BoG to close down illegal micro-finance institutions

Read Article

Comments (62)

This article is closed for comments.

Read Comments Comments (62)

Koranteng King 10 years ago

after losing all my saving with one of these schemes I've turn my faith on God. I never knew 'God is love' was a fun club, I was nearly lured into it by a colleague. thank you Bank Of Ghana

after losing all my saving with one of these schemes I've turn my faith on God. I never knew 'God is love' was a fun club, I was nearly lured into it by a colleague. thank you Bank Of Ghana
Oh Ghana 10 years ago

Let the institutions PAY their clients first before YOU close them. Because the clients are Ghanaians and they need their money to boost this economy. You should know better ok. Masa just before YOU close a financial institu ...
read full comment

Let the institutions PAY their clients first before YOU close them. Because the clients are Ghanaians and they need their money to boost this economy. You should know better ok. Masa just before YOU close a financial institution YOU should make sure they have paid their customers. Your measure for dealing with this problem is very Silly.
BENJAMIN AGYAPONG 10 years ago

hmmm,close down of illegal micro financial institutions is in the right direction most of these institutions are not sustainable and even encouraging laziness in Ghanaian farmers and workers however,BOG should put mechanisms ...
read full comment

hmmm,close down of illegal micro financial institutions is in the right direction most of these institutions are not sustainable and even encouraging laziness in Ghanaian farmers and workers however,BOG should put mechanisms in place to ensure that monies of customers are duely refunded to them to bring sanity and economic transformation.This will help exonerate customers from future adversaries.Investors are in anguish
emmanuel 10 years ago

it must surely be done this small institutions are fraudsters
us Tilapia investment for instance has stolen millions of cedis from the poor in ghana. whiles the manager is hiding in Ghana and enjoying his millions the client ...
read full comment

it must surely be done this small institutions are fraudsters
us Tilapia investment for instance has stolen millions of cedis from the poor in ghana. whiles the manager is hiding in Ghana and enjoying his millions the clients are weeping that they invested us Tilapia is a fraud and I believe journalist should raise this story so the company pays because its like after all the court cases against the company it still has not paid a dime to customers. investors are crying whiles the boss chief medicine is enjoying in his SUV'S PLEASE help us rid Ghana of such sakawa microfinance they are worse than fraud boys
nelson. bole 10 years ago

bog, where were u since that long time
.gov,t should intervene on behalve of customers of dkm.the rumours that are coming in will not be good for the gov,t. customers from their four strong hold DT is upper west,upper east,n ...
read full comment

bog, where were u since that long time
.gov,t should intervene on behalve of customers of dkm.the rumours that are coming in will not be good for the gov,t. customers from their four strong hold DT is upper west,upper east,northern n brong ahafo regions are complaining bitterly. gov,t may lose power if they fail to intervene.because they have control over bog.
Kwasi - London 10 years ago

Where were the BOG's monotoring and enforcement team, i guess they were sleeping when these companies started operating 4yrs back, some pple r being paid in Africa for not doing their work, suck a silly thing would never hpen ...
read full comment

Where were the BOG's monotoring and enforcement team, i guess they were sleeping when these companies started operating 4yrs back, some pple r being paid in Africa for not doing their work, suck a silly thing would never hpen in any civilised society, what is the difference b/n this ur lazy action and piram, BOG should get set for potential legal battle from savers, u bunch of jockers. a country of bad news all b/cos pple fails to do their wrk
asare bla bla bla 10 years ago

Kwesi am in tone with you.yes where was BoG when the fraudsters set shop and by the way what is the same BoG talking about soon closing them down.why not right away and persecute the rogues

Kwesi am in tone with you.yes where was BoG when the fraudsters set shop and by the way what is the same BoG talking about soon closing them down.why not right away and persecute the rogues
Michael Agordo 10 years ago

I think this is in the right direction,because some of these micro-finances are dubious.

I think this is in the right direction,because some of these micro-finances are dubious.
Peter brugger 10 years ago

we deal with problem when it gets bid already

we deal with problem when it gets bid already
Justice K Nyande 10 years ago

Bog can close down the institution but make sure the inocent customers are paid with their money deposited.

