Full list of 39 microcredit companies who have lost their licenses

The Central Bank on Friday, May 31, 2019, revoked the licences of 29 insolvent microcredit companies.

The Bank of Ghana also revoked the licences of 10 insolvent microcredit companies that had ceased operations bringing the total number to 39.

347 microfinance institutions also had their licenses revoked by the central bank.

This forms part of measures to sanitize the financial sector.

According to the BoG, the action is pursuant to section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the central bank to revoke the licence of a non-bank financial institution (NBFI) licensed under that Act 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 Act or rules or directives issued by the Bank of Ghana.

A statement from the regulatory body said, “it has notified the Registrar of Companies at the Registrar General’s Department of the revocation of these licences, and has requested that the Registrar commence[s] winding-up proceedings against these companies.”

Following the revocation of the licences of these institutions, a total number of 31 microcredit companies will continue to operate.

Find below the full list of microcredit institutions affected:

Microcredit companies – Insolvent

1.  Allied Wealth Money Lending Limited
2. Bennet Money Lending Limited
3. Bremco Money Lending Company Limited
4.  Calmad Money Lending Company Limited
5.  Catamount Finance Money Lending Limited
6.  Citizens Money Lending Limited
7. Divine Announcement Money Lending
8. Fountain Money Lending Services Limited
9. GDFS Money Lending Limited
10. GFI Capital Management Money Lending Limited
11. Great Africa Money Lending Limited
12. Hatmag Money Lending Limited
13. Haubins Money Lending Limited
14.  Index Money Lending Limited
15. KAF Investment Money Lending Limited
16. KBN Money Lending Limited
17. KYC Money Lending Limited
18. McOttley Money Lending Limited
19. N & J Money Lending Limited
20. Obrapa Money Lending Limited
21. One2One Money Lending Services Limited
22. Orbit Money Lending Co. Limited
23.  Pitsea Ways Money Lenders Limited
24. P-Mag Investment Money Lending Services Limited
25. Sat Finance Money Lending Limited
26. Shammah Capital Money Lending Limited
27. SNJ Money Lending Limited
28. Uni-focus Money Lending Limited
29. Zeta Money Lending Limited

Microcredit companies – Insolvent and ceased operations

1. Boafo Yena Money Lending Limited
2. CFI Money Lending Limited
3. CIF Money Lending
4. First Assurance Money Lending Services Limited
5. Global Point Investment and Money Lending Services Limited
6. Intelligent Money Lending Company Limited
7. Kan Money Lending Company Limited
8. PD PAG Money Lending Limited
9. R.P.I.C. Money Lending Services Limited
10. TCP Money Lending Limited