{"id":629373,"date":"2019-06-01T03:53:12","date_gmt":"2019-06-01T03:53:12","guid":{"rendered":"<br><div id=\"post-519169\"><header>\n<div class=\"entry-post-meta\">\n\n<p>Date: <time content=\"2019-05-31T17:49:31+00:00\" class=\"entry-date updated\" datetime=\"2019-05-31T17:49:31+00:00\">May 31, 2019 5:49pm<\/time><\/p>\n<\/div> \n<\/header><div class=\"entry-content "},"modified":"2019-06-01T03:53:12","modified_gmt":"2019-06-01T03:53:12","slug":"full-list-of-39-microcredit-companies-who-have-lost-their-licenses","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/06\/01\/full-list-of-39-microcredit-companies-who-have-lost-their-licenses\/","title":{"rendered":"Full list of 39 microcredit companies who have lost their licenses"},"content":{"rendered":"<p><\/p>\n<div id=\"post-519169\">\n<header>\n<div class=\"entry-post-meta\">\n<p>Date: <time content=\"2019-05-31T17:49:31+00:00\" class=\"entry-date updated\" datetime=\"2019-05-31T17:49:31+00:00\">May 31, 2019 5:49pm<\/time><\/p>\n<\/div>\n<\/header>\n<div class=\"entry-content clearfix\">\n<figure class=\"fff post-thumbnail\" itemprop=\"associatedMedia\" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><img decoding=\"async\" class=\"post_layout_5_img\" src=\"https:\/\/cdn.ghanamma.com\/2019\/06\/microcredit-logo.jpg\" alt=\"Full list of 39 microcredit companies who have lost their licenses\"\/><\/figure>\n<p>The Central Bank on Friday, May 31, 2019, revoked the licences of 29 insolvent microcredit companies.<\/p>\n<p>The Bank of Ghana also revoked the licences of 10 insolvent microcredit companies that had ceased operations bringing the total number to 39.<\/p>\n<p><span style=\"text-decoration: underline; color: #666699;\"><strong>347 microfinance institutions<\/strong><\/span> also had their <span style=\"text-decoration: underline; color: #666699;\"><strong>licenses revoked by the central bank<\/strong><\/span>.<\/p>\n<p>This forms part of measures to sanitize the financial sector.<\/p>\n<p>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.<\/p>\n<p>A statement from the regulatory body said, \u201cit has\u00a0notified the Registrar of Companies at the Registrar General\u2019s Department of the revocation of these licences, and has requested that the Registrar commence[s] winding-up proceedings against these companies.\u201d<\/p>\n<p>Following the revocation of the licences of these institutions, a total number of 31 microcredit companies will continue to operate.<\/p>\n<p><strong>Find below the full list of microcredit institutions affected:<\/strong><\/p>\n<p><b>Microcredit companies \u2013 Insolvent<\/b><\/p>\n<ol>\n<li>\u00a0Allied Wealth Money Lending Limited<\/li>\n<li>Bennet Money Lending Limited<\/li>\n<li>Bremco Money Lending Company Limited<\/li>\n<li>\u00a0Calmad Money Lending Company Limited<\/li>\n<li>\u00a0Catamount Finance Money Lending Limited<\/li>\n<li>\u00a0Citizens Money Lending Limited<\/li>\n<li>Divine Announcement Money Lending<\/li>\n<li>Fountain Money Lending Services Limited<\/li>\n<li>GDFS Money Lending Limited<\/li>\n<li>GFI Capital Management Money Lending Limited<\/li>\n<li>Great Africa Money Lending Limited<\/li>\n<li>Hatmag Money Lending Limited<\/li>\n<li>Haubins Money Lending Limited<\/li>\n<li>\u00a0Index Money Lending Limited<\/li>\n<li>KAF Investment Money Lending Limited<\/li>\n<li>KBN Money Lending Limited<\/li>\n<li>KYC Money Lending Limited<\/li>\n<li>McOttley Money Lending Limited<\/li>\n<li>N &amp; J Money Lending Limited<\/li>\n<li>Obrapa Money Lending Limited<\/li>\n<li>One2One Money Lending Services Limited<\/li>\n<li>Orbit Money Lending Co. Limited<\/li>\n<li>\u00a0Pitsea Ways Money Lenders Limited<\/li>\n<li>P-Mag Investment Money Lending Services Limited<\/li>\n<li>Sat Finance Money Lending Limited<\/li>\n<li>Shammah Capital Money Lending Limited<\/li>\n<li>SNJ Money Lending Limited<\/li>\n<li>Uni-focus Money Lending Limited<\/li>\n<li>Zeta Money Lending Limited<\/li>\n<\/ol>\n<p><b>Microcredit companies \u2013 Insolvent\u00a0and ceased operations<\/b><\/p>\n<ol>\n<li>Boafo Yena Money Lending Limited<\/li>\n<li>CFI Money Lending Limited<\/li>\n<li>CIF Money Lending<\/li>\n<li>First Assurance Money Lending Services Limited<\/li>\n<li>Global Point Investment and Money Lending Services Limited<\/li>\n<li>Intelligent Money Lending Company Limited<\/li>\n<li>Kan Money Lending Company Limited<\/li>\n<li>PD PAG Money Lending Limited<\/li>\n<li>R.P.I.C. Money Lending Services Limited<\/li>\n<li>TCP Money Lending Limited<\/li>\n<\/ol>\n<p><span class=\"ctx-article-root\"\/>  <\/p>\n<\/div>\n<\/div>\n<p>\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\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\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\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\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\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\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\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\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Date: May 31, 2019 5:49pm 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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":629374,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-629373","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Full list of 39 microcredit companies who have lost their licenses - 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\/2019\/06\/01\/full-list-of-39-microcredit-companies-who-have-lost-their-licenses\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Full list of 39 microcredit companies who have lost their licenses - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Date: May 31, 2019 5:49pm The Central Bank on Friday, May 31, 2019, revoked the licences of 29 insolvent microcredit companies. 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