Bog can close down the institution but make sure the inocent customers are paid with their money deposited.

nash 10 years ago

do something about the cedi falling

do something about the cedi falling
kojo 10 years ago

Hmmm! Better late than never. Pls act fast and intensify public education. These loss of money from Ghanaians has also contributed to the economic crisis. A lot of money are in the hands of few corrupt ppl who have bolted wit ...
read full comment

Hmmm! Better late than never. Pls act fast and intensify public education. These loss of money from Ghanaians has also contributed to the economic crisis. A lot of money are in the hands of few corrupt ppl who have bolted with depositors monies.
Can BOG help retrieve and pay monies lost by Ghanaians over the past 4 years? If our own ppl can dupe us this way then what would foreigners do to us. God have mercy! Some of fraud companies are Prymhedge, US tilapia and Safeway ltd.
sly 10 years ago

Think of innocent ghanians,makesur they get their money back please.

Think of innocent ghanians,makesur they get their money back please.
lexis-gh 10 years ago

where were bank of ghana when the so called registered microfinance such as Noble Dream Microfinance, Eden Microfinance ran away with our monies!!! They should allow them to work! Who told them customers are complaining???

where were bank of ghana when the so called registered microfinance such as Noble Dream Microfinance, Eden Microfinance ran away with our monies!!! They should allow them to work! Who told them customers are complaining???
Dr advicer 10 years ago

pls moda bank of Ghana hold dem tu paid us monies

pls moda bank of Ghana hold dem tu paid us monies
Ishmael Afful 10 years ago

What preveented BOG from informing customers to come for their investment before closing down these Microfinance companies? That is how you secure public money.
You do all these to suit your selfish and corrupt interest and ...
read full comment

What preveented BOG from informing customers to come for their investment before closing down these Microfinance companies? That is how you secure public money.
You do all these to suit your selfish and corrupt interest and lie to us that you are doing these to safeguard customers.
We know you have seized those funds and invested them somewhere else.....otherwise nothing stopped you to have asked all customers to come for their funds.
Please spare us these cheap publications. ...and allow DKM to operate. They have worked smoothly untill u stopped them
Smart Frempah, UK 10 years ago

It will be bad if Ghanaians woke up one morning and boom!!! these institutions are closed. What about the monies of the innocent customers? The BoG should do it rightly and should avoid the citizenry from any loses.

It will be bad if Ghanaians woke up one morning and boom!!! these institutions are closed. What about the monies of the innocent customers? The BoG should do it rightly and should avoid the citizenry from any loses.
Issaka Hamidu 10 years ago

please mother bank, is diamond winners microfinance in the upper east and upper west regions of ghana an credited financial institution?

please mother bank, is diamond winners microfinance in the upper east and upper west regions of ghana an credited financial institution?
E. Amponsah(amponsaheli23@yahoo.com) 10 years ago

Is long overdue. I pitty those who hve investments with these rogue. In fact those behind them must be made to pay depositors or face full rigours of the law. But investors must also not give away their monies like this. This ...
read full comment

Is long overdue. I pitty those who hve investments with these rogue. In fact those behind them must be made to pay depositors or face full rigours of the law. But investors must also not give away their monies like this. This has brought untlod hardship in the Brong Ahafo region.
kwame 10 years ago

lazy BOG, where were u? give customers their monies be4 doing whatever u want. any way try to arrest de falling cedi.

lazy BOG, where were u? give customers their monies be4 doing whatever u want. any way try to arrest de falling cedi.

RT 10 years ago

Don't just close them make sure they pay the customers all their deposits.

Don't just close them make sure they pay the customers all their deposits.
sibiri Donneyag 10 years ago

allow DKM to cm be4 we curse u(Bank of GH).

allow DKM to cm be4 we curse u(Bank of GH).
fanzy 10 years ago

Bog shld give us a break God is love has been operating for close to 5,yrs and it is now that they want to close it people have put huge money in it some families are fallen apart cos of Bog failing to do it work right from t ...
read full comment

Bog shld give us a break God is love has been operating for close to 5,yrs and it is now that they want to close it people have put huge money in it some families are fallen apart cos of Bog failing to do it work right from the beginning.they should give us a break
RANGER 10 years ago

IF BANK OF GHANA CLOSES DOWN THE MICROFININCES WITHOUT GIVEN THE CUSTOMERS MONEY TO THEM, I PROMISE THERE WILL BE SERIOUS BATTLE I N THE COUNTRY .SO IS BETTER YOU ADVICE YOURSELF.

