These companies are operating in Wa, Sunyani,Techiman, Nkoranza, Koforidua, Ho, Brekum, Bolgatanga, Kete Krachi and Dambai.
According to BOG, it is not responsible for the liabilities that may arise from the activities of such companies as their operations are contrary to section 4 of the Banking Act 2004.
’A number of microfinance institutions seem to equate visibility with viability and have embarked on some branch expansion without the needed capital; thus putting customers deposits at risk.’’ BoG’s Head of Other Financial Institutions Supervisory Department, Raymond Amanfu said.
According to him, the central bank will leave no stone unturned in clamping down on such illegal companies. -BoG
Click “Continue Reading” to see this 10 Fake Microfinance Institutions