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Business News Mon, 21 Oct 2019

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MCAG warns public against saving with micro credit institutions

The Micro-Credit Association Ghana (MCAG) is calling on the public to desist from saving with micro-credit institutions in the country.

Executive secretary of the association, Ebenezer Quartey says some micro-credit institutions have cultivated the habit of accepting and persuading the public to deposit with them when the licence they hold does bars such practices.

While cautioning the public against the situation,he urged them to be well informed about the operations of the micro credit institutions and desist from saving with them.

He was addressing the 10th anniversary and annual general meeting of the MCAG held here in Koforidua under the theme, 'A decade of micro-credit services in Ghana: Achievements, challenges and prospects.'

Mr Quartey stated further that the micro-credit institutions only had licence to give loan credits to their customers adding that those who were accepting deposits were being non-compliant with the regulations and code of conduct of the association.

The government statistician, Professor Samuel Kobina Annim noted that there is a need for micro credit institutions in the country to focus on issues that are customer centred in order to meet market demands.

The anniversary which brought together the over 500 members of the association was to provide an opportunity for them to take stock of their activities and operations and prepare for the tasks ahead.

Members who formed the association, as well as those who have worked hard to grow the association, were honoured with awards.

Outgoing Board Chairperson for MCAG, Mrs Regina Kumi revealed that the main challenges faced by the association have been regulatory non-compliance, non-compliance with the code of conducts of the association, limited financial and human resources among others and therefore called on members to comply.

The association elected new board members to direct the affairs of the association. They were sworn in by a circuit court judge after they were elected.

Source: Kofi Siaw

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