The Bank of Ghana (BoG) has revoked the licenses of some 70 microfinance and lending companies for failure to meet conditions precedent to the issuance of a final license.
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BoG revokes license of 70 microfinance companies
The BoG said in the exercise of its powers, it grants licenses to persons desiring to conduct the business of banking including micro-finance and money lending.
This means people who deal with such companies risk losing their capital.
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’.
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It says the companies despite several reminders including a notice on 15th July 2015, failed to meet the conditions precedent to the issuance of a final license.
“Some micro-finance 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 license” the Bank said.
Below is the list of micro-finance companies whose licenses have been revoked.
1 Cedar House Microfinance Services Ltd
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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
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7 Vanliz Microfinance Services Limited
8 Glow Microfinance Limited
9 Sufficiency Microfinance Ltd
10 Apex Microfinance Limited
11 Atwiman Microfinance Company Limited
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12 Genesis Seed Microfinance Ltd
13 Look-Ahead Microfinance Ltd
14 Silison Microfinance Limited
15 Softbiz Microfinance Ltd
16 Growth Champions Microfinance Limited
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17 Money Home Microfinance Limited
18 Reach Microfinance Limited
19 Sika Dwa Microfinance Limited
20 TTS Microfinance Services Ltd
21 Fast Money Microfinance Ltd
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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
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27 Agapet Microfinance Limited
28 Citiville Microfinance Limited
29 City Trust Microfinance Limited
30 Coastal Link Microfinance Limited
31 First Unity Microfinance Limited
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32 Golden Life Microfinance Limited
33 Mothers’ Microfinance Limited
34 My Hope Microfinance Limited
35 Paxman Microfinance Limited
36 Pendy-Glo Microfinance Limited
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37 Promise Microfinance Limited
38 Stegenor Microfinance Limited
39 Ultimate Focus Microfinance Limited
40 Bees Microfinance Limited
41 Ego Vision Microfinance Limited
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42 J’cobs Microfinance Limited
43 Mckeown Microfinance Limited
44 Opportunity Global Links Microfinance Limited
45 Rimda Microfinance Limited
46 Spark Trust Microfinance Limited
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47 Swift Trust Microfinance Limited
48 Topnet Microfinance Limited
49 Kab Microfinance Limited
50 Kwabef Microfinance Limited
51 Medlorm Microfinance Limited
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52 Western Microfinance Limited
53 Ganyo Microfinance Ltd
54 Kinsban Captial Microfinance Limited
55 Medal Credit Microfinance Limited
56 Rejoice Microfinance Limited
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57 Trust Jesus Microfinance Ltd
58 Images Microfinance Limited
59 Central Capital Microfinance Limited
60 Sab Trust Microfinance Limited
61 Antcave Microfinance Limited
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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
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67 Protege Microfinance Limited
68 Uni Cash Microfinance Limited
69 Reemalex Microfinace Services Limited
70 Diamond Winners Microfinance Limited
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