Over 400 customers of the defunct GN Bank (GN Savings and Loans) have so far received their locked up funds at the Sefwi- Asawinso branch of the Consolidated Bank Ghana (CBG).
Welcome, Ladies and Gentlemen of the Media to the 91st and last MPC press briefing for the year.
Welcome, Ladies and Gentlemen of the Media to the 91st and last MPC press briefing for the year.
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has revealed that the banking sector of the Ghanaian economy is now profitable after the central bank carried out the cleanup exercise. He said the banks that are operating now are conforming to best practices. “The banking is now profitable liquid and solvent owing the recapitalization exercise which resulted in the collapse of some nine local banks,” he said while speaking at the monetary policy committee (MPC) meeting in Accra on Monday, November 25. Dr Addison added: “The banking sector continues to be solvent, liquid and profitable and the latest stress tests result conducted on the sector shows resilience to shocks. The industry’s financial soundness indicators (FSIs) also continued to improve as banks adhered to sound banking practices following the reforms. “The industry’s Capital Adequacy Ratio (CAR), computed in accordance with the new Capital Requirement Directive (CRD) under the Basel II/III capital framework, stood at 18.9 per cent in October 2019, well above the 13 per cent minimum regulatory benchmark. “Asset quality has also recorded some improvements with a decline in the Non-Performing Loans (NPL) ratio to 17.3 per cent in October 2019 from 20.1 per cent in October 2018. “Adjusting for the fully provisioned loss category, the industry’s NPL ratio declined further to 8.1 per cent from 11.4 per cent over the same comparative periods. The industry’s NPL ratio is projected to further decline as banks intensify loan write-offs and recovery efforts. Increased innovation and technological changes in the payment ecosystem have supported the Bank’s objective of promoting inclusive finance. Access to finance especially among the unbanked segment of the population has improved on account of financial institutions and financial technology companies’ joint deployment of mobile-based products and services. “Currently, there are sixteen (16) FinTechs that have partnered with financial institutions in the provision of mobile-based products. In addition, the completion of the mobile money interoperability project has supported the financial inclusion drive. “Total value of transactions through the interoperability platform was GH¢95.4 billion in September 2019 compared with GH¢32.6 billion in September 2018.”
Georgette Kusi-Boateng and Sam George Acquah Two Directors of Adom Sika Microfinance Limited have been arrested by the Economic and Organized Crime Office (EOCO) for their inability to render account on how depositors’ funds in excess of GH¢150 million were utilized. Sam George Acquah and Georgette Kusi-Boateng were grabbed last Wednesday and subsequently cautioned and released on bail to be reporting later. The Executive Director of EOCO, COP (rtd) Frank Adu-Poku, narrated to DAILY GUIDE that the suspects were unable to render accounts or explain how depositors’ funds were used. He said a review of records of the company revealed that a single debtor identified as Kwaku Ansu had an outstanding loan balance of about GH¢240 million which accounted for over 95% of the loans and advances of the company. “What is even more suspicious was that Ansu’s exposure was as a result of normal and penalty interest built up from 2012 based on a facility of GH¢2.7 million extended by the company to Ansu,” the EOCO boss said. He stated that the exercise EOCO had embarked on against offending Micro Finance Companies and Savings and Loans companies marked a turning point in the approach of law enforcement to the acts of ‘impunity’ by directors of these institutions. “The action of the directors constitutes financial crimes against innocent citizens and for that matter, the state, which EOCO is mandated to investigate,” he added. COP Adu-Poku hinted that the properties and assets acquired by these directors through the diversion of depositors’ funds would be treated as proceeds of crime and EOCO would take all necessary steps to restrain and preserve such assets and take appropriate legal action to ensure that the proceeds were used to compensate their victims. DAILY GUIDE investigation has shown that most of the depositors of Adom Sika Microfinance Limited were military personnel who went on peacekeeping missions outside the country. “These soldiers used their hard-earned monies to invest in the microfinance company with the aim of acquiring more profits only to be disappointed,” a source said
The first Deputy Governor of Bank of Ghana, Dr. Maxwell Opoku-Afari has assured the public that the Ministry of Finance, Bank of Ghana and the Receiver have reached an understanding to find a way to unlock funds belonging to Rural Community Banks (RCB) deposited with MFIs. According to him, discussions on modalities are ongoing and once finalized, it would be announced very soon.
