Ghanaians still confident in banks; trust in MFIs dip – Survey

Sixty-four per cent of 2,400 Ghanaians across the country consider saving with microfinance institutions as unsafe, according to an Afrobarometre survey conducted by the Ghana Centre for Democratic Development (CDD).

The study follows the sanitisation of the financial sector.

The cleanup exercise was undertaken by the Bank of Ghana (BoG) which resulted in the collapse of nine banks by the end of 2018 after the regulator reviewed the minimum capital requirement to GHS400 million from GHS120 million and revoked the licences of some insolvent banks.

The collapse of the nine local banks birthed the Consolidated Bank Ghana (CBG) Limited.The study also found that the majority of Ghanaians (83 per cent) still have confidence in the banks as it is considered the safest place to save, followed by the various mobile money wallets.

Seventy-two per cent of the respondents, however, do not deem traditional susu collectors a safe place to save while 67 per cent also think it is unsafe to keep their money at home.Sixty-four per cent also believe it is not safe to save with savings and loans companies while 61 per cent did not think it was safe to save with microfinance companies.

Eighty-three per cent of Ghanaians, however, say they believe in savings.