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.