BoG revokes licenses of 70 microfinance and money lending companies

microfinanceThe 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

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