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.
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As a result of that the central bank says it has revoked the probationary endorsement or ‘approval in principle’ of some 70 microfinance institutions and a money lending company which applied for banking licenses recently.
Though the central bank did not specify the actual conditions which the affected institutions failed to meet, it noted that “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.
The bank of ghana (bog) has revoked licenses of seventy (70) microfinance and money lending companies in the country.