The Bank of Ghana (BoG) says it is set to implement a new capital requirement of GH¢1 million for microfinance companies from the second quarter of this year.
This represents a 100% increase in the capital requirement for firms hoping to enter the industry.
Speaking on Business Trends on Joy FM Director of Other Financial Institutions Supervision Department of the Bank of Ghana, Raymond Amanfo, said the increment has become necessary because of developments in the sector.
The sector has in recent times been mired in reports of fraudulent operators.
The Bank of Ghana has released a list of over 100 microfinance companies that are operating illegally.
According to Bank it first wants to release the list before proceeding to close them down.
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