The Bank of Ghana (BoG) has revoked licenses of some 70 microfinance and money lending companies.
The BoG argues in the statement that the action was influenced by expiration of the provisional license that was given to these 70 companies to operate.
According to the current BoG rules, persons wanting to conduct Banking business or microfinance are often given a provisional license, to begin the processing of starting full operations.
However, they have up to six months to meet all requirements before they open their doors to the public.
Some of the companies that have been stopped from operating, include: Ezi Access Microfinance, Money link, Xpress link, and Cedar house, Agapet Micro-finance, city trust.
The Bank of Ghana adds that, these 70 companies that were issued license in July 2015 have failed to meet all the requirements to be given the green light to operate. Below is the full statement.
