Ghana licenses 508 microfinance companies

There are currently 508 licensed microfinance companies in Ghana, but the number of companies in operation is unknown. It is believed that there are some that are operating illegally.

Raymond Amanfu, Head, Other Financial Institutions, Supervision Division of the Bank of Ghana told journalists today May 13, 2015 in Accra that the Bank has so far licensed 508 microfinance companies but the number in operation could be higher, because there are some operating illegally.

He said the required capital for microfinance companies is currently pegged at GH¢500,000. He said however, that the central bank is reviewing the regulations governing the microfinance sector following developments in the sector and what the Bank is learning about the industry.

By Emmanuel K. Dogbevi