The Money Lenders Association of Ghana has rebranded its name to Micro-Credit Association, Ghana (MCAG), with approval from the Bank of Ghana (BOG), to enable it to reposition the industry and serve its customers in an efficient and effective manner.
Mrs. Regina Kumi, the National Board Chairman of MCAG, said the change of name was to erase the impression of perceiving money lenders as Shylocks or loan-sharks who take advantage to deceive customers.
She explained that the change was necessary because the perception in the country and in the international spheres of money lenders was that of the “old age” money lending concept as espoused in the “Merchant of Venice” which puts members in a disadvantage position with microfinance practitioners.
Mrs. Kumi said the MCAG was one of the umbrella organisations in the microfinance industry in the country recognized by the BOG and operated under Tier three and four of BOG categorization of micro finance institutions.
She said one of the activities of the association and its members was the granting of micro-credit facilities to the economically disadvantaged citizenry.
“We are committed to our mission of providing credit to economically deprived individuals and businesses in a regulated, market-driven environment to improve standards of living in the country,” she added.
She said the association has embarked on media awareness campaign about the change of the name to impact on society to achieve financial inclusion.
Mrs. Kumi stressed that the association had a total membership of 681 across the country and had contributed substantially to socio-economic growth and development in the areas of health, education, agriculture, trade and commerce.
She indicated that the association will continue to serve its customers to expand its operations and would continue to invest to develop the intelligent, hardworking, and committed employees since they were the reason for the success of the association.
“It was our hope that the change of name will help us remain competitive in the market and continue to be the most credible institution to impact positively on the people,” she noted.
Mr. Philip Oppong Mensah, the Deputy Chief Manager of BoG, emphasised the need for all financial institutions in the country to have a signage for public consumption.
He explained that the essence of the signage was to educate the public to know whether the financial institution was legally licensed by the BOG.
“It is BoG’s directive for every financial institution to display license, certificate of operation, both borrowing and lending rates and certificate to commence business to boost the client’s confidence as well as transact business with the institution,” he added.