Bank of Ghana revokes licenses of 70 microfinance and money lending companies

The Bank of Ghana (BoG)has revoked licenses of some 70 microfinance and money lending companies.
The BoG argues in the statement that the action was influenced by expiration of the provisional license that was given to these 70 companies to operate.
According to the current BoG rules, persons wanting to conduct Banking business or microfinance are often given a provisional license, to begin the processing of starting full operations.
However, they have up to six months to meet all requirements before they open their doors to the public.
Some of the companies that have been stopped from operating, include: Ezi Access Microfinance, Money link, Xpress link, and Cedar house, Agapet Micro-finance, city trust.
The Bank of Ghana adds that, these 70 companies that were issued license in July 2015 have failed to meet all the requirements to be given the green light to operate. Below is the full statement.


BANK OF GHANA

NOTICE TO BANKS, NON-BANK FINANCIAL

INSTITUTIONS AND THE GENERAL PUBLIC

NOTICE NO. BG/GOV/SEC/2015/20

REVOCATION OF ‘APPROVAL IN PRINCIPLE’

The Bank of Ghana in the exercise of its powers grants licences to persons desiring to conduct the business of banking including microfinance 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.

Some microfinance 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 licence.

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 the under-listed institutions is hereby 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



2

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







TIER 3 - MONEY LENDING



Growth Pole Money Lending Limited

All are to take note and be guided accordingly.

(SGD)

CAROLINE OTOO (MRS)

THE SECRETARY

December 31, 2015