Press Release on 347 Micro Finance Companies (“MFCs”) whose licences were revoked on 31 May 2019 by Bank of Ghana Upward Review of Payments to Depositors whose claims have been validated Accra 8th November 2019. Following the revocation of the licences of the 347 Micro Finance Companies (“MFCs”), the Receiver among other things announced a cap payment of GHS10, 000 for each depositor of these affected companies whose claim(s) have been validated in the receiverships of these MFCs. Based on the total number and value of claims received in the receiverships of these MFCs at the extended deadline date for claims submission on Friday 27 September 2019, the Receiver wishes to announce an increase in the capped payment from GHS10,000 to GHS20,000 per depositor, to all depositors whose claims have been validated and accepted with immediate effect. The Receiver wishes to inform depositors with validated claims above GHS10,000, who have already been paid up to the earlier capped amount of GHS10,000 per depositor that they should expect further payments up to a total of GHS20,000 per depositor where their validated total claim(s) in the receiverships of these MFCs is/are in excess of GHS20,000 per depositor. Where a depositor’s validated claim is in excess of GHS10,000 but is less than GHS20,000, the depositor will receive the full amount of his/her validated claim(s) Please note that the Receiver is in the process of recovering assets of the various MFCs to the extent possible and will make payments to the body of creditors of these affected MFCs including depositor, as appropriate and in accordance with the relevant provisions of Act 930. For further information please contact the below numbers. Signed Contact: Philomena Kuzoe Spokesperson for the Receiver Tel: + 233(0) 20 4904250/ 0550000966 Email: phdovi@gmail.com
Press Release on the 23 Savings & Loans Companies (“S&Ls”) whose licences were revoked by Bank of Ghana on 16 August 2019 Upward Review of Payments to Depositors whose claims have been validated Accra 8th November 2019. Following the revocation of the licences of the 23 Savings & Loans Companies (“S&Ls”), the Receiver among other things announced a cap payment of GHS10, 000 per account for each depositor of these affected companies whose claim(s) have been validated in the receiverships of these S&Ls. Based on the total number and value of claims received in the receiverships of these S&Ls at the extended deadline date for claims submission on Friday 18 October 2019, the Receiver wishes to announce an increase in the capped payment from GHS10,000 to GHS20,000 per account, to all depositors whose claims have been validated and accepted with immediate effect. The Receiver wishes to inform depositors with validated claims above GHS10,000 per account, who have already been paid up to the earlier capped amount of GHS10,000 per account that they should expect further payments up to a total of GHS20,000 per account where their total validated claim(s) in the receiverships of these S&Ls is/are in excess of GHS20,000 per account. Where a depositor’s validated claim is in excess of GHS10,000 per account but is less than GHS20,000 per account, the depositor will receive the full amount of his/her validated claim(s) Please note that the Receiver is in the process of recovering assets of the various S&Ls to the extent possible and will make payments to the body of creditors of these affected S&Ls including depositors, as appropriate and in accordance with the relevant provisions of Act 930. For further information please contact the below numbers. Signed Contact: Philomena Kuzoe Spokesperson for the Receiver Tel: + 233(0) 20 4904250/ 0550000966 Email: phdovi@gmail.com
