US Money Lending Company not licensed – Bank of Ghana

The Bank of Ghana says it has not issued a license to US Money Lending Company to operate as a micro-finance firm.

According to the central bank, it has received information that the said firm, a subsidiary of US Group of Companies, has been taking money deposits and lending same to the general public.

This is contrary to the Non-Bank Financial Institutions Act, 2008 (Act 774) the Rules and Guidelines for Tier 3 Micro finance Institutions, the BoG said in a statement November 27, 2013.

“The Bank of Ghana has not issued a license to US Money Lending Company Ltd to undertake deposit taking nor money lending activities or any such microfinance activity,” the statement said.

The BoG accordingly cautioned the general public in dealing with US Money Lending Company.

By Ekow Quandzie