BoG revokes licenses of GN Bank, UniCredit and 21 other savings and loans companies
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BoG revokes licenses of GN Bank, UniCredit and 21 other savings and loans companies

- The Bank of Ghana (BoG) has revoked the licences of twenty-three insolvent savings and loans companies and finance house companies

- The affected institutions include Ideal Finance, GN Savings and Loans, First Allied Savings and Loans, ASN Financial Services, Midland Savings and Loans, IFS Financial Services, Unicredit Savings and Loans and Women’s World Banking Savings and Loans

- The BoG has appointed Eric Nipah as a Receiver for the specified institutions

The Bank of Ghana (BoG) has, with effect from today, Friday, 16 August 2019, revoked the licences of 23 insolvent savings and loans companies and finance house companies including GN Savings and Loans belonging to businessman Dr Papa Kwesi Nduom.

The Central Banks's action was 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 Bank of Ghana has also appointed Mr. Eric Nipah as the Receiver for the specified institutions in line with section 123 (2) of Act 930.

BoG revokes licenses of GN Bank, UniCredit and 21 other savings and loans companies

Bank of Ghana shuts down Ideal Finance, GN Savings, 21 other Savings and Loans firms. Source: BoG
Source: UGC

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"The Bank of Ghana has also with effect from today, revoked the licences of two nonbank financial institutions, namely Express Funds International Ltd (remittance company) and Ghana Leasing Company Ltd (leasing company) which are insolvent and have been inactive for a number of years.

"This action is pursuant to Section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the Bank of Ghana to revoke the licence of a non-bank financial institution licensed under that Act if that institution among other things ceases to carry on business.

The Bank of Ghana has notified the Registrar of Companies of the revocation of these two licences and has BANK OF GHANA E S T. 19 5 7 2 requested that the Registrar commences winding-up proceedings against these companies under the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180),” the BoG said in a statement.

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Source: Yen

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