BoG Revokes Licences of 347 Microfinance Companies

The Bank of Ghana has revoked the operating licences of some 347 microfinance companies, which, it says, are insolvent or had folded up.

In a statement issued on Friday, 31 May 2019, the central bank said it has, “with effect from today, revoked the licences of 192 insolvent microfinance companies”.

“In addition”, the statement added, the “licences of another 155 insolvent microfinance companies that have ceased operations have been revoked”.

“These actions were 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 or is likely to become insolvent within the next 60 days.

“Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.

“The revocation of the licences of these institutions is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system”, the statement said.

By the revocation of these licences, “the Bank of Ghana seeks to protect the stability of the financial system and to protect affected depositors”.

The central bank said: “To salvage depositors’ funds, the government of Ghana has made funds available to enable the Receiver pay depositors, after their claims are validated”, adding that: “In line with the hierarchy of creditor claims set out under Act 930, other creditors of the failed institutions will be settled by the Receiver upon validation of their claims and to the extent that the Receiver is able to realise value from the remaining assets of these institutions”.

Background as presented by the BoG

The emergence and rapid growth of microfinance operations in the late 2000s, led to the introduction by the Bank of Ghana of a licensing regime for the industry in 2011 after the promulgation of the Non-Bank Financial Institutions Act, 2008 (Act 774).

Existing microfinance operators that had hitherto operated without a licence from the Bank of Ghana, were grandfathered into the new licensing regime introduced in 2011. Subsequently, these institutions were re-licensed under the now-repealed Banking Act of 2004 (Act 673).

A number of additional licences were issued on an annual basis until the end of 2015. By the end of 2015, about 484 microfinance companies had been licensed by the Bank of Ghana.

The majority of licensed microfinance companies began to show signs of distress from 2014 onwards, as a result of severe undercapitalisation, high cost of operations largely from high and unsustainable interest rates offered to depositors, poor lending and investment practices leading to inordinate losses, diversion of customer deposits into private, unprofitable and speculative ventures, general noncompliance with prudential norms, poor corporate governance, weak internal controls, and fraud, among others.

Over the years, the Bank of Ghana notified these institutions of deficiencies and vulnerabilities which had been identified through off-site reviews and onsite examinations. Unfortunately, efforts by the Bank of Ghana to get the affected institutions and their shareholders and directors to rectify these deficiencies yielded no results.

Consequently, the financial position of these institutions continued to deteriorate, leading to their insolvency with majority of them ceasing operations and closing their offices with depositors’ funds locked up. Even those that have not closed their offices are unable to pay their depositors.

This has placed a substantial amount of depositors’ funds at risk.

Given the risks that these institutions continue to pose to the entire financial system, and the need to protect depositors, the Bank of Ghana is sanitizing this sector through the orderly resolution of the failed institutions in accordance with sections 123 to 137 of Act 930.

The Way Forward

Following the revocation of the licences of these institutions, a total number of 137 microfinance companies will continue to operate.

Going forward, the Bank of Ghana has put in place measures to ensure that the existing institutions remain safe and sound by complying with relevant prudential norms.

Among other things, the Bank of Ghana is:

• Undertaking a comprehensive review of licensing and supervisory policies and directives;

• Reviewing the minimum capital requirements for microfinance companies and encouraging possible consolidation through voluntary mergers and acquisitions;

• Introducing proportional corporate governance, fit and proper, and risk management directives;

• Embarking on strict supervision of licensed institutions and enforcement of relevant regulatory requirements;

• Increase the resources available for effective supervision of licensed microfinance companies.

The Bank of Ghana assures the public of its continued commitment to protecting depositors’ funds and promoting the stability of the financial system. Kindly direct any questions to the Other Financial Institutions Supervision Department of Bank of Ghana.

