The Bank of Ghana (BoG) has revoked the temporary license of 70 microfinance companies and a money lending company for failing to meet conditions precedent to the issuance of a final license.<\/p>\n
[contextly_sidebar id=”QmyraN6OuMYQDu29xAkwU80aARiSz2ad”]According to the BoG, in the exercise of its powers, it grants licenses to persons desiring to conduct the business of banking including micro-finance and money lending.<\/p>\n
Pursuant to the above, applicants are granted \u2018approval in principle\u2019 for a defined period usually six months and are required to meet conditions stated under the \u2018approval in principle\u2019 letter’.<\/p>\n
It says the companies despite several reminders including a\u00a0notice on 15th July 2015, failed to meet the conditions precedent to the issuance of a final license.<\/p>\n
“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”\u00a0the Bank said.<\/p>\n
Below is the list of micro-finance companies whose licenses have been revoked.<\/p>\n
1 Cedar House Microfinance Services Ltd<\/p>\n
2 Ezi Access Microfinance Limited<\/p>\n
3 KB Star Microfinance Company Limited<\/p>\n
4 Money Link Microfinance Ltd<\/p>\n
5 Xpress Link Microfinance Company Limited<\/p>\n
6 Quick Loans Microfinance Limited<\/p>\n
7 Vanliz Microfinance Services Limited<\/p>\n
8 Glow Microfinance Limited<\/p>\n
9 Sufficiency Microfinance Ltd<\/p>\n
10 Apex Microfinance Limited<\/p>\n
11 Atwiman Microfinance Company Limited<\/p>\n
12 Genesis Seed Microfinance Ltd<\/p>\n
13 Look-Ahead Microfinance Ltd<\/p>\n
14 Silison Microfinance Limited<\/p>\n
15 Softbiz Microfinance Ltd<\/p>\n
16 Growth Champions Microfinance Limited<\/p>\n
17 Money Home Microfinance Limited<\/p>\n
18 Reach Microfinance Limited<\/p>\n
19 Sika Dwa Microfinance Limited<\/p>\n
20 TTS Microfinance Services Ltd<\/p>\n
21 Fast Money Microfinance Ltd<\/p>\n
22 Ideal Way Microfinance Services Ltd<\/p>\n
23 Skii Credit Microfinance Limited<\/p>\n
24 Royal Kingdom Microfinance Ltd<\/p>\n
25 Silver Microfinance Limited<\/p>\n
26 Time-First Microfinance Limited<\/p>\n
27 Agapet Microfinance Limited<\/p>\n
28 Citiville Microfinance Limited<\/p>\n
29 City Trust Microfinance Limited<\/p>\n
30 Coastal Link Microfinance Limited<\/p>\n
31 First Unity Microfinance Limited<\/p>\n
32 Golden Life Microfinance Limited<\/p>\n
33 Mothers’ Microfinance Limited<\/p>\n
34 My Hope Microfinance Limited<\/p>\n
35 Paxman Microfinance Limited<\/p>\n
36 Pendy-Glo Microfinance Limited<\/p>\n
37 Promise Microfinance Limited<\/p>\n
38 Stegenor Microfinance Limited<\/p>\n
39 Ultimate Focus Microfinance Limited<\/p>\n
40 Bees Microfinance Limited<\/p>\n
41 Ego Vision Microfinance Limited<\/p>\n
42 J’cobs Microfinance Limited<\/p>\n
43 Mckeown Microfinance Limited<\/p>\n
44 Opportunity Global Links Microfinance Limited<\/p>\n
45 Rimda Microfinance Limited<\/p>\n
46 Spark Trust Microfinance Limited<\/p>\n
47 Swift Trust Microfinance Limited<\/p>\n
48 Topnet Microfinance Limited<\/p>\n
49 Kab Microfinance Limited<\/p>\n
50 Kwabef Microfinance Limited<\/p>\n
51 Medlorm Microfinance Limited<\/p>\n
52 Western Microfinance Limited<\/p>\n
53 Ganyo Microfinance Ltd<\/p>\n
54 Kinsban Captial Microfinance Limited<\/p>\n
55 Medal Credit Microfinance Limited<\/p>\n
56 Rejoice Microfinance Limited<\/p>\n
57 Trust Jesus Microfinance Ltd<\/p>\n
58 Images Microfinance Limited<\/p>\n
59 Central Capital Microfinance Limited<\/p>\n
60 Sab Trust Microfinance Limited<\/p>\n
61 Antcave Microfinance Limited<\/p>\n
62 F.H&C Microfinance Limited<\/p>\n
63 Pryme Hedge Microfinance Ltd<\/p>\n
64 Safe Credit Microfinance Limited<\/p>\n
65 Seab Microfinance Ltd<\/p>\n
66 The Lord is Peace Microfinance Ltd<\/p>\n
67 Protege Microfinance Limited<\/p>\n
68 Uni Cash Microfinance Limited<\/p>\n
69 Reemalex Microfinace Services Limited<\/p>\n
70 Diamond Winners Microfinance Limited<\/p>\n
Meanwhile lending company Growth Pole Money Lending Limited has also seen its license revoked.<\/p>\n
–<\/p>\n
By:\u00a0 Vivian Kai Lokko\/citifmonline.com\/Ghana<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Bank of Ghana (BoG) has revoked the temporary license of 70 microfinance companies and a money lending company for failing to meet conditions precedent to the issuance of a final license. [contextly_sidebar id=”QmyraN6OuMYQDu29xAkwU80aARiSz2ad”]According to the BoG, in the exercise of its powers, it grants licenses to persons desiring to conduct the business of banking […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,10,11],"tags":[],"yoast_head":"\n