Skip to main content

BoG appeals to Savings and Loans firms to stop operation of unlicensed operators



By: Fred Yaw Sarpong


Bank of Ghana (BoG) has appealed to the Savings and Loans Companies in the country to help end the regime of all unlicensed financial institutions exploiting the rural poor in unserved and underserved areas of the country.

The 1st Deputy Governor of the Bank of Ghana Mr. Millison Narh at a meeting with the Savings and Loans firms appealed to the companies to end exploiting the rural poor by unlicensed financial institutions

He was commenting on the role and impact of Savings and Loans Companies in promoting financial inclusion in Ghana.

Mr. Narh said it is good for non-bank financial institutions to penetrate the rural areas as they tend to be concentrated in the cities and large towns.

He however said most of these institutions have left room for unlicensed institutions to operate in such areas, exploiting patrons who are already poor.

He promised that the central bank will take critical action against all unlicensed financial firms operating in the country.

The Chief Executive Officer of the BEIGE Capital Savings and Loans Limited Mr Mike Nyinaku told Daily Express that his outfit pledged support to the Central Bank decision.

“We accept the challenge by the BoG to reach unserved and underserved parts of the country and for us at BEIGE Capital this ideal held by the Central Bank is in sync with our medium term strategic direction and pledge our support to help BoG to bring to a halt activities of unlicensed financial institutions exploiting their patrons,” said Mr. Nyinaku.

“It is actually part of our medium term ending 2018 strategic plan to expand our business across all the regions of Ghana and more especially to be at the doorstep of Ghanaians in the rural and smaller towns” he added.

Recent data available to the Bank of Ghana indicates that 80% of Ghana’s population is unbanked and the country’s financial sector is dominated by banks, with non-bank financial institutions accounting for 11% of total financial sector assets, and savings and loans companies with 5.7% of total assets.

Comments

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some ...
Post a Comment
Read more

Barbering Salons, bridging the unemployment gap in Ghana

By: Fred Yaw Sarpong Barbering business in Ghana is money making venture, depending on the location of the shop. Various barbering shops scattered across the country charges according to the location of the shop. The nature and sustainability of every barbering shop depends on the location of the shop. The location will determine how much one can charge a customer for barbering his or her hair. Checks indicate that some barbering shops located at Spintex, East Legon and Osu Oxford street charges between GHc15.00 and GHc20.00 per hair cut. At South La Estate, it will cost a customer to pay GHc4.00 for hair cut, while one will have to pay GHc3.00 to barber his or her hair at a place like Nima, Maamobi and Mallam Gbawe. Royal Vulture Executive Barbering Salon is one of the biggest barbering salons one can locate within Accra. One is its shops is located at Madina, near Taxi rank while one is located at Accra New Town, near the Post Office. Customers at Madina pay GHc7.00 ...
7 comments
Read more