BoG pins down illegal microfinance company in Sunyani

The Bank of Ghana has cautioned the public against investing with an unlicensed microfinance company; Agro Development Fund Services Limited.

The company is reported to be operating from its office located at A67/3, Asufufu, opposite the Sunyani Traditional Council, Sunyani.

A statement from the central bank and signed by its Secretary, Caroline Otoo said the company is “carrying on the business of microfinance without a licence from the Bank of Ghana.”

The statement added that “anyone who does business with Agro Development Fund Services Limited, does so at their own risk.”

The caution follows the recent debacle involving DKM Microfinance Company which was also based largely in the Brong Ahafo region.

Affected customers are still being paid their locked up investments which are estimated to be running into millions of cedis.

The unfortunate development follows the halt of the company’s operations in 2015 for flouting some rules guiding legal operations in the financial sector.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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