bank of ghana revokes licenses of defaulted micro finance firms

BoG Revokes Licenses Of 386 Micro-Finance And Micro-Credit Institutions

An additional 155 insolvent microfinance companies that have ceased operations have also had their licenses revoked by the central bank in line with section 123 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

The licenses of 192 insolvent microfinance companies across the country have been revoked, the Bank of Ghana (BoG) announced Friday.

An additional 155 insolvent microfinance companies that have ceased operations have also had their licenses revoked by the central bank in line with section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It has appointed Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of the Act

Also,  BoG has with immediate effect revoked the licenses of 29 insolvent microcredit companies.

bank_of_ghana_revokes_licenses_of_micro_finance_institutions

LIST OF 347 MICROFINANCE COMPANIES WHOSE LICENCES HAVE BEEN REVOKED. MICROFINANCE COMPANIES – INSOLVENT S/No. NAME OF INSTITUTION.

1 1ST EYE MICROFINANCE COMPANY LIMITED 2 ABEPA MICROFINANCE LIMITED 3 ACEA MICROFINANCE CO. LIMITED 4 ADOM SIKA MICROFINANCE LIMITED 5 ADVALUE MICROFINANCE LIMITED 6 AE MICROFINANCE COMPANY LIMITED 7 AF MICROFINANCE COMPANY LIMITED 8 AFRIQUE CAPITAL MICROFINANCE LIMITED 9 AKAD MICROFINANCE LIMITED 10 AKI MICROFINANCE COMPANY LIMITED 11 ALL GHANA MICROFINANCE LIMITED 12 ALL INCLUSIVE MICROFINANCE LIMITED 13 ALLIANCETRUST MICROFINANCE LIMITED 14 AMISGOLD MICROFINANCE SERVICES LIMITED 15 A-N MICROFINANCE SERVICES LIMITED 16 A-ONE TRUST MICROFINANCE SERVICES LIMITED 17 APPIADUMAN MICROFINANCE LIMITED 18 ASPET-A MICROFINANCE LIMITED 19 A-STAR MICROFINANCE LIMITED 20 AXIS DIRECT MICROFINANCE COMPANY LIMITED 21 BENKOSON MICROFINANCE LIMITED 22 BEST MICROFINANCE SERVICES LIMITED 23 BLUEHILLS MICROFINANCE LIMITED 24 BOAFO NE NYAME MICROFINANCE LIMITED 25 BODEV MICROFINANCE LIMITED 26 BOIN MICROFINANCE LIMITED 27 BONAMAX MICROFINANCE COMPANY LIMITED 28 BRITE LIFE MICROFINANCE LIMITED 29 BROADVIEW CAPITAL MICROFINANCE LIMITED 30 CAPITAL AND MORE MICROFINANCE COMPANY LIMITED 31 CAPITAL CONNECT MICROFINANCE LIMITED 32 CASH MULTITRUST MICROFINANCE LIMITED 33 CASHPHASE MICROFINANCE COMPANY LIMITED 34 CASHPLUS MICROFINANCE LIMITED 35 CHRISTIAN COMMUNITY MICROFINANCE LIMITED 36 CITIZEN CAPITAL MICROFINANCE LIMITED 37 CITY CREDIT MICROFINANCE LIMITED 38 CONNECT CAPITAL MICROFINANCE LIMITED 39 COTTAGE MICROFINANCE LIMITED 40 CREDABILITY