IF BANK OF GHANA CLOSES DOWN THE MICROFININCES WITHOUT GIVEN THE CUSTOMERS MONEY TO THEM, I PROMISE THERE WILL BE SERIOUS BATTLE I N THE COUNTRY .SO IS BETTER YOU ADVICE YOURSELF.
kofi Jag 10 years ago

Am pleading with the BOG to allow the micro finance to pay all their customers. Though it's a good idea imaging people took loans form various Bank's and how will they be able to pay the loan back. Customers are innocent in t ...
read full comment

Am pleading with the BOG to allow the micro finance to pay all their customers. Though it's a good idea imaging people took loans form various Bank's and how will they be able to pay the loan back. Customers are innocent in this case so are pleading forgiveness.
Godwin Alaba 10 years ago

Bik micro in accra swindled a lot of pple ...i think those owners of these phony finance should be made to pay back every single cent they owe every depositors

Bik micro in accra swindled a lot of pple ...i think those owners of these phony finance should be made to pay back every single cent they owe every depositors
john mahama 10 years ago

people will be out of jobs, and be in the streets. this will create more unemployment in the country.you see how bad this gov't is?

people will be out of jobs, and be in the streets. this will create more unemployment in the country.you see how bad this gov't is?
john mahama 10 years ago

Ghana will soon fall apart

Ghana will soon fall apart
sly 10 years ago

Where was bog all this yrs when the so called illegal micro finance started operations and have created employment for a lot young guys which they couldnt,please charge them to do right thing by registering them.closing the ...
read full comment

Where was bog all this yrs when the so called illegal micro finance started operations and have created employment for a lot young guys which they couldnt,please charge them to do right thing by registering them.closing them will not solve the issue,it rather makes it complex since those you are working for are the very people involved.they are ghanaians
Oh Ghana 10 years ago

Look at him oo. Instead of him to arrest the flying cedi look at him oo. Masa just before YOU close a financial institution YOU should make sure they have paid their customers. Your measure for dealing with this problem is v ...
read full comment

Look at him oo. Instead of him to arrest the flying cedi look at him oo. Masa just before YOU close a financial institution YOU should make sure they have paid their customers. Your measure for dealing with this problem is very Silly. Let the institutions PAY their clients first before YOU close them. Because the clients are Ghanaians and they need their money to boost this economy. You should know better ok.

enock K O 10 years ago

we all know these institution has been there for over 4 yes for some of them.
Abf even some politicians had already invested bfr. so at least if u HV now render their service illegal then allow them pay their customers first ...
read full comment

we all know these institution has been there for over 4 yes for some of them.
Abf even some politicians had already invested bfr. so at least if u HV now render their service illegal then allow them pay their customers first or their principal. money with some of the BOG members involve. thnx
Oh Ghana 10 years ago

YOU PEOPLE AT BANK OF GHANA CONNIVE WITH THE FINANCIAL INSTITUTIONS TO DUBBE GHANAIANS AND U LATER COVER THEM THIS WAYS. Idiots....

YOU PEOPLE AT BANK OF GHANA CONNIVE WITH THE FINANCIAL INSTITUTIONS TO DUBBE GHANAIANS AND U LATER COVER THEM THIS WAYS. Idiots....
enock K O 10 years ago

its a lie, so they mean this huge monies collected they will chop it or what...... so I know they will come and pay the principal..... but if they refuse NDC / BOG will ...............

its a lie, so they mean this huge monies collected they will chop it or what...... so I know they will come and pay the principal..... but if they refuse NDC / BOG will ...............
josh 10 years ago

