The Bank of Ghana has received over 300 applications from firms seeking to operate under the second tier of the regulated microfinance institutions. Regulated activities under the Non-bank Financial Institutions Act 2008, increased from a single tier to four tiers, to include Susu companies, Susu collectors, money lenders and Financial NGOs. Susu companies taking deposits and making profits are to operate under the second tier of regulated regime, which was expected to take effect from January 2012. Such companies are to hold an initial minimum paid-up capital of not less than Gh¢100,000.00 for one unit office. Franklin Belnye, Director, Banking Supervision Department, Bank of Ghana says issuance of licensing should begin by the end of this quarter, when processing of applications is concluded. “The licensing process is going to be in two steps; the provisional process and the final license. The provisional process allows us to see that your position is feasible, the business can operate but we need to know more about the people behind the company; we have to do due diligence checks on them…after that only can we issue the final license”, he told Luv Biz Report at the maiden Annual General Meeting of the Ghana Association of Microfinance Companies (GAMC) – Northern Sector. The AGM was on the theme: “The Era of Microfinance Regulations in Ghana, Prospect and Challenges. The Association is recognized by the Bank of Ghana as an umbrella body for second tier microfinance operators, to ease dissemination of policies and programmes and instill sanity in the industry. National Board Chairman, Collins Amponsah-Mensah, says the regulation is enriching the operations of the sector “because the regulation comes with conditions and we’re all putting our systems in place in a way that we’ll be able to qualify for the license from the regulator”. The Association is intensifying its outreach programme to register more microfinance firms to obtain the requisite license to operate.