Assembly to close down illegal micro-finance companies

Nkoranza South Municipal Assembly has begun the process of identifying duly registered micro-finance companies within its jurisdiction with the aim of closing down illegal ones.

Mr Raymond Gbedoah, Nkoranza South Municipal Co-ordinating Director, told the Ghana News Agency that the monitoring was to ensure that all companies operating in the Municipality conformed to its code of conduct.

He said documents being inspected include notice to commence business, clearance certificate from the Bank of Ghana and letter of incorporation which should be endorsed by the Registrar-General’s Department.

Mr Gbedoah said it was obligatory for financial institutions and companies to register with the assembly before undertaking their operations.

He expressed concern about the operations of some unscrupulous people who under the guise of micro-finance companies duped people and advised the people to transact business with only qualified and duly registered companies.

Some micro-finance companies operating within the municipality are, Money Link Financial Services, Express Micro-Financial Services, Jorbies Financial Services and Gilgal Wesley Saving and Loans Company.