The Bank of Ghana says it increased the minimum capital for microfinance intuitions because it wants to protect depositor’s funds. The central bank raised the minimum capital required to operate a microfinance to 500,000 from 100,000 Ghana cedis for deposit taking intuitions. That of non- deposit taking firms would also require 300,000 Ghana Cedis. However, existing institutions have up to 2016 to fully meet the requirements. Head of Banking Supervision, in-charge of Micro Finance and a Rural Bank, Raymond Amanfu…
BoG gives reason for increasing minimum capital for microfinance institution
