Bank of Ghana alerts public in dealings with micro finance firms

The Bank of Ghana (BOG) has alerted the public to be more careful in their dealings with the micro-finance companies to avoid being fleeced of their monies.

They need to first consult the Central Bank to verify the credibility of any such company before they enter into any business transaction with them.

Mr James Addai, the Ashanti Regional Manager, said it was important for prospective clients to scrutinize the background and to find out whether they had been properly registered with the BOG.

This, he noted, would help to reduce fraud and other illegal activities which had led to the loss of huge sums of money by unsuspecting clients in recent times.

Mr Addai said this when speaking at the opening of a new branch of the Nwabiagya Rural Bank at Bompata in Kumasi.

He praised the bank for what he said was its “sterling performance” over the years and urged the board and management to continue to design innovative strategies to attract more customers.

Nana Owusu Sarfo Anwona, the Board Chairman, announced that the bank had received a $1 million credit facility from the government of the Netherlands to support women traders in its catchment area.

He said the bank, which now operates eight branches, has been adjudged one of the best performing rural banks in terms of profitability and lending to its customers.

Nana Anwona appealed to traders in the central markets and its environs to take advantage of the new branch to do business with them in order to expand their businesses.

Mr Samuel Nuamah Danquah, the General Manager, said the new branch has been designated as a micro finance outlet and would offer business advice and build the capacities of customers to help them to make maximum use of credit facilities to boost their operations.

Source: GNA