One of Ghana’s leading microfinance companies, Bayport Financial Services has declared its full support for the central bank’s proposed upward review of the minimum capital for microfinance companies. The Bank of Ghana recently announced it would review the GHC100,000 minimum capital deposit required for a microfinance license in the country. Banks are required to deposit a minimum of GHC60million at the central bank for a license to operate, while savings and loans companies are required to deposit GHC7million, but microfinance companies deposit a paltry GHC100,000. This has been a headache for many well-meaning players in the financial industry, particularly because microfinance companies are allowed by law to take deposits and do loans of up to GHC1million. So when they fold up and get away with such huge moneys, the central bank becomes handicapped and often unable to pay of the customers who lost their moneys because the minimum deposit is not enough. When BOG announced the proposed review some microfinance companies came out and opposed it but the Managing Director of Bayport Financial Service, Kofi Adu Mensah says he disagrees with his colleagues and supports the BOG. He told ADOMBUSINESS the increase would help to protect customers who usually fall victim to recalcitrant microfinance companies, adding that it would also restore confidence in the microfinance sector. Mr. Adu Mensah said Bayport is a tier one microfinance company and has lived up to its responsibility over the 10 years it has been operating in this country, adding that “we are not worried at all about increasing our minimum deposit at the central bank.” He said over the 10 years, the company had focused mainly on giving loans to salaried workers but it has recently begun giving loans to small-scale businesses in some regions in the country, adding that it is gradually expanding that service across country. Meanwhile as Bayport celebrate its 10th year in Ghana this year, Mr. Adu Mensah said they are organizing “Happy Hour” session across all 28 branches in the country just to party with their partners and express their gratitude to them for their support over the decade. He said the company will climax the celebration with an awards night where it would reward its best customers, partners and staff and also launch a new logo for the company.