BoG revokes licenses of 70 microfinanc and money lending companies

•    Dr. Henry Kofi Wampah, Governor,BoG

• Dr. Henry Kofi Wampah, Governor,BoG

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 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 statement said.

The companies are Cedar House Microfinance Services Ltd., Ezi Access Microfinance Limited, KB Star Microfinance Company Limited, Money Link Microfinance Ltd., Xpress Link Microfinance Company Limited, Quick Loans Microfinance Limited, Vanliz Microfinance Services Limited, Glow Microfinance Limited, Sufficiency Microfinance Ltd.

Others are Apex Microfinance Limited, Atwiman Microfinance Company Limited, Genesis Seed Microfinance Ltd., Look-Ahead Microfinance Ltd., Silison Microfinance Limited, Softbiz Microfinance Ltd., Growth Champions Microfinance Limited, Money Home Microfinance Limited, Reach Microfinance Limited, Sika Dwa Microfinance Limited, TTS Microfinance Services Ltd., Fast Money Microfinance Ltd., Ideal Way Microfinance Services Ltd., Skii Credit Microfinance Limited, Royal Kingdom Microfinance Ltd., Silver Microfinance Limited, Time-First Microfinance Limited, Agapet Microfinance Limited, Citiville Microfinance Limited, City Trust Microfinance Limited.

The rest are Coastal Link Microfinance Limited, First Unity Microfinance Limited, Golden Life Microfinance Limited, Mothers’ Microfinance Limited, My Hope Microfinance Limited, Paxman Microfinance Limited, Pendy-Glo Microfinance Limited, Promise Microfinance Limited, Stegenor Microfinance Limited, Ultimate Focus Microfinance Limited, Bees Microfinance Limited, Ego Vision Microfinance Limited, J’cobs Microfinance Limited, Mckeown Microfinance Limited, Opportunity Global Links Microfinance Limited, Rimda Microfinance Limited, Spark Trust Microfinance Limited, Swift Trust Microfinance Limited, Topnet Microfinance Limited, Kab Microfinance Limited, Kwabef Microfinance Limited, Medlorm Microfinance Limited, Western Microfinance Limited, Ganyo Microfinance Ltd., Kinsban Captial Microfinance Limited, Medal Credit Microfinance Limited, Rejoice Microfinance Limited, Trust Jesus Microfinance Ltd., Images Microfinance Limited, Central Capital Microfinance Limited, Sab Trust Microfinance Limited, Antcave Microfinance Limited, F.H&C Microfinance Limited, Pryme Hedge Microfinance Ltd., Safe Credit Microfinance Limited, Seab Microfinance Ltd., The Lord is Peace Microfinance Ltd., Protege Microfinance Limited, Uni Cash Microfinance Limited, Reemalex Microfinace Services Limited and Diamond Winners Microfinance Limited.

By Times Reporter

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