Friday, August 19, 2011

Over 60 firms register to operate as microfinance companies

Over 60 firms in the northern sector of the country have registered with the Ghana Association of Microfinance Companies (GAMC) to play under the Bank of Ghana’s new rules and guidelines.

The association is expecting 100 more to come on board as it begins building the capacity of the companies to meet the requirements.

Susu companies taking deposits and making profits are to operate under the second tier of regulated microfinance institutions.

The GAMC is recognized by the Bank of Ghana as an umbrella professional body to instill discipline in the industry.

Registered firms are presently being schooled in an 18-day crash programme to successfully sail through the new licensing regime, which takes effect from January 2012.

Regional Secretary of the association, Obed Asare, tells Luv Biz Report the group wants to ensure operators efficiently manage their businesses in line with the Bank of Ghana requirements.

“It’s our responsibility to make sure that we build our members capacity, we help them with all the guidelines that they’re supposed to do in order to get their licensing form the Bank of Ghana”, he said.

Under the new guidelines, operators under the category are required to amend their company names to take on the word ‘microfinance’ as a distinctive identification from other susu operators.

Mr. Asare says the association has had arrangements with the Registrar General’s Department to fast-track the process for members.

He said there are discussions and collaborations with other interest groups to prepare business plans for members, provide fire and security certification and improve the business environment of the companies.

The Central Bank expects firms under the microfinance category to hold an initial minimum paid-up capital of not less than Gh¢100,000.00.


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