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List: BoG closes down 23 Savings and Loans companies

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The Bank of Ghana (BoG), has closed down 23 Savings and Loans companies.

“The Bank of Ghana has, with effect from today, revoked the licences of twenty-three (23) insolvent savings and loans companies and finance house companies” a statement released on Friday (August 16) said.

The Central Bank said the 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.

The statement further said the revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency. It is the Bank of Ghana’s assessment that these institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their
depositors.

Meanwhile, the Bank of Ghana has appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.”

Below is the list of the affected Savings and Loans companies.

LIST OF TWENTY-THREE (23) INSOLVENT INSTITUTIONS WHOSE LICENCES HAVEBEEN REVOKED

NO. NAMES OF INSOLVENT INSTITUTIONS NATURE OF LICENSE
1 Accent Financial Services Ltd. Finance House
2 Adom Savings and Loans Ltd. Savings and Loans Company
3 AllTime Finance Ltd. Finance House
4 Alpha Capital Savings and Loans Ltd. Savings and Loans Company
5 ASN Financial Services Ltd. Savings and Loans Company
6 CDH Savings and Loans Ltd. Savings and Loans Company
7 Commerz Savings and Loans Ltd. Savings and Loans Company
8 Crest Finance House Ltd. Finance House
9 Dream Finance Company Ltd. Finance House
10 Express Savings and Loans Company Ltd. Savings and Loans Company
11 First African Savings & Loans Company Ltd. Savings and Loans Company
12 First Allied Savings and Loans Co. Ltd. Savings and Loans Company
13 First Ghana Savings and Loans Co. Ltd. Savings and Loans Company
14 FirstTrust Savings and Loans Ltd. Savings and Loans Company
15 Global Access Savings and Loans Company Ltd. Savings and Loans Company
16 GN Savings and Loans Ltd. Savings and Loans Company
17 Ideal Finance Ltd. Finance House
18 IFS Financial Services Ltd. Finance House
19 Legacy Capital Savings and Loans Ltd. Savings and Loans Company
20 Midland Savings and Loans Company Ltd. Savings and Loans Company
21 Sterling Financial Services Ltd. Finance House
22 Unicredit Savings and Loans Ltd. Savings and Loans Company
23 Women’s World Banking Savings and Loans Co.
Ltd.

Revocation of Licenses of SDIs-16.8.19

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