The Bank of Ghana (BOG) has alerted the general public to be more careful in their dealings with micro-finance companies to avoid being fleeced of their monies.

According to the Central Bank, members of the public should first consult it to verify the credibility of any such companies before they enter into any business transaction with them.

Mr. James Addai, Ashanti Regional Manager of BoG, said it was important for prospective clients to scrutinize the background and to find out whether they had been properly registered with the BOG.

This, he noted, would help to reduce fraud and other illegal activities which had led to the loss of huge sums of money by unsuspecting clients in recent times.

He was speaking at the opening of a new branch of the Nwabiagya Rural Bank at Bompata in Kumasi.

Mr. Addai praised the Bank for what he said was its “sterling performance” over the years and urged the board and management to continue to design innovative strategies to attract more customers.

Nana Owusu Sarfo Anwona, the Board Chairman, announced that the bank had received a US$1 million credit facility from the Netherlands government to support women traders in its catchment area.

He said the bank, which now operated eight branches had been adjudged one of the best performing rural banks in terms of profitability and lending to its customers.

Nana Anwona therefore appealed to traders in the central markets and its environs to take advantage of the new branch to do business with them in order to expand their businesses.

Mr. Samuel Nuamah Danquah, General Manager, said the new branch had been designated as a micro finance outlet and would offer business advice and build the capacities of customers to help them to make maximum use of credit facilities to boost their operations.**