The Money Lenders Association of Ghana (MLAG) wants their name changed to Micro Credit Institutions.
According to them, the current name connotes a negative impression about their operations.
“You know in the olden days when people talk about money lenders, they see them to be like loan sharks and other things and most of the time when you go into other gatherings and mention money lenders you see from people’s faces that they are not happy,” the board chairperson of the association, Regina Kumi, said.
The association is facing challenges accessing credit facilities from international bodies to inject into their operations.
“They see us as still having a negative impression on our society and moreover that is how we see it,” she added.
The Money Lenders Association has sent a proposal to the Bank of Ghana to change its name.
It made this known at its 7th Annual General Meeting in Accra.
The association aims to be the most credible Microfinance institution in Ghana that empowers its members to improve the living conditions of their clients.
The MLAG incorporated on May 2, 2010 as an umbrella organization for Money Lending organizations and individuals under the Companies Code 1963 (Act 179) as an association limited by guarantee.
Source: StarrFMonline