Find the full list of revoked microfinance companies below:

MICROFINANCE COMPANIES – INSOLVENT

S/No NAME OF INSTITUTION

1 1ST EYE MICROFINANCE COMPANY LIMITED

2 ABEPA MICROFINANCE LIMITED

3 ACEA MICROFINANCE CO. LIMITED

4 ADOM SIKA MICROFINANCE LIMITED

5 ADVALUE MICROFINANCE LIMITED

6 AE MICROFINANCE COMPANY LIMITED

7 AF MICROFINANCE COMPANY LIMITED

8 AFRIQUE CAPITAL MICROFINANCE LIMITED

9 AKAD MICROFINANCE LIMITED

10 AKI MICROFINANCE COMPANY LIMITED

11 ALL GHANA MICROFINANCE LIMITED

12 ALL INCLUSIVE MICROFINANCE LIMITED

13 ALLIANCETRUST MICROFINANCE LIMITED

14 AMISGOLD MICROFINANCE SERVICES LIMITED

15 A-N MICROFINANCE SERVICES LIMITED

16 A-ONE TRUST MICROFINANCE SERVICES LIMITED

17 APPIADUMAN MICROFINANCE LIMITED

18 ASPET-A MICROFINANCE LIMITED

19 A-STAR MICROFINANCE LIMITED

20 AXIS DIRECT MICROFINANCE COMPANY LIMITED

21 BENKOSON MICROFINANCE LIMITED

22 BEST MICROFINANCE SERVICES LIMITED

23 BLUEHILLS MICROFINANCE LIMITED

24 BOAFO NE NYAME MICROFINANCE LIMITED

25 BODEV MICROFINANCE LIMITED

26 BOIN MICROFINANCE LIMITED

27 BONAMAX MICROFINANCE COMPANY LIMITED

28 BRITE LIFE MICROFINANCE LIMITED

29 BROADVIEW CAPITAL MICROFINANCE LIMITED

30 CAPITAL AND MORE MICROFINANCE COMPANY LIMITED

31 CAPITAL CONNECT MICROFINANCE LIMITED

32 CASH MULTITRUST MICROFINANCE LIMITED

33 CASHPHASE MICROFINANCE COMPANY LIMITED

34 CASHPLUS MICROFINANCE LIMITED

35 CHRISTIAN COMMUNITY MICROFINANCE LIMITED

36 CITIZEN CAPITAL MICROFINANCE LIMITED

37 CITY CREDIT MICROFINANCE LIMITED

38 CONNECT CAPITAL MICROFINANCE LIMITED

39 COTTAGE MICROFINANCE LIMITED

40 CREDABILITY INVESTMENT AND MICROFINANCE LIMITED

41 CROWN CAPITAL MICROFINANCE LIMITED

42 CROWN HOUSE MICROFINANCE LIMITED

43 CYMAIN CAPITAL MICROFINANCE LIMITED

44 CYPRESS MICROFINANCE COMPANY LIMITED

45 DAHINSHELI MICROFINANCE LIMITED

46 DAILY CAPITAL MICROFINANCE LIMITED

47 DATACASH MICROFINANCE LIMITED

48 DBM MICROFINANCE LIMITED

49 DELIGHT MICROFINANCE COMPANY LIMITED

50 DES MICROFINANCE LIMITED

51 DOLPHIN MICROFINANCE SERVICES LIMITED

52 DONEWEALTH MICROFINANCE LIMITED

53 DOVE MICROFINANCE COMPANY LIMITED

54 DPF MICROFINANCE LIMITED

55 D-VANC MICROFINANCE LIMITED

56 DWETIRE MICROFINANCE LIMITED

57 EASYFAST MICROFINANCE LIMITED

58 EBENEZER MICROFINANCE COMPANY LIMITED

59 ECLIPSE MICROFINANCE LIMITED

60 EMEFS MICROFINANCE LIMITED

61 EMERALF MICROFINANCE LIMITED

62 EMERGE MICROFINANCE LIMITED

63 EMETON MICROFINANCE SERVICES LIMITED

64 EMPIRE CREDIT MICROFINANCE LIMITED

