About 319 microfinance institutions licensed to operate – BOG

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About 319 microfinance institutions across the country have been licensed to operate and are in general compliance with the central bank’s guidelines, the Bank of Ghana has said.

“The Bank of Ghana has noted the challenges in the microfinance sector and would like to assure the public that it is taking steps to address these challenges,” the central bank said in a statement.

“The Bank has been monitoring Microfinance Institutions (MFIs) through offsite surveillance and on-site examination, and also has held a number of meetings with the shareholders and management of the affected institutions,” the statement signed by Caroline Otoo, Secretary to the central bank said.

“Together with the Government, the Bank is working on a comprehensive reform program to address the challenges in the sector, and strengthen regulatory and supervisory oversight,” the statement concluded.

According to the list, the Greater Accra region has the highest number of licensed microfinance institutions with 211 with none licensed in the Upper East region.

According to the list, the Greater Accra region has the highest number of licensed microfinance institutions with 211 with none licensed in the Upper East region.

 Source: JoyBusiness

 

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