If the financial institutions are illegal then whose fault is it? if as a result of your poor monitoring skills, illegal institutions has sprouted then who should we blame. Return my capital and kill the institutions. thats y ...
read full comment

If the financial institutions are illegal then whose fault is it? if as a result of your poor monitoring skills, illegal institutions has sprouted then who should we blame. Return my capital and kill the institutions. thats your cup of tea. its only in Ghana this nonsense can abound.
Charles 10 years ago

so you want to squander our meagre investments too. I am not surprised at all. You guys are use to these things but as for this one. You cant do that cos my eyes are following waa. Make know mistake otherwise we will get our ...
read full comment

so you want to squander our meagre investments too. I am not surprised at all. You guys are use to these things but as for this one. You cant do that cos my eyes are following waa. Make know mistake otherwise we will get our monies back by hook or crook
Musa 10 years ago

you want more social misfits in the ghanaian society and more misfits you shall get. Bring back the monies or....

you want more social misfits in the ghanaian society and more misfits you shall get. Bring back the monies or....
Akpos 10 years ago

Hey guy. if no bring awana monies u go feel me personally. u cant hide forever

Hey guy. if no bring awana monies u go feel me personally. u cant hide forever
Khalit ,Bolga 10 years ago

If U close down this institutions without giving the clients their money back b4 closing them, then it means the BOG has connived with them to dupe the public bcs some of these institutions have been in the system for more th ...
read full comment

If U close down this institutions without giving the clients their money back b4 closing them, then it means the BOG has connived with them to dupe the public bcs some of these institutions have been in the system for more than 4 years and where was de bog when they started....BOG wake up from ur slumber and give the clients their money back
morgan A 10 years ago

BOG is not doing any supervision. how can this institutions operate for a long time and you dont know. the management of BOG are not fit to work there. that is why they cannot manage the CEDi.

BOG is not doing any supervision. how can this institutions operate for a long time and you dont know. the management of BOG are not fit to work there. that is why they cannot manage the CEDi.
Nana kwabena 10 years ago

So where was BOG and their financial intelligence for almost three years when this financial institutions and fun clubs have publicly been in operation? It is not the responsibility of BOG to protect its customers? So while ...
read full comment

So where was BOG and their financial intelligence for almost three years when this financial institutions and fun clubs have publicly been in operation? It is not the responsibility of BOG to protect its customers? So while the closing down and not properly regulating them in such a way that they will adhere to their regulations. But instead closing and let the people you seem to protect suffer at end.Ain't we lucky that this institutions have not ran away with our money but rather you BOG has frozen their accounts. So why don't let the customers have their money or better still enforce the institutions to do the right thing which at end it will create employment for others and they will contribute also to the economic growth of this Country.
morgan A 10 years ago

BOG is behaving like the police, they will collect bribe and allow the financial institutions to operate illigally and pretend they are not aware. fire burn BOG workers expercially the supervision department workers

BOG is behaving like the police, they will collect bribe and allow the financial institutions to operate illigally and pretend they are not aware. fire burn BOG workers expercially the supervision department workers
owusu Emmanuel 10 years ago

if bank of Ghana is having problem with the varios clubs why shouldnt they ralease the customers moneys to them.there is no work in this country and some one has bring this good thing in this country and bank of ghana ...
read full comment

if bank of Ghana is having problem with the varios clubs why shouldnt they ralease the customers moneys to them.there is no work in this country and some one has bring this good thing in this country and bank of ghana is refusing to accep this in the country some customers has even sold their cars houses and other properties in other to gain profit to cater for their children so bank of ghana should release the customers moneys to them.
B@meat 10 years ago

If you are closing them down, give depositors their money. I dont understand what business the ministry of justice has to do with this closure of MFI, or another govt scam? Dont make me believe that BOG has 'chop' depositors ...
read full comment

If you are closing them down, give depositors their money. I dont understand what business the ministry of justice has to do with this closure of MFI, or another govt scam? Dont make me believe that BOG has 'chop' depositors and innocent clients money. Hmmmm yooo
Denyina Emmanuel 10 years ago

please BoG we need our monies immediately. many people have stroke and other diseases because they have huge sums of monies in these fun clubs.please guide them to give our monies to us.we are dieing gradually.

please BoG we need our monies immediately. many people have stroke and other diseases because they have huge sums of monies in these fun clubs.please guide them to give our monies to us.we are dieing gradually.
Godfred 10 years ago

Good name is better than ...., must people are complaining about how hot it's in Ghana. Who should we trust. God bless mother Ghana.