65 EMWL MICROFINANCE COMPANY LIMITED

66 ET MICROFINANCE LIMITED

67 EVERGREEN MICROFINANCE LIMITED

68 EXPRESSWAY MICROFINANCE LIMITED

69 FAST TRACK CAPITAL MICROFINANCE LIMITED

70 FINANCIAL REPUBLIC MICROFINANCE COMPANY LIMITED

71 FINO MICROFINANCE LIMITED

72 FIRST CALL MICROFINANCE COMPANY LIMITED

73 FIRST LIBERTY MICROFINANCE LIMITED

74 FOUNTAINGATE MICROFINANCE LIMITED

75 FRONTIER CAPITAL MICROFINANCE LIMITED

76 FRONTLINE MICROFINANCE LIMITED

77 FTS CAPITAL MICROFINANCE LIMITED

78 FUTURE LEADERS MICROFINANCE LIMITED

79 GAB MICROFINANCE LIMITED

80 GAD MICROFINANCE LIMITED

81 GALAXY MICROFINANCE LIMITED

82 GEO MULTI MICROFINANCE LIMITED

83 GG CREDIT MICROFINANCE COMPANY LIMITED

84 GHABSY MICROFINANCE LIMITED

85 GIANT STEPS MICROFINANCE SERVICES LIMITED

86 GLOBAL FEED MICROFINANCE LIMITED

87 GLOBAL TRUST MICROFINANCE SERVICES LIMITED

88 GOD IS PERFECT MICROFINANCE LIMITED

89 GOLDMAN CAPITAL MICROFINANCE CO. LIMITED

90 GREAT NATION MICROFINANCE LIMITED

91 GREENFIELD MICROFINANCE SERVICES LIMITED

92 HEGIS MICROFINANCE LIMITED

93 HERITAGE MICROFINANCE LIMITED

94 HODIDI MICROFINANCE COMPANY LIMITED

95 HOME SUPPORT AND ALLIED MICROFINANCE LIMITED

96 IDOS MICROFINANCE LIMITED

97 INTEGRITY CAPITAL MICROFINANCE LIMITED

98 JCF CONSUMER MICROFINANCE LIMITED

99 JDC MICROFINANCE COMPANY LIMITED

100 JEFAM MICROFINANCE COMPANY LIMITED

101 JIDAI MICROFINANCE LIMITED

102 JW MICROFINANCE LIMITED

103 KINGDAVE MICROFINANCE LIMITED

104 KINGSBRIDGE MICROFINANCE LIMITED

105 KKA EMPIRE MICROFINANCE LIMITED

106 KWAHU MICROFINANCE COMPANY LIMITED

107 LAKE VIEW MICROFINANCE LIMITED

108 LEGEND MICROFINANCE CO. LIMITED

109 LIBERTY DMI MICROFINANCE LIMITED

110 LIBERTY TRUST MICROFINANCE LIMITED

111 LJ CASHPLUS MICROFINANCE LIMITED

112 LLOYDS CAPITAL MICROFINANCE LIMITED.

113 MACE MICROFINANCE LIMITED

114 MASADAR MICROFINANCE LIMITED

115 MELBOND MICROFINANCE LIMITED

116 MERIDIAN MICROFINANCE LIMITED

117 MICAID MICROFINANCE COMPANY LIMITED

118 MOP MICROFINANCE LIMITED

119 MULTI MONEY MICROFINANCE COMPANY LIMITED

120 MULTIBILITY MICROFINANCE LIMITED

121 NAS MICROFINANCE COMPANY LIMITED

122 NATIONWIDE MICROFINANCE LIMITED

123 NEW BUSINESS MICROFINANCE LIMITED

124 NEW IMAGE MICROFINANCE LIMITED

125 NEW WAYS MICROFINANCE LIMITED

126 NKOSUO MICROFINANCE LIMITED

127 NO. 1 MICROFINANCE COMPANY LIMITED

128 OFS MICROFINANCE COMPANY LIMITED

129 OPTIMAL MICROFINANCE LIMITED

130 OSOMUFO MICROFINANCE LIMITED

