Breaking: Bank of Ghana revokes licenses of 347 microfinance companies

microfinance companies
by:brightwebtv.com/nana asare barimah

The Bank of Ghana has revoked the licence of 347 microfinance companies, a statement issued by the central bank has said.

The revocation of the licences of these institutions, the statement said, is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system.

By the revocation of these licences, the Bank of Ghana seeks to protect the stability of the financial system and to protect affected depositors, the statement issued on Friday added.