96 branches of the 347 microfinance companies placed into receivership remain open for receivership business GREATER ACCRA No. Branches of Microfinance Companies to be maintained Location of Maintained Branch Region GREATER ACCRA REGION 1 ACEA Microfinance Co. Limited Opposite Amasaman Community Hospital, Amasaman Greater Accra 2 Adom Sika Microfinance Limited 52 Mango Tree Avenue opposite Rima House; Asylum Down Accra Greater Accra 3 AGT Microfinance Company Limited Nungua Greater Accra 4 Best Microfinance Services Limited No. 13/Mkt A/36 Sakumono near the SSNIT Flats on the Sakumono Community Hospital road Greater Accra 5 Broadview Capital Microfinance Limited Okaishie Greater Accra 6 Broadview Capital Microfinance Limited Tema Comm 1 Greater Accra 7 C.I.G. Microfinance Limited Opposite Stanchart-Tesano Greater Accra 8 Capital and More Microfinance Company Limited Adjacent Agodae Enterprise, Mallam Greater Accra 9 Christian Community Microfinance Limited Opposite Las Palmas, Dansoman Greater Accra 10 Christian Community Microfinance Limited Near ADB Bank; Mallam Atta Greater Accra 11 Christian Community Microfinance Limited Near Shell Filling Station; Odorkor Greater Accra 12 Christian Community Microfinance Limited Dzorwulu; George Bush Highway; near Fiesta Royal hotel) Greater Accra 13 Christian Community Microfinance Limited La -Opposite Trade Fair Greater Accra 14 Christian Community Microfinance Limited Near Danny’s Bridal Home, Tema Comm 1 Greater Accra 15 Cymain Capital Microfinance Limited Near the Seed Funds, Kaneshie Greater Accra 16 Cypress Microfinance Company Limited Near Bluecrest College Hostel; Olympic Road; Kokomlemle; Accra Greater Accra 17 Dolphin Microfinance Services Limited Tema Comm.4; Thorkey house – Head Office Greater Accra 18 Dwadifo Adanfo Microfinance Company Limited Near Eazi Bet, Accra New Town Greater Accra 19 Empire Credit Microfinance Limited Tema, Community 18, Near DSTV Greater Accra 20 EMWL crofinance Company Limited Opposite Ghana Multimedia Centre; No.3&4 City Carpark High st. Accra Greater Accra 21 ExpressWay Microfinance Limited Tudu Greater Accra 22 ExpressWay Microfinance Limited Kantamanto Market; near Tarzan house Greater Accra 23 Fast Track Capital Microfinance Limited Near MTN, Dansoman Greater Accra 24 Frontier Capital Microfinance Limited No. 11 Swanzy Shopping Arcade; Accra Greater Accra 25 FTS Capital Microfinance Limited Near NY Ventures, Tema Community 17 Greater Accra 26 Goldman Capital Microfinance Company Limited Dansoman Last stop Greater Accra 27 Goldman Capital Microfinance Company Limited Achimota, near ABC junction foot bridge, Achimota Nsawam Road Greater Accra 28 Goldman Capital Microfinance Company Limited Near New Acme Trust Money Lending Services, Lapaz Greater Accra 29 Good News Microfinance Company Ltd Salem Avenue, Osu Greater Accra 30 Good News Microfinance Company Ltd Near Premier Bet, Teshie Greater Accra 31 Integrity Capital Microfinance Limited Hno. 79B SSNIT Greda Estate Teshie / Spintex near shell sign board traffic light – Hydrafoam Estate Greater Accra 32 Jefam Microfinance Company Limited Near DHL Agency, Adenta Greater Accra 33 Jidai Microfinance Limited No. 241; Ritz Junction-Agbogba Road – Madina Greater Accra 34 Legend Microfinance Company Ltd Near Verbs, Madina Greater Accra 35 Melbond Microfinance Limited Near Pokuasi – Odorkor Station, Pokuasi Greater Accra 36 Melbond Microfinance Limited Near Palace 1 Total Service Station; Awudome Estaes (House No. B179/9 Oshiapen street) Greater Accra 37 Melbond Microfinance Limited Kaneshie behind the Divisonal Police Station. Greater Accra 38 Meridian Microfinance Limited Esconido Building (Hse No. 12/13 B10); Community 10; Tema and along the Rev Odoi street close to Shadows spot Greater Accra 39 Multibility Microfinance Limited Ajirigano high street; ABILITY SQUARE; Adjacent the STAR OIL depot Greater Accra 40 Multibility Microfinance Limited Nungua Last Stop Greater Accra 41 Multibility Microfinance Limited Near Shell Fuel Station, Ashaiman Greater Accra 42 Nationwide Microfinance Limited Oposite United Progressive Party Building; Darkuman Nyamekye Greater Accra 43 Nkosuo Microfinance Limiited Adjacent DFID Ghana, Ring Road Greater Accra 44 Paragon Microfinance Company Limited Anyaa Market; close to the ICGC church Greater Accra 45 Prime Guranty FSL Microfinance Limited 323 Haatso Road; North Legon; Opposite Enoch Missions International Head office Greater Accra 46 PRIMUS MICROFINANCE LIMITED Sonnidom Hse. Achimota St John Rd on top of Barclays bank Greater Accra 47 Reob Fekams Microfinance Company Limited Adjacent Comfort Cafe & Restaurant; C239/3 Paradise Street; Asylum Down Greater Accra 48 Rightway Microfinance Limited Achimota ABC Junction Greater Accra 49 Ross Capital Microfinance Limited Near Ghana Car Rentals, Asylum Down Greater Accra 50 Silver Trust Microfinance Company Limited Near Engen Fuel Station; Adabraka Greater Accra 51 The Trust Line Microfinance Company Limited Farrar Avenue Adabraka; 1st floor of a storey building (C122/3) opposite PKF (International Auditors) office Greater Accra 52 True Life Capital Microfinance Limited Above Speedline Driving School; Dome-Kwabenya Road Greater Accra ASHANTI REGION No. Branches of Microfinance Companies to be maintained Location of Maintained Branch Region ASHANTI REGION 53 A-One Trust Microfinance Services Limited Cultural Centre; Kumasi Ashanti 54 Christian Community Microfinance Limited Bohyen; close to Ampabame Clinic Ashanti 55 Dolphin Microfinance Services Limited Kumasi; Ahodwo; Opposite UniBank, 113 Melcom Road Ashanti 56 FTS Capital Microfinance Limited Obuasi; Adjacent Multi Credit Savings and Loans Ashanti 57 Ghabsy Microfinance Limited Suame; Behind Superb Auto Parts Ashanti 58 Ghabsy Microfinance Limited Bibiani Rd.; Adjacent Star Assurance Co. Ltd. Ashanti 59 Lake View Microfinance Limited Atonsu Ashanti 60 Lake View Microfinance Limited Jachie (Lake Bosumtwi Road); Adjacent Blue Ghanita Pub Ashanti 61 Melbond Microfinance Limited Affulnkwanta; Kumasi; Opposite Total Filling Station Ashanti 62 Planet Microfinance Limited Opposite VIP station; Asafo; Kumasi Ashanti 63 Purpose Microfinance Limited Atonso; Sawmill Junction Ashanti 64 Standard Trust Microfinance Limited 219 Bantama High St.; Opposite Pharmax (Gh.) Ltd. Ashanti 65 Standard Trust Microfinance Limited Ist Floor Inside Jakwapo Building, Central Market opposite Adare catlass Ashanti 66 We Enable Microfinance Limited Opposite TheMampong MP’s office; Ashanti-Mampong Ashanti BONO AHAFO No. Branches of Microfinance Companies to be maintained Location of Maintained Branch Region BONO AHAFO 67 Christian Community Microfinance Limited Opposite ASA Savings & Loans, Techiman Brong Ahafo 68 Frankaman Microfinance Company Limited Berekum Brong Ahafo 69 GAB Microfinance Limited 4th floor of Cocoabod Building. Sunyani. Brong Ahafo 70 Samag Microfinance Limited H/N 50; Nkwantanan; near Krontihene Palace; Offuman Junction; Tuobodom Brong Ahafo CENTRAL REGION No. Branches of Microfinance Companies to be maintained
Accra, Ghana, May 31, 2019 – The Bank of Ghana has, with effect from today, revoked the licences of 192 insolvent microfinance companies (see attached list). In addition, licences of another 155 insolvent microfinance companies that have ceased operations (see attached list) have been revoked.