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BoG Revokes Licenses of Insolvent Savings and Loans Companies and Finance Houses

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Story by De IMOJI 

The Bank of Ghana has released the names of 23 savings and loans companies and 2 nonbank financial institutions who from today, August 16,2019 have been unlicensed.

‘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’.

The Bank of Ghana sited persistent regulatory breaches and violation of the minimum regulatory capital required by Act
930 as some of the reasons for the insolvency and unlicensing.

Name of Insolvent Institutions and 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 – Savings and Loans Company
  24. Express Funds International Ltd – remittance company
  25. Ghana Leasing Company Ltd – leasing company
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