INVESTMENT AND MICROFINANCE LIMITED 41 CROWN CAPITAL MICROFINANCE LIMITED 42 CROWN HOUSE MICROFINANCE LIMITED 43 CYMAIN CAPITAL MICROFINANCE LIMITED 44 CYPRESS MICROFINANCE COMPANY LIMITED 45 DAHINSHELI MICROFINANCE LIMITED 46 DAILY CAPITAL MICROFINANCE LIMITED 47 DATACASH MICROFINANCE LIMITED 48 DBM MICROFINANCE LIMITED 49 DELIGHT MICROFINANCE COMPANY LIMITED 50 DES MICROFINANCE LIMITED 51 DOLPHIN MICROFINANCE SERVICES LIMITED 52 DONEWEALTH MICROFINANCE LI 70 FINANCIAL REPUBLIC MICROFINANCE COMPANY LIMITED 71 FINO MICROFINANCE LIMITED 72 FIRST CALL MICROFINANCE COMPANY LIMITED 73 FIRST LIBERTY MICROFINANCE LIMITED 74 FOUNTAINGATE MICROFINANCE LIMITED 75 FRONTIER CAPITAL MICROFINANCE LIMITED 76 FRONTLINE MICROFINANCE LIMITED 77 FTS CAPITAL MICROFINANCE LIMITED 78 FUTURE LEADERS MICROFINANCE LIMITED 79 GAB MICROFINANCE LIMITED 80 GAD MICROFINANCE LIMITED 81 GALAXY MICROFINANCE LIMITED 82 GEO MULTI MICROFINANCE LIMITED 83 GG CREDIT MICROFINANCE COMPANY LIMITED 84 GHABSY MICROFINANCE LIMITED 85 GIANT STEPS MICROFINANCE SERVICES LIMITED 86 GLOBAL FEED MICROFINANCE LIMITED 87 GLOBAL TRUST MICROFINANCE SERVICES LIMITED 88 GOD IS PERFECT MICROFINANCE LIMITED 89 GOLDMAN CAPITAL MICROFINANCE CO. LIMITED 90 GREAT NATION MICROFINANCE LIMITED 91 GREENFIELD MICROFINANCE SERVICES LIMITED 92 HEGIS MICROFINANCE LIMITED 93 HERITAGE MICROFINANCE LIMITED 94 HODIDI MICROFINANCE COMPANY LIMITED 95 HOME SUPPORT AND ALLIED MICROFINANCE LIMITED 96 IDOS MICROFINANCE LIMITED 97 INTEGRITY CAPITAL MICROFINANCE LIMITED 98 JCF CONSUMER MICROFINANCE LIMITED 99 JDC MICROFINANCE COMPANY LIMITED 100 JEFAM MICROFINANCE COMPANY LIMITED 101 JIDAI MICROFINANCE LIMITED 102 JW MICROFINANCE LIMITED 103 KINGDAVE MICROFINANCE LIMITED 104 KINGSBRIDGE MICROFINANCE LIMITED 105 KKA EMPIRE MICROFINANCE LIMITED 106 KWAHU MICROFINANCE COMPANY LIMITED 107 LAKE VIEW MICROFINANCE LIMITED 108 LEGEND MICROFINANCE CO. LIMITED 109 LIBERTY DMI MICROFINANCE LIMITED 110 LIBERTY TRUST MICROFINANCE LIMITED 111 LJ CASHPLUS MICROFINANCE LIMITED 112 LLOYDS CAPITAL MICROFINANCE LIMITED. 113 MACE MICROFINANCE LIMITED 114 MASADAR MICROFINANCE LIMITED 115 MELBOND MICROFINANCE LIMITED 116 MERIDIAN MICROFINANCE LIMITED 117 MICAID MICROFINANCE COMPANY LIMITED 118 MOP MICROFINANCE LIMITED 119 MULTI MONEY MICROFINANCE COMPANY LIMITED 120 MULTIBILITY MICROFINANCE LIMITED 121 NAS MICROFINANCE COMPANY LIMITED 122 NATIONWIDE MICROFINANCE LIMITED 123 NEW BUSINESS MICROFINANCE LIMITED 124 NEW IMAGE MICROFINANCE LIMITED 125 NEW WAYS MICROFINANCE LIMITED 126 