Manager worried about unlicensed micro-finance companies

Sunyani, April 18, GNA – Mr Emmanuel Antwi, Sunyani Branch Manager of Xpress Link Micro-Finance Limited, on Thursday expressed concern about the springing up of unlicensed micro- finance institutions in the country.

Mr. Antwi, in an interview with the Ghana News Agency in Sunyani, appealed to the Bank of Ghana (BOG) to check the operations of unregistered micro-finance institutions.

He advised the public to ascertain the background of micro-finance institutions before doing businesses with them, and lamented that some micro-finance companies operating without provisional license from the BOG, were duping customers.

Mr. Antwi said with the passage of the micro-finance law in 2011, the BOG had the mandate to close down unlicensed micro-finance companies.

He said the company had disbursed soft loans amounting to Gh¢ 10,000 to operators of small-scale businesses.

Mr. Antwi advised all micro-finance companies to register with the Ghana Micro-Finance Association, to be able to assist the BOG to clampdown on the unlicensed companies. GNA