Bank of Ghana revokes preliminary approval of 70 prospective microfinance companies
The 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:
- Cedar House Microfinance Services Ltd
- Ezi Access Microfinance Limited
- KB Star Microfinance Company Limited
- Money Link Microfinance Ltd
- Xpress Link Microfinance Company Limited
- Quick Loans Microfinance Limited
- Vanliz Microfinance Services Limited
- Glow Microfinance Limited
- Sufficiency Microfinance Ltd
- Apex Microfinance Limited
- Atwiman Microfinance Company Limited
- Genesis Seed Microfinance Ltd
- Look-Ahead Microfinance Ltd
- Silison Microfinance Limited
- Softbiz Microfinance Ltd
- Growth Champions Microfinance Limited
- Money Home Microfinance Limited
- Reach Microfinance Limited
- Sika Dwa Microfinance Limited
- TTS Microfinance Services Ltd
- Fast Money Microfinance Ltd
- Ideal Way Microfinance Services Ltd
- Skii Credit Microfinance Limited
- Royal Kingdom Microfinance Ltd
- Silver Microfinance Limited
- Time-First Microfinance Limited
- Agapet Microfinance Limited
- Citiville Microfinance Limited
- City Trust Microfinance Limited
- Coastal Link Microfinance Limited
- First Unity Microfinance Limited
- Golden Life Microfinance Limited
- Mothers’ Microfinance Limited
- My Hope Microfinance Limited
- Paxman Microfinance Limited
- Pendy-Glo Microfinance Limited
- Promise Microfinance Limited
- Stegenor Microfinance Limited
- Ultimate Focus Microfinance Limited
- Bees Microfinance Limited
- Ego Vision Microfinance Limited
- J’cobs Microfinance Limited
- Mckeown Microfinance Limited
- Opportunity Global Links Microfinance Limited
- Rimda Microfinance Limited
- Spark Trust Microfinance Limited
- Swift Trust Microfinance Limited
- Topnet Microfinance Limited
- Kab Microfinance Limited
- Kwabef Microfinance Limited
- Medlorm Microfinance Limited
- Western Microfinance Limited
- Ganyo Microfinance Ltd
- Kinsban Captial Microfinance Limited
- Medal Credit Microfinance Limited
- Rejoice Microfinance Limited
- Trust Jesus Microfinance Ltd
- Images Microfinance Limited
- Central Capital Microfinance Limited
- Sab Trust Microfinance Limited
- Antcave Microfinance Limited
- H&C Microfinance Limited
- Pryme Hedge Microfinance Ltd
- Safe Credit Microfinance Limited
- Seab Microfinance Ltd
- The Lord is Peace Microfinance Ltd
- Protege Microfinance Limited
- Uni Cash Microfinance Limited
- Reemalex Microfinace Services Limited
- Diamond Winners Microfinance Limited
The approval in principle of Growth Pole Money Lending Ltd has also been revoked.
By Emmanuel Odonkor