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
-
Bahamas World Relays: Ghana paired with world and Olympic champions in Heat 1
2 hours -
Bahamas 2024 Relays: Star-studded cast ready to put on pre-Paris show
3 hours -
Bahamas Relays preview: clash of global title-winning teams in men’s 4x100m
3 hours -
Arsenal keeper Raya wins Premier League Golden Glove
3 hours -
Iñaki Williams scores twice in Athletic Bilbao’s win over Getafe
3 hours -
Argument with Salah ‘completely resolved’ – Klopp
3 hours -
Reus to leave Dortmund at the end of the season
4 hours -
Uefa confirms 26-man squads for Euro 2024
4 hours -
Teacher Unions press home demands for the new allowances
4 hours -
Media’s failure to hold government accountable for ‘galamsey’ alarming – Mahama
4 hours -
Keta Presbytery urges Akufo-Addo to assent to anti-LGBTQ+ Bill
4 hours -
Ghanaian midfielder Lawrence Ofori nets maiden goal of the season with stunner against Vizela
4 hours -
Community fearful after off-duty policemen shot dead at East Trasacco
4 hours -
Dext Technology partners KNUST to train basic school teachers on STEM
5 hours -
My efforts led to remarkable transformation in Appiatse – Lands Minister
5 hours