The Operating Rules and Guidelines for Microfinance Institutions, issued by the Bank of Ghana in Notice No. BG/GOV/SEC/2011/04, divide those financial intermediaries operating in the microfinance sector into four tiers and clarify the regulations that apply to each. These tiers can be summarized as follows:

• Tier 1 - Rural and Community Banks, Finance Houses and Savings and Loans Companies
• Tier 2 - Susu companies and deposit-taking, for-profit financial NGOs, but not Credit Unions
• Tier 3 - Money lenders and non-deposit-taking financial NGOs
• Tier 4 - Susu collectors and individual money lenders

Within this system, Tier 1 institutions continue to be regulated by the Banking Act, Non-Banking Financial Institutions (NBFI) Act, and related circulars and notices. For Tiers 2, 3, and 4, the Operating Rules and Guidelines establish rules for each tier on the following:

• Business form
• Capital
• Branch expansion
• Permissible/non-permissible activities
• Prudential oversight/reporting

The Operating Rules also include an annex on licensing requirements. Financial intermediaries in the microfinance sector have six months from issuance to comply with the new Operating Rules and Guidelines.