NKOSUO MICROFINANCE LIMITED 127 NO. 1 MICROFINANCE COMPANY LIMITED 128 OFS MICROFINANCE COMPANY LIMITED 129 OPTIMAL MICROFINANCE LIMITED 130 OSOMUFO MICROFINANCE LIMITED 131 OVAL MICROFINANCE LIMITED 132 PARAGON MICROFINANCE COMPANY LIMITED 133 PATHWAY MICROFINANCE LIMITED 134 PEARLHOUSE GHANA MICROFINANCE LIMITED 135 PEESAM MICROFINANCE LIMITED 136 PEREBRIM MICROFINANCE COMPANY LIMITED 137 PLANET MICROFINANCE LIMITED 138 PLANTERS CAPITAL MICROFINANCE COMPANY LIMITED 139 PRIME GUARANTY FSL MICROFINANCE LIMITED 140 PRIMECREDIT MICROFINANCE LIMITED 141 PRIMUS MICROFINANCE LIMITED 142 PROF MICROFINANCE LIMITED 143 PROGRESSIVE MICROFINANCE COMPANY LIMITED 144 PRONTO MICROFINANCE LIMITED 145 PROSEED MICROFINANCE COMPANY LIMITED 146 PURPOSE MICROFINANCE LIMITED 147 Q-STAR INVESTMENTS & MICROFINANCE LIMITED 148 R&J GATEWAY MICROFINANCE SERVICES LIMITED 149 RANCARE MICROFINANCE LIMITED 150 REDEEMER MICROFINANCE LIMITED 151 RENAIZANCE CAPITAL SOLUTIONS MICROFINANCE LIMITED 152 REOB FEKAMS MICROFINANCE COMPANY LIMITED 153 RIGHTWAY MICROFINANCE LIMITED 154 RIVERS CAPITAL MICROFINANCE LIMITED 155 ROPA MICROFINANCE LIMITED 156 ROSS CAPITAL MICROFINANCE LIMITED 157 ROYAL STEPS MICROFINANCE LIMITED 158 ROYALTY CAPITAL MICROFINANCE LIMITED 159 SAFENET MICROFINANCE LIMITED 160 SAMAG MICROFINANCE LIMITED 161 SAVANNAH MICROFINANCE LIMITED 162 SAVPLUS MICROFINANCE SERVICES LIMITED 163 SILVER TRUST MICROFINANCE COMPANY LIMITED 164 SOLID ROCK MICROFINANCE LIMITED 165 SOLUTIONS MICROFINANCE LIMITED 166 SOURCES UNLIMITED MICROFINANCE LIMITED 167 SOVEREIGN MICROFINANCE LIMITED 168 STANDARD TRUST MICROFINANCE LIMITED 169 STAR ALLIANCE MICROFINANCE LIMITED 170 STARLING MICROFINANCE SERVICES LIMITED 171 STARTWELL MICROFINANCE COMPANY LIMITED 172 SUPREME TRUST MICROFINANCE LIMITED 173 THE ORANGE CAPITAL MICROFINANCE 174 THE RASHARDS MICROFINANCE LIMITED 175 THE TRUSTLINE MICROFINANCE COMPANY LIMITED 176 TI MICROFINANCE LIMITED 177 TOTAL DISCOUNT MICROFINANCE LIMITED 178 TRUE LIFE CAPITAL MICROFINANCE LIMITED 179 TRUST LINK MICROFINANCE LIMITED 180 TRUST MICROFINANCE COMPANY LIMITED 181 TURNSTAR MICROFINANCE LIMITED 182 UNIK LIFE MICROFINANCE LIMITED 183 UNIQUE MICROFINANCE LIMITED 184 UNIQUE-MAS MICROFINANCE COMPANY LIMITED 185 VISION CREDIT MICROFINANCE LIMITED 186 VOA MICROFINANCE LIMITED 187 WE ENABLE MICROFINANCE LIMITED 188 WINTRUST MICROFINANCE LIMITED 189 WONDALAND MICROFINANCE LIMITED 190 YAN MICROFINANCE COMPANY LIMITED 191 YEKEN MICROFINANCE LIMITED 192 YOLI MICROFINANCE COMPANY LIMITED.

