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The BoG revoked last Friday the licenses of 386 insolvent microfinance and microcredit companies
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According to the Bank of Ghana (Bank of Ghana), about 137 microfinance companies and 31 microcredit companies are currently in good standing and will therefore remain operational in the country.
That's after the BoG revoked the licenses of some 386 insolvent microfinance and microcredit companies.
This includes 192 microfinance companies whose licenses have been revoked and 155 other insolvent companies that have ceased operations and are suffering the same fate.
In a statement released Friday, the Central Bank also revoked the licenses of 29 insolvent microcredit companies.
The BoG explained that, in the case of microfinance companies, it had taken the measures that were imposed under section 123 (1) of the 2016 Law on Banks and Institutions specialized repositories (Law 930).
Click below to find a list of operating microcredit and microfinance companies:
microcredit
microfinance
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