General News of Friday, 31 May 2019Source: citinewsroom.com137 microfinance companies ‘in good standing’ after cleanupOnly 137 microfinance companies are in good standing after 347 had their licenses revokedGhana currently has 137 microfinance companies supposedly in good standing after about 347 of such institutions had their licenses revoked by the Bank of Ghana on Friday. Of the microfinance institutions affected, 192 of them were insolvent while the remaining 155 had folded up. “Following the revocation of the licenses of these institutions, a total number of 137 microfinance companies will continue to operate. 31 microcredit companies to continue operationsFollowing the cleaning of the sector, a total of 31 microcredit companies will also continue to operate after the revocation of 39 microcredit companies. About 705,396 depositors of distressed or collapsed microfinance companies and rural and community banks (RCBs) risked losing some GHc740.5 million without some form of intervention.

Source: GhanaWeb May 31, 2019 19:09 UTC