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Jan 5, 2016

BoG revokes license of 70 microfinance companies


The BoG said in the exercise of its powers, it grants licenses to persons desiring to conduct the business of banking including micro-finance and money lending.

 

The Bank of Ghana (BoG) has revoked the licenses of some 70 microfinance and lending companies for failure to meet conditions precedent to the issuance of a final license.

This means people who deal with such companies risk losing their capital.

Read more: Bank of Ghana to clamp down on illegal financial NGOs

The BoG said in the exercise of its powers, it grants licenses to persons desiring to conduct the business of banking including micro-finance and money lending.

Pursuant to the above, applicants are granted ‘approval in principle’ for a defined period usually six months and are required to meet conditions stated under the ‘approval in principle’ letter’.

It says the companies despite several reminders including a notice on 15th July 2015, failed to meet the conditions precedent to the issuance of a final license.

Read more: BOG tips on how to spot fraudulent microfinance companies

“Some micro-finance and money lending companies despite several reminders including our Notice No BG/GOV/SEC/2015/10 of 15th July, 2015 have failed to meet the conditions precedent to the issuance of a final license” the Bank said.

Below is the list of micro-finance companies whose licenses have been revoked.

1 Cedar House Microfinance Services Ltd

2 Ezi Access Microfinance Limited

3 KB Star Microfinance Company Limited

4 Money Link Microfinance Ltd

5 Xpress Link Microfinance Company Limited

6 Quick Loans Microfinance Limited

7 Vanliz Microfinance Services Limited

8 Glow Microfinance Limited

9 Sufficiency Microfinance Ltd

10 Apex Microfinance Limited

11 Atwiman Microfinance Company Limited

12 Genesis Seed Microfinance Ltd

13 Look-Ahead Microfinance Ltd

14 Silison Microfinance Limited

15 Softbiz Microfinance Ltd

16 Growth Champions Microfinance Limited

17 Money Home Microfinance Limited

18 Reach Microfinance Limited

19 Sika Dwa Microfinance Limited

20 TTS Microfinance Services Ltd

21 Fast Money Microfinance Ltd

22 Ideal Way Microfinance Services Ltd

23 Skii Credit Microfinance Limited

24 Royal Kingdom Microfinance Ltd

25 Silver Microfinance Limited

26 Time-First Microfinance Limited

27 Agapet Microfinance Limited

28 Citiville Microfinance Limited

29 City Trust Microfinance Limited

30 Coastal Link Microfinance Limited

31 First Unity Microfinance Limited

32 Golden Life Microfinance Limited

33 Mothers’ Microfinance Limited

34 My Hope Microfinance Limited

35 Paxman Microfinance Limited

36 Pendy-Glo Microfinance Limited

37 Promise Microfinance Limited

38 Stegenor Microfinance Limited

39 Ultimate Focus Microfinance Limited

40 Bees Microfinance Limited

41 Ego Vision Microfinance Limited

42 J’cobs Microfinance Limited

43 Mckeown Microfinance Limited

44 Opportunity Global Links Microfinance 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 Microfinance Limited

51 Medlorm Microfinance Limited

52 Western Microfinance Limited

53 Ganyo Microfinance Ltd

54 Kinsban Captial Microfinance Limited

55 Medal Credit Microfinance Limited

56 Rejoice Microfinance Limited

57 Trust Jesus Microfinance Ltd

58 Images Microfinance Limited

59 Central Capital Microfinance Limited

60 Sab Trust Microfinance Limited

61 Antcave Microfinance Limited

62 F.H&C Microfinance Limited

63 Pryme Hedge Microfinance Ltd

64 Safe Credit Microfinance Limited

65 Seab Microfinance Ltd

66 The Lord is Peace Microfinance Ltd

67 Protege Microfinance Limited

68 Uni Cash Microfinance Limited

69 Reemalex Microfinace Services Limited

70 Diamond Winners Microfinance Limited

Source: BoG