Money lenders change name to micro-credit association
Mr Samuel Ofori-Appeah, National Board Member of the Micro-Credit Association of Ghana has said operators of micro -credit finance companies were not “Shylocks” but contributors’ to the many social intervention programmes aimed at poverty alleviation.
He said MCAG was one of the umbrella bodies in the micro-finance industry to provide credit to economically deprived individuals and businesses in a regulated, market driven environment to improve the standard of living in the country.
Mr. Ofori-Appeah said this at a BUSAC funded workshop on the change of the associations name from Money Lenders Association of Ghana to Micro-Credit Association of Ghana.
Mr Ofori-Appeah said despite their significant contributions towards the socio economic improvement of some sections of the economy, their former name always presented them as “Wicked” people who were in to extort people with high interest rates.
He added that per the former name, both local and international institutions with “Cheap Funds” had failed to make such monies available to them to enable them to expand their operation.
“The general perception within Ghana and international spheres of the name , money lenders is that of the old age ,money lending concept in merchant of Venice which puts members in a disadvantage position”, he added.
The National Board Member said it was as a result of these reasons that, the Bank of Ghana had granted the approval for the change of name to micro-credit associations.
Mr Frank Mawutorborbor, Executive Secretary to the Micro-credit Association said the new identity would better place the association to perform effectively and get access to international credit facilities.
He also urged members to operate within the stipulated rules and regulations, keep proper records and identify the right people who really needed assistance to help in fulfilling their mandate.
Mr Mawutorborbor entreated members to speed up the process of the name change as individual businesses and also educate the public on the change and its benefits.