BoG To eliminate unregistered micro-finance groups

Dr. Henry Wampah,  Governor BoG
The Bank of Ghana (BOG) is collaborating with security agencies to locate and eliminate unregistered micro-finance agencies operating in the country.

Desmond Agbobah of the BOG Financial Institutions Supervision Department gave the hint at a colloquium of tertiary students in Ho as part of the 2014 National Financial Literacy Week celebration.

The week, held under the aegis of the Ministry of Finance, was on the theme: ‘Financial Literacy-Key to a Secured Future.’

Mr Agbobah said the cooperation between security agencies and BOG was in line with the Central Bank’s policy to reorganise the micro-finance sector.

He said as a result of that reorganisation process, the collapse of micro-finance companies had become rare over the past three years.

Mr Agbobah said clients that wish to do business with micro-finance companies must check the BOG certification and not a certificate of incorporation.

Mr Agbobah said there were currently 390 fully registered micro-finance organisations, 50 money lenders and seven financial NGOs.

Richard Afaglo, an Insurance Executive with the State Insurance Company, who represented the National Insurance Commission, stressed the need for people to take policies to cover the various risks they faced.

He said claim processing was not as rigorous as perceived by the public.

Fredrick Dah, Executive of the Securities and Exchange Commission, said a Capital Market Week was being planned during which investment activities and opportunities would be hyped.

Use pix of Dr. Wampah, Governor, BoG

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