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385 microfinance companies make BoGs list of non-bank financial institutions in good standing

About 385 microfinance companies have made it onto the list of the Bank of Ghana’s non-bank financial institutions in good standing.

The BoG is taking steps to ensure that only licensed Microfinance institutions are allowed to operate. To this end, the regulator has released microfinance institutions it describes as credible.

The notice shows that as of July this year, there are 435 financial institutions that are in good standing with the regulator.

They have met all the necessary conditions to operate and even take funds from the public.   

Out of the  435, 385 of the institutions are microfinance institutions, 60 are money lending companies whiles  remaining 10 are  Financial NGO’s. 

The regulator is hopeful that putting out the list can help weed out the bad institutions and also  empower the public to know which intuition to deal with in order to ensure their funds are safe.

The list, will and also compel those that are not in good standing to regularize their position.