Microfinance firms advised not to flout BoG regulations

Mr Divine Bonnie, a retired Banker has advised  microfinance service companies not to flout financial regulations set up by Bank of Ghana (BOG) to enable them to render quality services to their customers.

He said the rationale behind establishment of microfinance was to serve as a tool to reduce financial difficulties facing small scale enterprises and traders in urban and rural areas.

Mr Bonnie, who was also a former Manager of the Ghana Commercial Bank was speaking at the inauguration of the Agona Swedru branch of the JH Microfinance Services at Swedru.

The Retired Banker said microfinance institutions are also meant to mobilize savings and giving financial supports to market women and other businesses.

He expressed regret that some of the microfinance companies operate as banks but ended up duping customers by bolting with their monies and truncating their businesses.

Mr Bonnie hoped that JH Microfinance services would take advantage of the booming businesses in the Agona West Municipality to mobilize surplus and idle sources and offer them back as loans to traders and market women in the area.

Mr Bonnie said Agona Swedru is a hub of economic activities in the Central Region and urged JH Microfinance service to operate within the laws.

Mr Ebenezer Aidoo, Board Chairman of JH Microfinance Service said the company would never disappoint its customers by bolting with their savings.

He said the Management would develop comprehensive products that would help customers in the Agona West Municipality to boost their businesses.

Mr Aidoo said the management has also lined up training programmes for customers in the areas of book keeping, financial management, essence of savings, business management and others to help improve their businesses.

Source: GNA