Ghana Microfinance Institutions Network (GHAMFIN) has held its 10th Annual General Meeting (AGM) at the Sunlodge Hotel in Accra on November 27, 2018. The event which was themed, “Expanding Financial Inclusion through Digital Finance”, attracted directors and officials of GHAMFIN, ARB Apex Bank, GAMC, GHASSFIN, GCCUA, GCSCA and MCAG.
The Executive Director of GHAMFIN, Mr. Yaw Gyamfi, publicized that Bank of Ghana would initiate changes and sensitization in the Microfinance Sector which will result in casualties if not addressed. He clarified further that this may imply the closure and withdrawal of licenses of microfinance institutions that do not comply with laid down rules of operation and arrest of their officers. Mr. Yaw Gyamfi, when he analyzed the executive summary on the Performance of GHAMFIN over the past years (2012- 2017) made these comments.
He continued that, although the total assets of GHAMFIN has increased from GHS189.864.83 to GHS 729.098.00 over the past five years, total income has not been stable. This according to him puts GHAMFIN in a state of uncertainty.
The Deputy Coordinator for Financial Inclusion at the Ministry of Finance, Mr. Ben Tsikudo commended GHAMFIN and other sub-sector groupings for their performance over the past years. He also outlined government’s participation in strengthening microfinance institutions and revealed specific governmental strategies to be implemented to achieve Ghana’s financial inclusion.
Logiciel, an Information Technology Company through its representative revealed that a platform would be launched in 2019 for Microfinance Institution to send data conveniently to GHAMFIN for analysis.
Bascule, a mobile application company through its representative also indicated that, the company will innovate a software that will enable owners of small and medium scale enterprises (SMEs), traders and other individuals to make deposits into bank accounts and mobile wallets via a mobile money based application, leveraging mobile money agents in any part of Ghana.