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.
According to the BoG ‘in the exercise of its powers it grants licenses to persons desiring to conduct the business of banking including microfinance 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 its notice on 15th July,2015 failed to meet the conditions precedent to the issuance of a final license. ‘Some microfinance 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’.
Meanwhile lending company, Growth Pole Money Lending Limited has also seen its license revoked.
BoG Revokes License Of 70 Microfinance Companies
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