Category Archives: BUSINESS NEWS

Microfinance companies reject new BoG logo

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The Bank of Ghana has recently
announced new regulations for
microfinance companies in the
country It appears the decision by the Bank of
Ghana(BoG) to introduce a new logo for all microfinance companies in the
country may face a stiff resistance.

The Bank of Ghana in announcing
new regulations for microfinance
companies in Ghana launched a logo to distinguish between licensed microfinance institutions and unlicensed ones.
Unveiling the logo in Kumasi, officials of the central bank insisted that the logo will replace all logos of microfinance companies in the country.

But the decision was vehemently
criticized by the Association of
Microfinance companies. Speaking to Citi Business News, Banking Consultant Nana Otuo-Acheampong stated that the resistance was expected since most microfinance companies have build their corporate
brands with their unique logos.

According to him, the central bank could have used a small signage on the logos of microfinance companies
to indicate its endorsement. He
argued that replacing the logos of all microfinance companies in the country will not work since some firms have spent huge funds in branding.
“We can have a small signage similar for what we have for Visa cards , but not such big thing that will replace what they have. People have built their brands over a number of years
and some of these microfinance
companies have been trading for ten, fifteen twenty years. All of a sudden you come and say deface it and use this big thing, it will be difficult so I think the brand must be there,” he stressed.

Mr. Otuo-Acheampong stated that the BoG has promised to readdress the issue and come out with a final decision soon. Expressing optimism in
the central bank’s ability to resolve the issue, Mr. Otuo-Acheampong observed that the relevant authorities
will come out with position that will strengthen the relationship between the bank and the companies.

“BoG as a listening bank said they are taking their concerns so hopefully they should come out with something not big as the one they show but something a miniature of the Visa
sign,” he said.

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