MICROFINANCE COMPANIES – INSOLVENT AND CEASED OPERATIONS S/No. NAME OF INSTITUTION

1 72 HOURS MICROFINANCE COMPANY LIMITED 2 ABIS PLUS MICROFINANCE LIMITED 3 ACIT CAPITAL MICROFINANCE LIMITED 4 ADWENPA MICROFINANCE LIMITED 5 ADWUMADEN MICROFINANCE LIMITED 6 AFRICAN TRUST MICROFINANCE LIMITED 7 AG MICROFINANCE LIMITED 8 AGT MICROFINANCE COMPANY LIMITED 9 ALLOT MICROFINANCE COMPANY LIMITED 10 ARHINPA MICROFINANCE LIMITED 11 ATTENTION MICROFINANCE LIMITED 12 AV GLOBAL MICROFINANCE LIMITED 13 BEACONCITY MICROFINANCE COMPANY LIMITED 14 BEDEL MICROFINANCE LIMITED 15 BENGAY MICROFINANCE COMPANY LIMITED 16 BETTER LIFE MICROFINANCE COMPANY LIMITED 17 BIG DREAMS MICROFINANCE LIMITED 18 BIK MICROFINANCE COMPANY LIMITED 19 BOATEM MICROFINANCE LIMITED 20 BOAVOLE MICROFINANCE LIMITED 21 BRISK CREDIT MICROFINANCE LIMITED 22 C.I.G. MICROFINANCE LIMITED 23 CAPITAL HOUSE MICROFINANCE LIMITED 24 CAPITAL LINE MICROFINANCE LIMITED 25 CAPTAINS MICROFINANCE COMPANY LIMITED 26 CASABLANCA MICROFINANCE LIMITED 27 CASHBRIDGE MICROFINANCE LIMITED 28 CC MICROFINANCE LIMITED 29 CITIZENS RESOURCE MICROFINANCE LIMITED 30 COMAID MICROFINANCE LIMITED 31 COMBA MICROFINANCE LIMITED 32 COMMON CAPITAL MICROFINANCE LIMITED 33 COMMUNITY MICROFINANCE LIMITED 34 CRUCIAL TIMES MICROFINANCE LIMITED 35 CYPRESS CEDAR MICROFINANCE COMPANY LIMITED 36 DAA NHYIRA MICROFINANCE COMPANY LIMITED 37 DC MICROFINANCE COMPANY LIMITED 38 DEMS MICROFINANCE COMPANY LIMITED 39 DG CAPITAL MICROFINANCE LIMITED 40 DIVINE FORTUNES MICROFINANCE LIMITED 41 DIVINE MICROFINANCE LIMITED 42 DWADIFO ADANFO MICROFINANCE COMPANY LIMITED 43 DYNASTY MICROFINANCE SERVICES LIMITED 44 EDEN MICROFINANCE LIMITED 45 EKOBA GET RICH MICROFINANCE LIMITED 46 ELITE MICROFINANCE LIMITED 47 ELLIS MICROFINANCE LIMITED 48 ERA MICROFINANCE SERVICES LIMITED 49 EXCEL UNITED MICROFINANCE LIMITED 50 FIRST FIDELITY MICROFINANCE LIMITED 51 FLEXI MICROFINANCE LIMITED 52 FOCUS LINK MICROFINANCE COMPANY LIMITED 53 FORTRESS MICROFINANCE COMPANY LIMITED 54 FRANKAMAN MICROFINANCE COMPANY LIMITED 55 GIANT GAIT MICROFINANCE LIMITED 56 G-LIFE MICROFINANCE LIMITED 57 GLOBAL ONE MICROFINANCE COMPANY LIMITED 58 GMET MICROFINANCE LIMITED 59 GODIGO MICROFINANCE LIMITED 60 GOLDEN TRUST MICROFINANCE COMPANY LIMITED 61 GOLDPOT MICROFINANCE LIMITED 62 GOODNEWS MICROFINANCE COMPANY LIMITED 63 HALAL MICROFINANCE LIMITED 64 HIGH PRESTIGE MICROFINANCE SERVICES LIMITED 65 HOG MICROFINANCE LIMITED 66 ICS MICROFINANCE LIMITED 67 IK MICROFINANCE LIMITED 68 INSTANT MICROFINANCE LIMITED 69 INVESTSURE MICROFINANCE LIMITED 70 JADA MICROFINANCE LIMITED 71 JAYS MICROFINANCE LIMITED 72 JOPAT MICROFINANCE COMPANY LIMITED 73 JORBIES MICROFINANCE LIMITED 74 JOYHELP MICROFINANCE LIMITED 75 JOYPRIN MICROFINANCE COMPANY LIMITED 76 K. A. D. MICROFINANCE LIMITED 77 KANAFIN MICROFINANCE SERVICES LIMITED 78 KAPITAL EXPRESS MICROFINANCE COMPANY LIMITED 79 