About 385 microfinance companies have made it onto the list of the Bank of Ghana’s non-bank financial institutions in good standing.
The BoG is taking steps to ensure that only licensed Microfinance institutions are allowed to operate.
To this end, the regulator has released microfinance institutions it describes as credible.
The notice showed that as of July this year, there were 435 financial institutions that were in good standing with the regulator.
They met all the necessary conditions to operate and even took funds from the public.
Out of the 435, 385 of the institutions are microfinance institutions, 60 are money lending companies whiles remaining 10 are Financial NGO’s.
The regulator was hopeful that putting out the list could help weed out the bad institutions and also empower the public to know which intuition to deal with in order to ensure their funds are safe.