Madam Patient Yaboah Nkasah, the Deputy Head of the Other Financial Institution Provision Department and an Assistant Director at the Bank of Ghana, is advising all non-bank financial institutions to adhere to the rules of providing their quarterly reports on their operations to the Bank of Ghana (BoG).
According to her, the feedback that
will be provided by the non-bank financial institutions will enable the Central
Bank to report to the board, its development partners and the Ministry of
Finance (MoH).
She explained that the submission of
the quarterly report will help the Central Bank to come out with policies to
better serve the interest of the customers and the operators of the non-bank
financial institutions.
She said non-bank financial
institutions are not banks so they must operate in their remit and not set out
to operate as banks.
She appealed to operators to abide by
the laws governing their operations because the BoG would deal with them if
they fall foul of the law.
She appealed to the non-banks, for
that matter, microfinance operators to do responsible lending.
Madam Yeboah Nkansah issued this
warning speaking in an interview at the Microfinance Forum organised by Ghana
Microfinance Institutions Network (GHAMFIN) on the theme: 'Building
Resilient and Sustainable Non-Bank Financial Institution’s Sector in the Wake
of Current Economic Challenges'.
On his part, Mr Yaw Gyamfi, the
Executive Director of GHAMFIN, said the submission of returns has been a
challenge to operators.
According
to him, some operators have low capital so they shy away from submitting
quarterly returns.
He
warned that having low capital and failing to submit returns and paying a
penalty of GHS12,000 is like using your capital to pay the penalty.
It
is on this score, he urged members to adhere to the submission of the returns
to avoid infractions.
Source: Classfmonline.com/