The Ghana Microfinance Institutions Network (GHAMFIN), an informal network of institutions and individuals in the microfinance industry, recently expressed concern over the prevalence of unaccredited microfinance institutions (MFIs).
Although plans are under way to establish a recapitalization requirement, ordering accredited rural banks to have a minimum capital of GHS 1.5 million (USD 1 million) by December 2011, Mr David Andah, Executive Secretary of GHAMFIN, warned that these efforts could be hindered by the multitude of unaccredited MFIs.
By Stefanie Rubin, Research Associate
Additional Resources:
Source Article: Citifmonline: “Unaccredited Micro-Finance Institutions are Dangerous,” http://www.citifmonline.com/site/business/news/view/4329/3
Ghana MicroFinance Institutions Network (GHAMFIN): http://www.ghamfin.org/index.php
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