31 microcredit, 137 microfinance firms to remain operational – BoG

31 microcredit, 137 microfinance firms to remain operational – BoG
Source: Ghana | JoyBusiness | JAD
Date: 03-06-2019 Time: 11:06:30:am
BoG last Friday revoked the licences of 386 insolvent microfinance and microcredit companies

The Bank of Ghana (BoG) says about 137 microfinance and 31 microcredit companies are currently in good standing and would, therefore, remain operational in the country.

This is after the BoG revoked the licences of some 386 insolvent microfinance and microcredit companies. 

This includes 192 microfinance companies having their licenses revoked with another 155 insolvent companies that have ceased operations also suffering the same fate.

The Central Bank in a press release Friday also revoked the licences of 29 insolvent microcredit companies.

BoG explained that regarding the microfinance companies, it took the action pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). 

Click below to find the list of Microcredit and Microfinance companies that are operational:

Microcrdit

Microfinance