Audio By Carbonatix
The number of microfinance companies operating in the country with the Bank of Ghana's approval is now 394.
They include 45money lending companies and 5 financial nongovernmental organisations.
This represents a little over 100 percent jump since 2012.
The Central Bank has also refused license to nearly 100 firms for failing to meet the requirements.
Speaking at a program to present some vehicles and computers to the various Micro-finance Associations, Adviser to the Governor, Akofa Avorkliyah says they are committed to bringing sanity into the industry.
“Clearly the size of the microfinance industry has increased tremendously within a short spate of time, and I am informed that more applications are being received for our consideration.”
As the regulators, Akofa Avorkliyah said the Bank of Ghana would need more resources logistics for effective regulation and monitoring.
Latest Stories
-
Abronye DC retains NPP Bono East Regional chairmanship
2 minutes -
NSMQ 2026: Check out the 147 schools battling in 49 preliminary contests
6 minutes -
NPP rebuilding to reclaim parliamentary seats lost in 2024 – Annoh-Dompreh
18 minutes -
GoldBod has not made GH₵1.7bn loss – Prof Ebo Turkson
46 minutes -
Legal vacation trials involving politicians raise fair play concerns – Baffour Awuah
47 minutes -
‘It should have been negotiated’ – Dafeamekpor on lawyers’ dispute with CJ over vacation hearings
1 hour -
Ablakwa announces special bonus for passport staff after GSS ranks service among least corrupt institutions
1 hour -
Mövenpick Ambassador Hotel will deepen community engagement as it marks 15 years – General Manager
2 hours -
Mad rush for GH¢15 KFC deal as massive queues hit branches nationwide
2 hours -
Firefighters contain raging fire at Labadi Wireless
2 hours -
Photos: Police engage religious leaders at National Police Headquarters
2 hours -
Gov’t invests GH¢443m in Free Primary Health Care – Dr Asare Bampoe
3 hours -
ECG announces power outages in parts of Accra West and Central regions
3 hours -
Otumfuo calls for urgent action to end maternal deaths in Ghana
3 hours -
Prioritise Bawumia’s interest and vote on merit – NPP elder urges delegates
3 hours