131 OVAL MICROFINANCE LIMITED

132 PARAGON MICROFINANCE COMPANY LIMITED

133 PATHWAY MICROFINANCE LIMITED

134 PEARLHOUSE GHANA MICROFINANCE LIMITED

135 PEESAM MICROFINANCE LIMITED

136 PEREBRIM MICROFINANCE COMPANY LIMITED

137 PLANET MICROFINANCE LIMITED

138 PLANTERS CAPITAL MICROFINANCE COMPANY LIMITED

139 PRIME GUARANTY FSL MICROFINANCE LIMITED

140 PRIMECREDIT MICROFINANCE LIMITED

141 PRIMUS MICROFINANCE LIMITED

142 PROF MICROFINANCE LIMITED

143 PROGRESSIVE MICROFINANCE COMPANY LIMITED

144 PRONTO MICROFINANCE LIMITED

145 PROSEED MICROFINANCE COMPANY LIMITED

146 PURPOSE MICROFINANCE LIMITED

147 Q-STAR INVESTMENTS & MICROFINANCE LIMITED

148 R&J GATEWAY MICROFINANCE SERVICES LIMITED

149 RANCARE MICROFINANCE LIMITED

150 REDEEMER MICROFINANCE LIMITED

151 RENAIZANCE CAPITAL SOLUTIONS MICROFINANCE LIMITED

152 REOB FEKAMS MICROFINANCE COMPANY LIMITED

153 RIGHTWAY MICROFINANCE LIMITED

154 RIVERS CAPITAL MICROFINANCE LIMITED

155 ROPA MICROFINANCE LIMITED

156 ROSS CAPITAL MICROFINANCE LIMITED

157 ROYAL STEPS MICROFINANCE LIMITED

158 ROYALTY CAPITAL MICROFINANCE LIMITED

159 SAFENET MICROFINANCE LIMITED

160 SAMAG MICROFINANCE LIMITED

161 SAVANNAH MICROFINANCE LIMITED

162 SAVPLUS MICROFINANCE SERVICES LIMITED

163 SILVER TRUST MICROFINANCE COMPANY LIMITED

164 SOLID ROCK MICROFINANCE LIMITED

165 SOLUTIONS MICROFINANCE LIMITED

166 SOURCES UNLIMITED MICROFINANCE LIMITED

167 SOVEREIGN MICROFINANCE LIMITED

168 STANDARD TRUST MICROFINANCE LIMITED

169 STAR ALLIANCE MICROFINANCE LIMITED

170 STARLING MICROFINANCE SERVICES LIMITED

171 STARTWELL MICROFINANCE COMPANY LIMITED

172 SUPREME TRUST MICROFINANCE LIMITED

173 THE ORANGE CAPITAL MICROFINANCE

174 THE RASHARDS MICROFINANCE LIMITED

175 THE TRUSTLINE MICROFINANCE COMPANY LIMITED

176 TI MICROFINANCE LIMITED

177 TOTAL DISCOUNT MICROFINANCE LIMITED

178 TRUE LIFE CAPITAL MICROFINANCE LIMITED

179 TRUST LINK MICROFINANCE LIMITED

180 TRUST MICROFINANCE COMPANY LIMITED

181 TURNSTAR MICROFINANCE LIMITED

182 UNIK LIFE MICROFINANCE LIMITED

183 UNIQUE MICROFINANCE LIMITED

184 UNIQUE-MAS MICROFINANCE COMPANY LIMITED

185 VISION CREDIT MICROFINANCE LIMITED

186 VOA MICROFINANCE LIMITED

187 WE ENABLE MICROFINANCE LIMITED

188 WINTRUST MICROFINANCE LIMITED

189 WONDALAND MICROFINANCE LIMITED

190 YAN MICROFINANCE COMPANY LIMITED

191 YEKEN MICROFINANCE LIMITED

192 YOLI MICROFINANCE COMPANY LIMITED

MICROFINANCE COMPANIES – INSOLVENT AND CEASED OPERATIONS

S/No NAME OF INSTITUTION

.

