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Bank of Ghana revokes preliminary approval of 70 prospective microfinance companies

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Bank of Ghana3The Bank of Ghana (BoG) has revoked its preliminary approval of 70 prospective microfinance companies and one money lending institution.

According to a notice signed by the Secretary, Mrs Caroline Otoo, the institutions which were yet to be licensed but which had been granted preliminary “approval in principle”, failed to meet the conditions for the Bank of Ghana to grant them a final license “despite several reminders”.

According to the BoG, it usually grants “approval in principle” for six months, to prospective banking, microfinance or lending businesses if it is satisfied with their capacity to raise the initial paid up capital and conduct the business with integrity and competence.

During such time, the prospective finance company is not to operate since it is not licensed yet, but is expected to meet certain requirements: raise the minimum paid up capital, submit a pre-operations financial statement and budget, meet conditions regarding its business premises such as space, experienced staff, security, fire safety, vault safety and insurance, as well as other requirements.

It is unclear if any of the companies were in violation of the Bank’s guidelines and had begun operations. Attempts by ghanabusinessnews.com to reach the head of the Supervision Department for Other Financial Institutions at the Bank of Ghana were unsuccessful.

Below is the list of prospective microfinance companies who have had their priliminary approval 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. 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

The approval in principle of Growth Pole Money Lending Ltd has also been revoked.

By Emmanuel Odonkor

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