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Bank of Ghana needs space to regulate Microfinance

Ezekiel Owusu AfriyieChief Executive Officer of Noble Dream Financial Services says the Bank of Ghana should be given the needed space to institute structures for Ghana's microfinance industry to thrive.

According to Ezekiel Owusu Afriyie, the industry would be better off when the regulator gets the process right.

Some sector players have bemoaned the slow pace in licensing of firms, since the Bank's new operational guidelines took effect in January 2012.

Out of the over 550 firms registered with the Ghana Association of Microfinance Companies (GAMC), some 170 have so far been issued with provisional license.

But Mr. Owusu Afriyie says the process is critical to sanitize the industry because some of the players “don't have the right people on board to help them come out with the requirement. So it will take a while; so far as it is something which is going to help Ghanaians, they have to take time, go through it very well and at the end of the day they'll come out with something which will be the best for all of us”.

Mr. Owusu Afriyie spoke to Luv Biz Report at the official opening of Noble Dream's ultra-modern head office complex in Ahodwo, Kumasi.

He says the relocation to the city centre is to better serve the needs of clients whilst setting standards in modern banking to delight clients.

He noted that the company is poised to provide long term loans for businesses to expand, whilst being supported to put up houses and acquire vehicles.


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