Mixed reactions as microcredits faces possible shutdown

Microfinance companies required to meet a minimum capital of ¢2 million by close of Friday, February 28, 2020.

Some institutions say they cannot raise the required amount.

JoyNews’ Nancy Emefa Dzradosi during a visit to NDL micro-credit Limited in Teshie, discovered that the establishment is likely to be shut down since it has not raised even half of the amount set by the Central Bank.

Meanwhile, customers are terrified of a possible shut down since the absence of the company will take a toll on their livelihood.

“My car broke down at Keta and I had to leave it there because I didn’t have money to fix it, this company gave me money as soon as I request and I went back to fix my car,” one customer recounted.

Another was of the view that: “We are all sad because if today, they [BoG] shuts down this company we do not know what we will do. Because they help me a lot and I am scared that if they should shut it, I will go through a lot of hardships.”

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Central bank

Microfinance companies