Dr. Nii Kotei Dzani, CEO, Ideal Finance
The Chief Executive Officer (CEO) of Ideal Finance, Dr. Nii Kotei Dzani has asked the Bank of Ghana (BoG) to speed up the process of getting rid of unscrupulous financial institutions in the country.
This, according to him, will restore confidence in the financial sector.
Dr. Dzani, who was speaking to members of the Association of Rural Banks at Wenchi in the Brong Ahafo Region, said the recent happenings in the sector, especially with the microfinance institutions, had affected the confidence people had in financial institutions including rural banks.
His call follows the withdrawal of the licenses of some 70 financial institutions, mostly in the Brong Ahafo Region.
These financial institutions in the Brong Ahafo were alleged to have defrauded hundreds of customers by asking them to deposit their monies to earn unrealistic interests.
Dr. Dzani believes most of the people, who were defrauded, do not know the difference between microfinance institutions, finance houses and rural banks.
He charged the Central Bank to strictly apply its sanctions where necessary.
Dr. Dzani disclosed that Ideal Finance, which has three other subsidiaries namely Ideal Capital Partners, First Trust Savings and Loans and Ideal Finance Limited, had earmarked GH¢52 million to support rural banks.
By Cephas Larbi