Bank of Ghana blacklists 4 Microfinance Institutions

The Bank of Ghana is warning the public against dealing with 4 Microfinance Companies.The Companies are MEDLORM Microfinance Limited, African Guarantee Trust, Abbey Cash Microfinance Limited and Swift Financial Services.

The Central Bank says it has neither licensed any of these nor had any of them apply for a license. The Bank says members of the public who transact business with any of these four institutions therefore do so at their own peril.

Meanwhile, the Bank of Ghana is warning Microfinance Companies with provisional licenses to desist from advertising as if they have been fully sanctioned. So far, the Central Bank has granted 45 provisional licenses whilst other applications are still being processed.

The Bank is also requesting the Companies to stop using the Bank of Ghana's licensing process as an advertising tool for their businesses.