BoG revokes license of 70 microfinance companies

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.

BoG increases minimum capital requirement of rural banks and microfinance companies.
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.

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’.
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Below is the list of micro-finance companies whose licenses have been revoked.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
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
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

Meanwhile lending company Growth Pole Money Lending Limited has also seen its license revoked.

Source: citifmonline.com/Ghana