Microfinance boss debunks fraud perception

The perception that microfinance institutions are only set up to swindle people is false, Mr Joseph Adu Quayson, Chief Executive of Nationwide Microfinance Ghana, has said.

He said microfinance institutions have rather come to better the lives of the people by creating jobs and expanding businesses of the small and medium enterprises that could not directly access loans from the banks.

A GNA report said Mr. Quayson was speaking at a ceremony in Enchi in the Western Region to award participants of its recent promotions.

He said despite some activities of unscrupulous operators, there are genuine ones who are registered and certified by the Bank of Ghana to operate, and encouraged the public to research about backgrounds of these financial institutions before transacting business with them.

Mr. Clement Ohene Asare, Branch Manager at Enchi said microfinance institutions would work at improving the lives of people in its operational areas adding: “We just renovated the theatre of Enchi Government Hospital and supported the Aowin District Assembly in the celebration of the 59th farmers’ day.

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