BoG revokes licenses of 70 microfinance and money lending companies

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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 15^th 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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