Mr. Raymond Amanfo, Director of other Financial Institutions Supervision Department of the Bank of Ghana (BoG) has disclosed that the Central Bank will soon introduce an identification system for accredited micro-finance institutions.
According to him, a special logo will be given to the accredited institutions to display at their facilities for customers to know if they are operating in line with the bank’s directives before they could do business with them.
Mr. Amanfo said the move is aimed at cleaning the system of fraudulent microfinance companies that have robbed customers of their earnings in the wake of the revoking of the license of 70 financial institutions for noncompliance of BoG regulations.
He expressed regret over the situation where these companies have kept monies of customers, but said it is difficult to retrieve all the monies indicating that some of these micro-credit schemes were licensed to operate.
“We cannot guarantee customers that they can get their money back because some of these financial institutions were not duly accredited before they commenced operations”, he said.
Meanwhile account holders of some micro-finance institutions closed down by the BoG at Berekum in the Brong Ahafo region have embarked on a demonstration to protest the Central Bank’s decision.
Dressed in red and black outfits, the angry protestors say they want their monies back and asked government to ensure all the firms are re-opened in two weeks.
They have vowed not to vote in the 2016 general elections if the BoG does not rescind its decision.