudulent activities.

Mr Okyn said the illegal activities of some microfinance companies in the past, is currently affecting the services of most rural banks

He, therefore, appealed to BOG to intensify its monitoring activities, to help flush out unscrupulous micro-finance companies.
 
 
Source: GNA
 
 

Comments ( 0 ): Post Your Comments >>

 
 
 
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
 
 
Featured Video