Directors of Dancom Microfinance arrested for operating without a license

Directors of Dancom Microfinance arrested for operating without a license

- The directors of Dancom Microfinance Limited have been arrested by the police

- They have been charged with operating a savings and loans company without a license

- The Central Bank has warned that anyone who conducts business with them does so at their own risk

The directors of Dancom Microfinance Limited have been arrested and are currently being prosecuted for operating without a license.

Information available to YEN.com.gh suggests that they were picked up for engaging in deposit-taking activities without license, contrary to section 6 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).

According to the Act, the BoG shall have the sole responsibility for the issuance of licences to banks and specialized deposit-taking institutions.

A prisoner wearing handcuffs

Source: Supplied

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Announcing the arrests in a notice, the Bank of Ghana (BoG) said Dancom Microfinance Limited was not licensed to engage in microfinance business.

It added that the offices of the company have been closed down as a result.

“Accordingly, the general public is cautioned that anyone who transacts business with Dancom Microfinance Limited does so at his or her own risk, and the Bank of Ghana WILL NOT be liable to such clients or depositors in the event of loss,” the statement signed by BoG Secretary, Frances Van-Hein Sackey said.

Passed in July 2016, Act 930 gives the BoG overall supervisory and regulatory authority in all matters related to deposit-taking.

It stipulates that authorized agents include an apex body, network, industrial association, self-regulatory organization or any other person recognized by the Central Bank.

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Source: Yen.com.gh

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