In Response to Fraud, Bank of Ghana Puts Hold on Issuing New Microfinance Licenses

Wednesday, April 27, 2016

The Bank of Ghana (BoG) has put on hold the issuing of new licences to microfinance companies.

The move is part of efforts by the central bank to sanitize the industry which was recently hit with a number of fraud cases.

The development led to customers of micro-finance companies such as DKM and God is Love Fun Club and many others to lose millions of cash following fraudulent activities of the companies.

According to the Governor of the Bank of Ghana, Dr. Abdul Nasir Issahaku ‘right now, we don’t issue any license at all, until we successfully sanitize our industry and it is important.

Source: GhanaWeb (link opens in a new window)