Don’t flout BOG financial regulations

Mr. Divine Bonnie, a retired Banker, has advised microfinance service companies in the country not to flout financial regulations set up by the Bank of Ghana (BOG) to enable them render quality services to their customers.

He said the rationale behind establishment of microfinance was to serve as a tool to reducing financial difficulties facing small scale enterprises and traders in urban and rural areas.

Mr. Bonnie said this at the inauguration of the Agona Swedru branch of the JH Microfinance Services at Swedru in the Central.

The Retired Banker said microfinance institutions are also meant to mobilize savings and offer financial support to small scale enterprises.

He expressed regret that some of the microfinance companies operate as banks, but end up duping customers, adding that “such charlatans must be weed out from the system”.

Mr. Bonnie hoped that JH Microfinance services would take advantage of the booming businesses in the Agona West Municipality, to mobilize surplus and idle sources and offer them back as loans to traders.

Continuing, he revealed that the area is a hub of economic activities in the region and thereby urged the company to operate within the laws of BOG.

On his part, Mr. Ebenezer Aidoo, Board Chairman of JH Microfinance Service, said the company would never disappoint its customers and promised to provide quality services to its customers.

He assured that Management would develop comprehensive products that would help boost the businesses of their customers. **