Minimum Capital for Ghana’s Microfinance Hits Gh¢ 2m

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Jul 2015
Ghana, July, 07 2015 - The Bank of Ghana has increased the minimum capital requirement for Microfinance Companies to Gh¢2 million.

Under the revised requirement, Rural and Community Banks will now pay a minimum capital requirement of Gh¢1m.

The move is part of measures to streamline and sanitise the financial industry. The Central Bank is advising existing firms to take steps to enhance their capital in order to meet the requirement.

It warned microfinance institutions which fail to comply with the revised capital requirement that they risk losing their operating license.

Source : Starr FM Online
 

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