{"id":146202,"date":"2015-08-25T08:39:14","date_gmt":"2015-08-25T08:39:14","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=146202"},"modified":"2015-08-25T11:19:11","modified_gmt":"2015-08-25T11:19:11","slug":"bog-names-and-shames-10-unlicensed-microfinance-institutions","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/08\/bog-names-and-shames-10-unlicensed-microfinance-institutions\/","title":{"rendered":"BoG names and shames 10 unlicensed microfinance institutions"},"content":{"rendered":"<p>The Bank of Ghana (BoG) has identified some 10 unlicensed microfinance institutions operating in the country and has warned the public to desist from doing business with any of them.<\/p>\n<p>[contextly_sidebar id=&#8221;r3R8GCX4KaAtPoLasjOvLq1FfGO0QoKr&#8221;]The institutions identified are,<\/p>\n<ul>\n<li>Care for Humanity International,<\/li>\n<li>Bouyant Investment Limited,<\/li>\n<li>God is love Fun Club,<\/li>\n<li>Perfect Edge Group,<\/li>\n<li>Perfect Business Fun Club.<\/li>\n<li>P.M. Ey3 Adom Fun Club,<\/li>\n<li>Creative Fun Club,<\/li>\n<li>Little Drops Helping Hand Association,<\/li>\n<li>Financial Giants Fun Club<\/li>\n<li>Great Winners Fun Club.<\/li>\n<\/ul>\n<p>These companies are operating in Wa, Sunyani,Techiman, Nkoranza, Koforidua, Ho, Brekum, Bolgatanga, Kete Krachi and Dambai.<\/p>\n<p>According to BOG, it is not responsible for the liabilities that may arise from the activities of such companies as their operations are contrary to section 4 of the Banking Act 2004.<\/p>\n<p>\u2018\u2019A number of microfinance institutions seem to equate visibility with viability and have embarked on some branch expansion without the needed capital; thus putting customers deposits at risk.\u2019\u2019 BoG\u2019s Head of Other Financial Institutions Supervisory Department, Raymond Amanfu said.<\/p>\n<p>According to him, the central bank will leave no stone unturned in clamping down on such illegal companies.<\/p>\n<p>&#8211;<\/p>\n<p>By:\u00a0 Lorrencia Nkrumah\/citifmonline.com\/Ghana<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has identified some 10 unlicensed microfinance institutions operating in the country and has warned the public to desist from doing business with any of them. [contextly_sidebar id=&#8221;r3R8GCX4KaAtPoLasjOvLq1FfGO0QoKr&#8221;]The institutions identified are, Care for Humanity International, Bouyant Investment Limited, God is love Fun Club, Perfect Edge Group, Perfect Business Fun Club. P.M. [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":35838,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[43,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG names and shames 10 unlicensed microfinance institutions - Citi 97.3 FM - Relevant Radio. 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