BoG shuts down Dancom Microfinance; Directors arrested

BoG shuts down Dancom Microfinance; Directors arrested
Source: Ghana| JoyBusiness | JAD
Date: 03-10-2018 Time: 06:10:20:pm

The Bank of Ghana has shutdown Dancom Microfinance Ltd and also caused the arrest and prosecution of the Directors of the firm for engaging in deposit-taking activities without a licence. 

According to a statement from the BoG, Dancom Microfinance Ltd was not licensed to engage in microfinance business as per section 6 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Read the full statement below: 

The Bank of Ghana wishes to notify the general public that an entity named Dancom Microfinance Limited, with offices at Old Ningo, Ada and Afienya, was engaged in deposit-taking activities without licence contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930).

The general public is hereby informed that Dancom Microfinance Ltd. was NOT LICENSED to engage in microfinance business.

The offices of the company have been closed down. The directors have been arrested and are being prosecuted in accordance with the relevant law.

Accordingly, the general public is cautioned that anyone who transacts business with Dancom Microfinance Limited does so at his or her own risk, and Bank of Ghana WILL NOT be liable to such clients or depositors in the event of a loss.