After the Bank of Ghana revoked the licence of about 347 microfinance institutions in Ghana only 137 microfinance companies are in good standing.
According to a release by Bank of Ghana, 137 microfinance companies will continue to operate and as such the Bank of Ghana has put measures in place to ensure that the remaining microfinance remain safe.
“Following the revocation of the licenses of these institutions, a total number of 137 microfinance companies will continue to operate. Going forward, the bank of Ghana has put in place measures to ensure that the existing institutions remain safe and sound by complying with relevant prudential norms,” the statement added.
The BoG also disclosed that, as part of the other measures put in place to prevent the revocation of licenses of the microfinance companies in the future, the minimum capital requirements for the sector will be reviewed upwards.
The BOG also announced strict supervision of licensed institutions and enforcement of the regulatory requirements as well as introducing a proportional corporate governance and risk management directives.