Operating Guideline for Tier 4

Permissible Activities:

Enterprises undertaking money lending activities shall include the words ‘Money lending’ in their names. Money lending shall involve the granting of micro-loans to their customers for such tenors as agreed between the lender and the borrower.

Branch expansion:

Tier 4 operators shall carry out their activities within a defined geographical area such as a town, city, a market or a suburb and shall not operate branches

Prudential Reporting:

MLAG shall collect and collate statistics on the operations on its members and furnish this to the Bank of Ghana periodically as may be determined.

Investment:

Tier 4 Institutions are not allowed to take investment from the public. Members can however take personal loans, family assistance for their operation

Prudential Oversight

• Tier 4 institutions shall submit Quarterly Operational reports to the Micro-Credit Association Ghana.
• Tier 4 institutions may be subject to on-site supervision of such periodicity as may be determined by the Micro-Credit Association Ghana.
• An operating licence shall be subject to annual renewal upon satisfactory performance and payment of an annual licence renewal fee and annual dues.

Others

• Members without License SHALL not Operate.
• Operation Offices of members should be open during working days