1 72 HOURS MICROFINANCE COMPANY LIMITED

2 ABIS PLUS MICROFINANCE LIMITED

3 ACIT CAPITAL MICROFINANCE LIMITED

4 ADWENPA MICROFINANCE LIMITED

5 ADWUMADEN MICROFINANCE LIMITED

6 AFRICAN TRUST MICROFINANCE LIMITED

7 AG MICROFINANCE LIMITED

8 AGT MICROFINANCE COMPANY LIMITED

9 ALLOT MICROFINANCE COMPANY LIMITED

10 ARHINPA MICROFINANCE LIMITED

11 ATTENTION MICROFINANCE LIMITED

12 AV GLOBAL MICROFINANCE LIMITED

13 BEACONCITY MICROFINANCE COMPANY LIMITED

14 BEDEL MICROFINANCE LIMITED

15 BENGAY MICROFINANCE COMPANY LIMITED

16 BETTER LIFE MICROFINANCE COMPANY LIMITED

17 BIG DREAMS MICROFINANCE LIMITED

18 BIK MICROFINANCE COMPANY LIMITED

19 BOATEM MICROFINANCE LIMITED

20 BOAVOLE MICROFINANCE LIMITED

21 BRISK CREDIT MICROFINANCE LIMITED

22 C.I.G. MICROFINANCE LIMITED

23 CAPITAL HOUSE MICROFINANCE LIMITED

24 CAPITAL LINE MICROFINANCE LIMITED

25 CAPTAINS MICROFINANCE COMPANY LIMITED

26 CASABLANCA MICROFINANCE LIMITED

27 CASHBRIDGE MICROFINANCE LIMITED

28 CC MICROFINANCE LIMITED

29 CITIZENS RESOURCE MICROFINANCE LIMITED

30 COMAID MICROFINANCE LIMITED

31 COMBA MICROFINANCE LIMITED

32 COMMON CAPITAL MICROFINANCE LIMITED

33 COMMUNITY MICROFINANCE LIMITED

34 CRUCIAL TIMES MICROFINANCE LIMITED

35 CYPRESS CEDAR MICROFINANCE COMPANY LIMITED

36 DAA NHYIRA MICROFINANCE COMPANY LIMITED

37 DC MICROFINANCE COMPANY LIMITED

38 DEMS MICROFINANCE COMPANY LIMITED

39 DG CAPITAL MICROFINANCE LIMITED

40 DIVINE FORTUNES MICROFINANCE LIMITED

41 DIVINE MICROFINANCE LIMITED

42 DWADIFO ADANFO MICROFINANCE COMPANY LIMITED

43 DYNASTY MICROFINANCE SERVICES LIMITED

44 EDEN MICROFINANCE LIMITED

45 EKOBA GET RICH MICROFINANCE LIMITED

46 ELITE MICROFINANCE LIMITED

47 ELLIS MICROFINANCE LIMITED

48 ERA MICROFINANCE SERVICES LIMITED

49 EXCEL UNITED MICROFINANCE LIMITED

50 FIRST FIDELITY MICROFINANCE LIMITED

51 FLEXI MICROFINANCE LIMITED

52 FOCUS LINK MICROFINANCE COMPANY LIMITED

53 FORTRESS MICROFINANCE COMPANY LIMITED

54 FRANKAMAN MICROFINANCE COMPANY LIMITED

55 GIANT GAIT MICROFINANCE LIMITED

56 G-LIFE MICROFINANCE LIMITED

57 GLOBAL ONE MICROFINANCE COMPANY LIMITED

58 GMET MICROFINANCE LIMITED

59 GODIGO MICROFINANCE LIMITED

60 GOLDEN TRUST MICROFINANCE COMPANY LIMITED

61 GOLDPOT MICROFINANCE LIMITED

62 GOODNEWS MICROFINANCE COMPANY LIMITED

63 HALAL MICROFINANCE LIMITED

64 HIGH PRESTIGE MICROFINANCE SERVICES LIMITED

65 HOG MICROFINANCE LIMITED

66 ICS MICROFINANCE LIMITED

67 IK MICROFINANCE LIMITED

68 INSTANT MICROFINANCE LIMITED

69 INVESTSURE MICROFINANCE LIMITED

70 JADA MICROFINANCE LIMITED

71 JAYS MICROFINANCE LIMITED

72 JOPAT MICROFINANCE COMPANY LIMITED

73 JORBIES MICROFINANCE LIMITED

74 JOYHELP MICROFINANCE LIMITED

75 JOYPRIN MICROFINANCE COMPANY LIMITED

76 K. A. D. MICROFINANCE LIMITED

77 KANAFIN MICROFINANCE SERVICES LIMITED

78 KAPITAL EXPRESS MICROFINANCE COMPANY LIMITED

