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New financial bill to consolidate rural banks, microfinance companies

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Banking consultant, Nana Otuo Acheampong has told Citi Business News the new Banks and Specialized Deposit-Taking Institutions Bill, will consolidate the operations of microfinance companies and protect the financial regime of the country.

“If you take the rural banks and the microfinance institutions for instance, there hasn’t been any specific Act which is under regulations. Now this one puts them directly under regulations so it provides a very good working definition for players in the industry to know that if they are dealing with any institution, they either fall under one definition or another so it’s a very good bill passed.

For more on this story visit the following link: New financial bill to consolidate rural banks, microfinance companies

Source: CitiNews

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