Good name is better than ...., must people are complaining about how hot it's in Ghana. Who should we trust. God bless mother Ghana.
BOAMAH COLLINS(CHAPTER) NKORANZA. TEL 10 years ago

BOG pls u should hear me well. You and NDC government has collabrate to close financial instituetion when it is about to election so as to grap innocent people money for campain. Either licence or not you should hand over our ...
read full comment

BOG pls u should hear me well. You and NDC government has collabrate to close financial instituetion when it is about to election so as to grap innocent people money for campain. Either licence or not you should hand over our money to us before u close them. Where were so called BOG when they started their operation. Does a passenger ask a driver about his/her driving licence before he/she join that car?. It is policeman duty to check that. So if a driver found as a victim then the police will arrest the driver and can delay the car as well by finding new car to take the passengers to their various destinations. These issues also relating to that example made. We know ur tricks. BOG wants to prove to the public that, they re not doing their work well or they don't know their work. My live is in that money. Currupt instituetion like BOG and currupt government like NDC government (John Mahama). If you want we the youth to take guns by the road side for robbering then BOG and the government should tell us and we will do so. WHY? It is too much. people are dying, crying, marriage break-down, suicide etc at Nkoranza. WHY !? WHY !!? WHY !!!? A man will die once but after death, there is judgement.
LAARI 10 years ago

BOG is rather punishing we the costumers of those micro finances. How can we retrive our money? what is the criteria as to how we will claim our money?, are the leaders of Ghana thinking about we The poor citizens at all?.I w ...
read full comment

BOG is rather punishing we the costumers of those micro finances. How can we retrive our money? what is the criteria as to how we will claim our money?, are the leaders of Ghana thinking about we The poor citizens at all?.I went for a loan of ghc8000 and made my first deposite with god is love funclub. I have not benefit from that, Now i dont have any thing to earn a living. I wil kill myself as others are doing but I wil kill eight ppl b4 if am not able to recieve my money by the end of october, bcos i can't survive any more ghc8000 debt of 32% interest.0241719771
destiny 10 years ago

I don't know how to classify BOG, for abt 5yrs this God is love has being there. where was BOG? u are now telling us they are illegal their mother. if they are illegal their mother as BOG is saying we the customers need our ...
read full comment

I don't know how to classify BOG, for abt 5yrs this God is love has being there. where was BOG? u are now telling us they are illegal their mother. if they are illegal their mother as BOG is saying we the customers need our money and nothing else. this illegal something that BOG is talking about are ready to serve us than BOG who doesn't know wat to do. pls give us a break and let get our money.
destiny 10 years ago

Don't know how to classify BOG. they are such useless, where were they wen these fan clubs started operating. now they are illegal. fine if they are as u say, is the money invested there also illegal money and they can be sei ...
read full comment

Don't know how to classify BOG. they are such useless, where were they wen these fan clubs started operating. now they are illegal. fine if they are as u say, is the money invested there also illegal money and they can be seized? We know that if u have a useless father yet still he is ur boss so wat we want is our money. u can take these illegal fan clubs to hell.
korang 10 years ago

pls if it is true dat bog is doing this in favour of Ghanaians pls then they shld pay the customers money before closing down.if not am afraid dat people will go broke.

pls if it is true dat bog is doing this in favour of Ghanaians pls then they shld pay the customers money before closing down.if not am afraid dat people will go broke.
BOG 10 years ago

BOG is causing fear and panic. people need their money to pay their school fees. with this illegal microfinance or fan clubs that u are talking abt has been able to get ppl capitals to do their own business which u couldn't d ...
read full comment

BOG is causing fear and panic. people need their money to pay their school fees. with this illegal microfinance or fan clubs that u are talking abt has been able to get ppl capitals to do their own business which u couldn't do and u are embarrassing them. God save Ghana
DANIEL ATTA SARFO 10 years ago

I SUGGEST THAT, THIS INSTITUTIONS LIKE GOD IS LOVE FUN CLUB SHOULD PAY THEIR CUSTOMERS IMMEDIATELY BEFORE TAKING THEM TO COURT.
THEY ARE MORE THAN ARM RUBBERS AND BANK OF GHANA MUST DEAL WITH THEM DRASTICALY.

