Business News of Tuesday, 4 February 2020Source: www.ghanaweb.comFlashback: 'Weed out ‘unscrupulous’ financial institutions' - Dr Nii Kotei Dzani 2016Dr. Nii Kotei DzaniBefore the Central Bank revoked the license of some 400 financial institutions, Chief Executive Officer of Ideal Finance, Dr. Nii Kotei Dzani, had adviced that the Bank of Ghana speed up the process to restore confidence in the system. Dr Dzani, whose company is among the current defunct micro finance companies, noted that the actions of some ‘unscrupulous’ financial institutions led to depositors losing confidence in financial institutions including rural banks. According to him, the recent happenings in the sector especially with the microfinance institutions have shaken the confidence people had in financial institutions including rural banks. His statements followed the withdrawal of licenses of some 70 financial institutions, most of whom were in the Brong-Ahafo Region. Dr. Nii Kotei Dzani said he believed this happened because most people do not know the difference between microfinance institutions, finance houses and rural banks.

Source: GhanaWeb February 04, 2020 14:03 UTC