KARSI MICROFINANCE LIMITED 80 KENLASAB MICROFINANCE LIMITED 81 KINGDOM TRUST MICROFINANCE LIMITED 82 LANDMARK MICROFINANCE LIMITED 83 LAST CHANCE MICROFINANCE COMPANY LIMITED 84 LATTER RAIN MICROFINANCE LIMITED 85 LEAD CAPITAL MICROFINANCE LIMITED 86 LEAD GLOBAL MICROFINANCE LIMITED 87 LEAP CREDIT MICROFINANCE LIMITED 88 LIGHT MICROFINANCE LIMITED 89 LIQUIDITY SOLUTIONS MICROFINANCE LIMITED 90 LIYAC MICROFINANCE COMPANY LIMITED 91 LOYAL SHEPHERD MICROFINANCE LIMITED 92 MALLON MICROFINANCE COMPANY LIMITED 93 MAN CAPITAL MICROFINANCE COMPANY LIMITED 94 MARS MICROFINANCE LIMITED 95 MEGAMITCH MICROFINANCE LIMITED 96 MICRENE MICROFINANCE LIMITED 97 MIGHTY MICROFINANCE LIMITED 98 MOKAP MICROFINANCE LIMITED. 99 MONEYSHOP MICROFINANCE LIMITED 100 MOORE NAARA MICROFINANCE LIMITED 101 MT MICROFINANCE LIMITED 102 NATIVITY MICROFINANCE SERVICES LIMITED 103 NIVA MICROFINANCE LIMITED 104 NOBLE DREAM MICROFINANCE LIMITED 105 OBAATANPA MICROFINANCE COMPANY LIMITED 106 OBUOBA MICROFINANCE COMPANY LIMITED 107 OYE MICROFINANCE LIMITED 108 PANAM MICROFINANCE COMPANY LIMITED 109 PIMCEL MICROFINANCE COMPANY LIMITED 110 PINNACLE MICROFINANCE LIMITED 111 PLATINUM CAPITAL MICROFINANCE LIMITED 112 PREMIER MICROFINANCE LIMITED 113 PRICE CAPITAL MICROFINANCE LIMITED 114 PROFIT POINT MICROFINANCE LIMITED 115 PRO-LINK MICROFINANCE LIMITED 116 PRUDENCE MICROFINANCE LIMITED 117 PURPLE MICROFINANCE LIMITED 118 QODESH MICROFINANCE LIMITED 119 QUICK ONE MICROFINANCE LIMITED 120 REELL MICROFINANCE LIMITED 121 RESTORE MICROFINANCE COMPANY LIMITED 122 RHOKIDA MICROFINANCE LIMITED 123 ROYAL FUTURE MICROFINANCE LIMITED 124 SAG AVE MARIA MICROFINANCE COMPANY LIMITED 125 SAY-ADSAM MICROFINANCE LIMITED 126 SEEDSHARE CAPITAL MICROFINANCE LIMITED 127 SHALOM MICROFINANCE COMPANY LIMITED 128 SHINE CREDIT MICROFINANCE LIMITED 129 SICA MICROFINANCE LIMITED 130 SILBAN CAPITAL MICROFINANCE LIMITED 131 SIM MICROFINANCE LIMITED 132 SKYCREDIT MICROFINANCE LIMITED 133 SKYY CREDITLINE MICROFINANCE LIMITED 134 SOLUTION PIONEERS MICROFINANCE COMPANY LIMITED 135 SS MICROFINANCE LIMITED 136 SS STACOTS MICROFINANCE COMPANY LIMITED 137 ST. MARY’S MICROFINANCE LIMITED 138 STALWART MICROFINANCE SERVICES LIMITED 139 STAR PLUS MICROFINANCE LIMITED 140 STAR WEALTH MICROFINANCE LIMITED 141 STRATEGIES MICROFINANCE SERVICES LIMITED 142 SWEET JESUS MICROFINANCE LIMITED 143 TBS CAPITAL MICROFINANCE LIMITED 144 THE INFORMAL PROJECT MICROFINANCE COMPANY LIMITED 145 TIPPING POINT MICROFINANCE LIMITED 146 TRANS MICROFINANCE LIMITED 147 TURNING POINT MICROFINANCE COMPANY LIMITED 148 UNICORN HAPPY INVESTMENT MICROFINANCE LIMITED 149 V-SEED MICROFINANCE SERVICES LIMITED 150 WAXSON MICROFINANCE COMPANY LIMITED 151 WESTERN ALLIED MICROFINANCE LIMITED 152 WETLAND MICROFINANCE LIMITED 153 WIMAC TRUST MICROFINANCE LIMITED 154 WISELINK MICROFINANCE COMPANY LIMITED 155 XEROX MICROFINANCE SERVICES LIMITED

