{"id":314312,"date":"2016-01-05T21:07:41","date_gmt":"2016-01-05T21:07:41","guid":{"rendered":"http:\/\/ghana-mma.com\/bog-revokes-approval-letters-of-70-institutions-2\/"},"modified":"2016-01-05T21:07:41","modified_gmt":"2016-01-05T21:07:41","slug":"bog-revokes-approval-letters-of-70-institutions-2","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/","title":{"rendered":"BoG Revokes Approval Letters Of 70 Institutions"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"content-area\" readability=\"92\">\n<div class=\"post-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"400\" src=\"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053\" class=\"attachment-post-thumb wp-post-image\" alt=\"Bank Of Ghana\"\/><\/div>\n<p><!--post-image--><br \/>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t    <!-- Easy Plugin for AdSense V8.60 --><!-- [leadin: 0 urCount: 0 urMax: 0] --><br \/>\n<!-- Easy Plugin for AdSense V8.60 --><\/p>\n<p style=\"text-align: justify;\">The Central Bank says it has revoked the probationary endorsement or \u2018approval in principle\u2019 of some 70 microfinance institutions and a money lending company which applied for banking licences recently.<\/p>\n<p style=\"text-align: justify;\">A notice to banks, financial institutions and the general public dated 31<sup>st<\/sup> December, 2015, signed by Caroline Otoo, Secretary of BoG and issued in Accra, said applicants are granted \u2018approval in principle\u2019 for a defined period usually six months and are required to meet conditions stated under the \u2018approval in principle\u2019 letter.<\/p>\n<p style=\"text-align: justify;\">Though the Central Bank did not specify the actual conditions which the affected institutions failed to meet, it noted that \u201csome 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 licence.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe Bank of Ghana therefore wishes to inform all banks, non-bank financial institutions and the general public that the \u2018approval in principle\u2019 granted to the under-listed institutions is hereby revoked.\u201d<\/p>\n<p style=\"text-align: justify;\">The affected institutions include Cedar House Microfinance Services Limited, Ezi Access Microfinance Limited, KB Star Microfinance Company Limited, Money Link Microfinance Limited, Xpress Link Microfinance Company Limited, Quick Loans Microfinance Limited, Vanliz Microfinance Services Limited, Glow Microfinance Limited, Sufficiency Microfinance Limited and Apex Microfinance Limited.<\/p>\n<p style=\"text-align: justify;\">Others include Atwiman Microfinance Company Limited, Genesis Seed Microfinance Limited, Look-Ahead Microfinance Limited, Silison Microfinance Limited, Softbiz Microfinance Limited, Growth Champions Microfinance Limited, Money Home Microfinance Limited, Reach Microfinance Limited, Sika Dwa Microfinance Limited, TTS Microfinance Services Limited and a host of others.<\/p>\n<p style=\"text-align: justify;\">The money lending institution affected by the announcement is Growth Pole Money Lending Limited.<\/p>\n<p style=\"text-align: justify;\">The Bank of Ghana grants licences to persons and organisations who wish to conduct the business of banking, including microfinance and money lending.<\/p>\n<p style=\"text-align: justify;\"><strong><em>By Samuel Boadi<\/em><\/strong><\/p>\n<p><!-- Easy Plugin for AdSense V8.60 --><br \/>\n<!-- [leadout: 1 urCount: 1 urMax: 0] --><\/p>\n<p><!-- Easy Plugin for AdSense V8.60 -->\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n<p>[ad_2]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] The Central Bank says it has revoked the probationary endorsement or \u2018approval in principle\u2019 of some 70 microfinance institutions and a money lending company which applied for banking licences recently. A notice to banks, financial institutions and the general public dated 31st December, 2015, signed by Caroline Otoo, Secretary of BoG and issued in [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-314312","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"[ad_1] The Central Bank says it has revoked the probationary endorsement or \u2018approval in principle\u2019 of some 70 microfinance institutions and a money lending company which applied for banking licences recently. A notice to banks, financial institutions and the general public dated 31st December, 2015, signed by Caroline Otoo, Secretary of BoG and issued in [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/\",\"url\":\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/\",\"name\":\"BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2016\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053\",\"datePublished\":\"2016-01-05T21:07:41+00:00\",\"dateModified\":\"2016-01-05T21:07:41+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage\",\"url\":\"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053\",\"contentUrl\":\"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2016\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2016\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2016\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/","twitter_card":"summary_large_image","twitter_title":"BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com","twitter_description":"[ad_1] The Central Bank says it has revoked the probationary endorsement or \u2018approval in principle\u2019 of some 70 microfinance institutions and a money lending company which applied for banking licences recently. A notice to banks, financial institutions and the general public dated 31st December, 2015, signed by Caroline Otoo, Secretary of BoG and issued in [&hellip;]","twitter_image":"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/","url":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/","name":"BoG Revokes Approval Letters Of 70 Institutions - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2016\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage"},"thumbnailUrl":"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053","datePublished":"2016-01-05T21:07:41+00:00","dateModified":"2016-01-05T21:07:41+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2016\/01\/05\/bog-revokes-approval-letters-of-70-institutions-2\/#primaryimage","url":"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053","contentUrl":"http:\/\/dailyguideafrica.com\/wp-content\/uploads\/2015\/10\/Bank-Of-Ghana-620x400.jpg?3d6053"},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2016\/#website","url":"https:\/\/www.ghanamma.com\/2016\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2016\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/posts\/314312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/comments?post=314312"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/posts\/314312\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/media?parent=314312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/categories?post=314312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2016\/wp-json\/wp\/v2\/tags?post=314312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}