The Bank of Ghana has with effect from May 31st 2019, revoked the licences of 192 insolvent microfinance companies. In addition, licences of another 155 insolvent microfinance companies that have ceased operations have been revoked.
According to a statement issued by the Bank of Ghana, these actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a bank or Specialised Deposit-taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days.
Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.
The Bank of Ghana assures the public of its continued commitment to protecting depositors’ funds and promoting the stability of the financial system.
Read Full Statement and List of Banks Below: