Flashback: 'Weed out ‘unscrupulous’ financial institutions' - Dr Nii Kotei Dzani 2016

Before the Central Bank revoked the license of some 400 financial institutions, Chief Executive Officer of Ideal Finance, Dr. Nii Kotei Dzani, had adviced that the Bank of Ghana speed up the process to restore confidence in the system.

He was speaking on the back of the 70 micro finance companies that were alleged to have defrauded hundreds of their customers by asking them to deposit their monies to earn unrealistic interests at the time.

Dr Dzani, whose company is among the current defunct micro finance companies, noted that the actions of some ‘unscrupulous’ financial institutions led to depositors losing confidence in financial institutions including rural banks.

Read the full story originally published by ghanaiantimes.com on February 4, 2016, on Ghanaweb below

The Chief Executive Officer of Ideal Finance Dr. Nii Kotei Dzani, has asked the Bank of Ghana to speed up the process of weeding out what he called ‘unscrupulous’ financial institutions so as to restore confidence in the system.

According to him, the recent happenings in the sector especially with the microfinance institutions have shaken the confidence people had in financial institutions including rural banks.

Making a presentation to the Association of Rural Banks at Wenchi in the Brong-Ahafo Region he asked the Bank of Ghana to strictly apply its sanctions where necessary.

His statements followed the withdrawal of licenses of some 70 financial institutions, most of whom were in the Brong-Ahafo Region.

This led to a lot of confusion, accusations and counter-accusations, as these financial institutions in the Brong-Ahafo were alleged to have defrauded hundreds of their customers by asking them to deposit their monies to earn unrealistic interests.

Dr. Nii Kotei Dzani said he believed this happened because most people do not know the difference between microfinance institutions, finance houses and rural banks.

He explained that Ideal Finance, which has three other subsidiaries namely, Ideal Capital Partners, First Trust Savings and Loans and Ideal Finance Limited, has earmarked 52 million Cedis to support rural banks.