I SUGGEST THAT, THIS INSTITUTIONS LIKE GOD IS LOVE FUN CLUB SHOULD PAY THEIR CUSTOMERS IMMEDIATELY BEFORE TAKING THEM TO COURT.
THEY ARE MORE THAN ARM RUBBERS AND BANK OF GHANA MUST DEAL WITH THEM DRASTICALY.
Maxwell Dormaa 10 years ago

People aa dying ooooo bog release our money

People aa dying ooooo bog release our money
BOAKYE EVANS ACQUAH 10 years ago

U people should think of paying the customers before u close down these institutions since we the customers are Ghanaians. We need our money to do something better pls. Infact, curses will come upon u if u fail to pay de clie ...
read full comment

U people should think of paying the customers before u close down these institutions since we the customers are Ghanaians. We need our money to do something better pls. Infact, curses will come upon u if u fail to pay de clients!!
JAMES KWABENA AIDOO 10 years ago

BANK OF GHANA PLEASE OUR LEADERS HELP AS UR MONEY IF U DO THAT GOD WILL HELP U PEOPLE THANK U

BANK OF GHANA PLEASE OUR LEADERS HELP AS UR MONEY IF U DO THAT GOD WILL HELP U PEOPLE THANK U
DEAD GOAT 10 years ago

PLS INSTRUCT THEM TO GIVE OUR MONIES BACK TO US AND SURELY WE WILL SEND THE MONEY BACK TO DE AUTHENTIC BANKS.

PLS INSTRUCT THEM TO GIVE OUR MONIES BACK TO US AND SURELY WE WILL SEND THE MONEY BACK TO DE AUTHENTIC BANKS.
DEAD GOAT 10 years ago

NDC WILL LOSE 2016 BIG-TIME IF WE DO NOT GET OUR PRINCIPAL.

NDC WILL LOSE 2016 BIG-TIME IF WE DO NOT GET OUR PRINCIPAL.
Raymond Asaana 10 years ago

BoG if anthing why don't u put things together & pay customers thier benefit for they are suffering even if the institutions would not be allowed to operate.

BoG if anthing why don't u put things together & pay customers thier benefit for they are suffering even if the institutions would not be allowed to operate.
AA 10 years ago

Before you close down GOD is love please we need our money before any other thing please, people are dying every day because of this problem and remember you when voting time comes and you did not see people voting you have t ...
read full comment

Before you close down GOD is love please we need our money before any other thing please, people are dying every day because of this problem and remember you when voting time comes and you did not see people voting you have to blame yourselves because so many of us are taking it politically because it seems you don't have pity for others. Wht don'ty ou allow them pay every one off and then announce it that you don't want such illegal people in the country but rather you locked up our monies and you're not even thinking of how to pay the poor off, please think about it before things get rough.
ibn 10 years ago

Bank of gh.have to let them pay the clients before closing them

Bank of gh.have to let them pay the clients before closing them
MIKE 10 years ago

I think BOG itdelf is the PYRAM. How can u close down a financial institution without thinking about ways let depositors get their monies paid to them.

I think BOG itdelf is the PYRAM. How can u close down a financial institution without thinking about ways let depositors get their monies paid to them.
kofi 10 years ago

Is a gud decision to close down illegal financial institutions BT make sure customers moniz are payed,tinz are v tedious in d country plsssss listen to d cry of d customers

Is a gud decision to close down illegal financial institutions BT make sure customers moniz are payed,tinz are v tedious in d country plsssss listen to d cry of d customers

62 Comments

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

BoG to close down illegal micro-finance institutions

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (62)

Read Comments Comments (62)