The Bank of Ghana has shutdown Dancom Microfinance Ltd and also caused the arrest and prosecution of the Directors of the firm for engaging in deposit-taking activities without a licence. According to a statement from the BoG, Dancom Microfinance Ltd was not licensed to engage in microfinance business as per section 6 (1) of the …
The World Bank has approved a $30 million International Development Association (IDA) credit to support government to strengthen its financial sector stability. The credit is also to help improve inclusiveness for users of formal financial services and the financially excluded, particularly women, rural communities and farmers. “This project will support government’s plan to undertake reforms to deepen financial …
Microfinance companies in Ghana have been advised to consider merging or risk being collapsed. The Bank of Ghana has raised the minimum capital requirement for financial institutions operating in the country. With regards to microfinance institutions, each of the over 300 institutions are supposed to raise GHc2 million before the end of 2018 or risk …
Management of Bosomtwe Rural Bank has increased its dividend payment by 42.33 per cent from 663,715.68 Ghana in 2016 to 944,695.64 Ghana cedis as of last year. This means for a share price of ten pesewas, a shareholder gets 4 pesewas on it which is 40 per cent return to the shareholder in the face …
The Managing Director of ARB Apex Bank, the regulator for the sector, Kojo Mattah has hinted of plans to list some of these banks on the Ghana Alternative Exchange (GAX). Speaking to JoyBusiness, he said the Apex bank was in talks with the Securities and Exchange Commission and other allied agencies to list some of …
Generating funds to either start a business or expand a business operation has mainly been the key challenge faced by today’s business entrepreneurs in Ghana and most part of developing countries. Thankfully, the Ghana Alternative Market (GAX) has been launched to ameliorate this problem in Ghana. With Ghana’s market size growing and opportunities in the …
In an effort to reinforce its competitive urge and consolidate growth, the Kintampo Rural Bank Limited has initiated steps to roll out a number of electronic banking products in 2018. The bank has procured three ATM machines, ready for installation at its headquarters at Kintampo, in the Brong Ahafo Region, and two other branches at …
The Deputy Chief Executive Officer of the Microfinance and Small Loans Centre (MASLOC), Hajia Abibata Shanni Mahama Zakariah has said that given the strategic role of women in the socio-economic development of Ghana, MASLOC would ensure that the President’s vision of job and wealth creation was fulfilled with emphasis on women. Women constitute over 51% …