{"id":299997,"date":"2017-03-07T18:01:54","date_gmt":"2017-03-07T18:01:54","guid":{"rendered":"http:\/\/citifmonline.com\/?p=299997"},"modified":"2017-03-07T18:01:54","modified_gmt":"2017-03-07T18:01:54","slug":"bog-closes-down-two-institutions-for-operating-illegally","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/03\/bog-closes-down-two-institutions-for-operating-illegally\/","title":{"rendered":"BoG closes down two institutions for operating illegally"},"content":{"rendered":"<p>The Bank of Ghana (BoG) has halted the operations of two financial institutions for operating illegally.<\/p>\n<p>[contextly_sidebar id=&#8221;Jo8zkY9ukeMXQpqnQdGtSuGzpeDi5vqk&#8221;]The two are; Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).<\/p>\n<p>According to the central bank, the two institutions have been operating as an unlicensed microfinance and unauthorised online foreign exchange trading business respectively.<\/p>\n<p>A statement on the matter and copied to <strong>Citi Business News<\/strong> further cautioned the public to stay away from the two institutions.<\/p>\n<p>\u201cThe Bank wishes to state that ADFSL\u2019s operation has been closed down, until further notice. This decision is in furtherance of section 20(2) (g) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930),\u201d the statement said.<\/p>\n<p>It added, \u201cBank of Ghana has investigated ADFSL thoroughly and has concluded that its activities are contrary to section 4(5) (a) of Act 930.\u201d<\/p>\n<p>Regarding the closure of the Hebron Financial Investment Limited (HFIL), located at Mayflower Building, Community 10, Tema, the central bank said, \u201cits operations run contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723).\u201d<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Ghana (BoG) has halted the operations of two financial institutions for operating illegally. [contextly_sidebar id=&#8221;Jo8zkY9ukeMXQpqnQdGtSuGzpeDi5vqk&#8221;]The two are; Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL). According to the central bank, the two institutions have been operating as an unlicensed microfinance and unauthorised online foreign exchange trading business respectively. [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG closes down two institutions for operating illegally - Citi 97.3 FM - Relevant Radio. 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