Business News of 2014-03-08

Number of licensed microfinance companies hit almost 400

The number of microfinance companies operating in the country with the Bank of Ghana's approval is now 394.

They include 45money lending companies and 5 financial nongovernmental organisations.

This represents a little over 100 percent jump since 2012.

The Central Bank has also refused license to nearly 100 firms for failing to meet the requirements.

Speaking at a program to present some vehicles and computers to the various Micro-finance Associations, Adviser to the Governor, Akofa Avorkliyah says they are committed to bringing sanity into the industry.

“Clearly the size of the microfinance industry has increased tremendously within a short spate of time, and I am informed that more applications are being received for our consideration.”

As the regulators, Akofa Avorkliyah said the Bank of Ghana would need more resources logistics for effective regulation and monitoring.

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