The licenses of 10 insolvent microcredit companies that have ceased operations have also been revoked by BoG in the latest move by the central bank to clean up the non-banking financial sector.

This leaves a total number of 31 micro credit companies in operation in the country, BoG said in the statement.

This action is pursuant to section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates BoG to revoke the licence of a non-bank financial institution (NBFI) if that institution among other things, ceases to carry on business or ceases to satisfy a qualification under the Act or contravenes any provision of the it.

BoG has notified the Registrar of Companies at the Registrar General’s Department of the revocation of these licenses and requested for winding up processes against the companies.

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“Going forward, the Bank of Ghana is strengthening its regulatory and supervisory framework, and promoting confidence in the microcredit sector,” the statement said.

These, it said, includes a comprehensive review of licensing and supervisory policies and directives, a review of the minimum capital requirements for microcredit and encouraging possible consolidation through voluntary mergers and acquisitions.

It will also ensure strict supervision of licensed micro credit companies and enforcement of relevant regulatory requirements, and increase the resources available for effective supervision of licensed micro credit companies.

Background

A total of 70 microcredit companies were licensed by the Bank of Ghana from 2011 until the end of 2015 under Act 774, to provide micro loans.

Severe undercapitalization, poor lending, and risk management practices, and poor corporate governance practices were among many other reasons accounting for the poor performance and eventual collapse of the 39 failed institutions whose licenses have been revoked.

Despite notices issued to the affected institutions by BoG over the last few years requiring remediation of identified regulatory violations and other supervisory concerns, these institutions failed to address the issues brought to their attention.

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Dela
Dela
Excited Blogger. Emmanuel Dela AHADJIE is daringly a passionate blogger who seeks to inform his followers and readers with accurate updating news on the go. He is a lifestyle, celebrity and sociology blogger who grabs the bull by its horn. He doubles up as The Managing Editor of The Momus Newspaper.WhatsApp:+233245838678

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