The Bank of Ghana has nullified the licenses of 23 savings and loans companies after they were declared insolvent.
According to the central bank, this is 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 further appointed Eric Nipah as a Receiver for the specified institutions in line with section 123 (2) of Act 930.
Check the list of the 23 savings and loans institutions whose licenses have been revoked by the Bank of Ghana:
1. Accent Financial Services Ltd.
2. Adom Savings and Loans Ltd.
3. AllTime Finance Ltd.
4. Alpha Capital Savings and Loans Ltd.
5. ASN Financial Services Ltd.
6. CDH Savings and Loans Ltd.
7. Commerz Savings and Loans Ltd.
8. Crest Finance House Ltd.
9. Dream Finance Company Ltd.
10. Express Savings and Loans Company Ltd.
11. First African Savings & Loans Company Ltd.
12. First Allied Savings and Loans Co. Ltd.
13. First Ghana Savings and Loans Co. Ltd.
14. FirstTrust Savings and Loans Ltd.
15. Global Access Savings and Loans Company Ltd.
16. GN Savings and Loans Ltd.
17. Ideal Finance Ltd.
18. IFS Financial Services Ltd.
19. Legacy Capital Savings and Loans Ltd.
20. Midland Savings and Loans Company Ltd.
21. Sterling Financial Services Ltd.
22. Unicredit Savings and Loans Ltd.
23. Women’s World Banking Savings and Loans Co. Ltd.
Source: Yaw Sarpong | eFocusLive.com