BoG strategises to sanitise operations of microfinance institutions 

The Bank of Ghana (BoG) says it is reviewing the approval processes regarding Microfinance Institutions. 

The move is to prevent the operation of micro finance institutions which tend to defraud clients. 

This is in view of the recent revocation of approval of 70 microfinance institutions and the moratorium placed on DKM, Diamond Finance Limited.  

At a media briefing in Accra, the Deputy Governor of the Bank of Ghana, Millison Narh, indicated that all regional offices and financial intelligence units are being resourced to improve surveillance of the micro finance landscape.  

He said collaboration with law enforcement agencies is also being improved to swiftly handle issues when they occur.

GBC