BoG withdraws licenses from 70 microfinance companies

| Updated February 16, 2017 at 3:00 p.m.

The Bank of Ghana has withdrawn the licenses of 70 microfinance and loan companies across the country.

This results in their inability to fulfill the conditions precedent to the issuance of a final permit.

Below is the full statement issued by the Central Bank:

REVOCATION OF “APPROVAL IN PRINCIPLE”

The Bank of Ghana, in the exercise of its powers, grants licenses to people wishing to engage in banking activities, including microfinance and money lending.

In accordance with the above, applicants receive “in-principle approval” for a set period, typically six months, and are required to meet the conditions set out in the “in-principle approval” letter.

Some microfinance and money lending companies, despite several reminders, including our Opinion No BG / GOV / SEC / 2015/10 of July 15, 2015, have not fulfilled the prerequisites for the issuance of a final authorization.

The Bank of Ghana therefore wishes to inform all banks, non-bank financial institutions and the general public that the “approval in principle” granted to underlisted institutions is hereby revoked.

1 Cedar House Micro-finance Services Ltd.

2 Ezi Access Micro-finance Limited.

3 KB Star Micro-finance Company Limited.

4 Money Link Micro-finance Ltd.

5 X-press Link Micro-finance Company Limited.

6 Quick Loans Micro-finance Limited.

7 Vanliz Micro-finance Services Limited.

8 Glow Micro-finance Limited.

9 Suffisance Micro-finance Ltd.

10 Apex Microfinance Limited.

11 Atwiman Micro-finance Company Limited.

12 Genesis Seed Micro-finance Ltd.

13 Look-Ahead Micro-finance Ltd.

14 Silison Microfinance Limited.

15 Softbiz Micro-finance Ltd.

16 Limited Microfinance Growth Champions

17 Money Home Micro-finance Limited.

18 Reach Micro-finance Limited.

19 Sika Dwa Microfinance Limited.

20 TTS Micro-finance Services Ltd.

21 Fast Money Micro-finance Ltd.

22 Ideal Way Micro-finance Services Ltd.

23 Skii Credit Micro-finance Limited

24 Royal Kingdom Micro-finance Ltd.

25 Money Micro-finance Limited.

26 Time-First Micro-finance Limited.

27 Agapet Micro-finance Limited.

28 Citiville Microfinance Limited.

29 City Trust Microfinance Limited.

30 Coastal Link Micro-finance Limited.

31 First Unity Micro-finance Limited.

32 Golden Life Microfinance Limited.

33 Mothers’ Micro-finance Limited.

34 My Hope Microfinance Limited.

35 Paxman Microfinance Limited.

36 Pendy-Glo Microfinance Limited.

37 Limited Micro-finance Promise.

38 Stegenor Microfinance Limited.

39 Ultimate Focus Micro-finance Limited.

40 Bees Micro-finance Limited.

41 Ego Vision Microfinance Limited.

42 J’cobs Micro-finance Limited.

43 Mckeown Microfinance Limited.

44 Opportunity Global Links Micro-finance Limited.

45 Rimda Microfinance Limited.

46 Spark Trust Microfinance Limited.

47 Swift Trust Microfinance Limited.

48 Topnet Microfinance Limited.

49 Kab Microfinance Limited.

50 Kwabef Micro-finance Limited.

51 Medlorm Microfinance Limited.

52 Western Micro-finance Limited.

53 Ganyo Micro-finance Ltd.

54 Kinsban Captial Micro-finance Limited.

55 Medal Credit Micro-finance Limited.

56 Rejoice Micro-finance Limited.

57 Trust Jesus Micro-finance Ltd.

58 Images Micro-finance Limited.

59 Central Capital Micro-finance Limited.

60 Sab Trust Micro-finance Limited.

61 Antcave Micro-finance Limited.

62 FH&C Micro-finance Limited.

63 Pryme Hedge Micro-finance Ltd.

64 Safe Credit Micro-finance Limited.

65 Seab Microfinance Ltd.

66 The Lord is Peace Micro-finance Ltd.

67 Protege Micro-finance Limited.

68 Uni Cash Micro-finance Limited.

69 Reemalex Micro-finance Services Limited.

70 Diamond Winners Micro-finance Limited.

Everyone should take note and be guided accordingly.
(SGD)
CAROLINE OTOO (MRS)
THE SECRETARY

SOURCE: StarrFM News


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