79 KARSI MICROFINANCE LIMITED

80 KENLASAB MICROFINANCE LIMITED

81 KINGDOM TRUST MICROFINANCE LIMITED

82 LANDMARK MICROFINANCE LIMITED

83 LAST CHANCE MICROFINANCE COMPANY LIMITED

84 LATTER RAIN MICROFINANCE LIMITED

85 LEAD CAPITAL MICROFINANCE LIMITED

86 LEAD GLOBAL MICROFINANCE LIMITED

87 LEAP CREDIT MICROFINANCE LIMITED

88 LIGHT MICROFINANCE LIMITED

89 LIQUIDITY SOLUTIONS MICROFINANCE LIMITED

90 LIYAC MICROFINANCE COMPANY LIMITED

91 LOYAL SHEPHERD MICROFINANCE LIMITED

92 MALLON MICROFINANCE COMPANY LIMITED

93 MAN CAPITAL MICROFINANCE COMPANY LIMITED

94 MARS MICROFINANCE LIMITED

95 MEGAMITCH MICROFINANCE LIMITED

96 MICRENE MICROFINANCE LIMITED

97 MIGHTY MICROFINANCE LIMITED

98 MOKAP MICROFINANCE LIMITED.

99 MONEYSHOP MICROFINANCE LIMITED

100 MOORE NAARA MICROFINANCE LIMITED

101 MT MICROFINANCE LIMITED

102 NATIVITY MICROFINANCE SERVICES LIMITED

103 NIVA MICROFINANCE LIMITED

104 NOBLE DREAM MICROFINANCE LIMITED

105 OBAATANPA MICROFINANCE COMPANY LIMITED

106 OBUOBA MICROFINANCE COMPANY LIMITED

107 OYE MICROFINANCE LIMITED

108 PANAM MICROFINANCE COMPANY LIMITED

109 PIMCEL MICROFINANCE COMPANY LIMITED

110 PINNACLE MICROFINANCE LIMITED

111 PLATINUM CAPITAL MICROFINANCE LIMITED

112 PREMIER MICROFINANCE LIMITED

113 PRICE CAPITAL MICROFINANCE LIMITED

114 PROFIT POINT MICROFINANCE LIMITED

115 PRO-LINK MICROFINANCE LIMITED

116 PRUDENCE MICROFINANCE LIMITED

117 PURPLE MICROFINANCE LIMITED

118 QODESH MICROFINANCE LIMITED

119 QUICK ONE MICROFINANCE LIMITED

120 REELL MICROFINANCE LIMITED

121 RESTORE MICROFINANCE COMPANY LIMITED

122 RHOKIDA MICROFINANCE LIMITED

123 ROYAL FUTURE MICROFINANCE LIMITED

124 SAG AVE MARIA MICROFINANCE COMPANY LIMITED

125 SAY-ADSAM MICROFINANCE LIMITED

126 SEEDSHARE CAPITAL MICROFINANCE LIMITED

127 SHALOM MICROFINANCE COMPANY LIMITED

128 SHINE CREDIT MICROFINANCE LIMITED

129 SICA MICROFINANCE LIMITED

130 SILBAN CAPITAL MICROFINANCE LIMITED

131 SIM MICROFINANCE LIMITED

132 SKYCREDIT MICROFINANCE LIMITED

133 SKYY CREDITLINE MICROFINANCE LIMITED

134 SOLUTION PIONEERS MICROFINANCE COMPANY LIMITED

135 SS MICROFINANCE LIMITED

136 SS STACOTS MICROFINANCE COMPANY LIMITED

137 ST. MARY’S MICROFINANCE LIMITED

138 STALWART MICROFINANCE SERVICES LIMITED

139 STAR PLUS MICROFINANCE LIMITED

140 STAR WEALTH MICROFINANCE LIMITED

141 STRATEGIES MICROFINANCE SERVICES LIMITED

142 SWEET JESUS MICROFINANCE LIMITED

143 TBS CAPITAL MICROFINANCE LIMITED

144 THE INFORMAL PROJECT MICROFINANCE COMPANY LIMITED

145 TIPPING POINT MICROFINANCE LIMITED

146 TRANS MICROFINANCE LIMITED

147 TURNING POINT MICROFINANCE COMPANY LIMITED

148 UNICORN HAPPY INVESTMENT MICROFINANCE LIMITED

149 V-SEED MICROFINANCE SERVICES LIMITED

150 WAXSON MICROFINANCE COMPANY LIMITED

151 WESTERN ALLIED MICROFINANCE LIMITED

152 WETLAND MICROFINANCE LIMITED

153 WIMAC TRUST MICROFINANCE LIMITED

154 WISELINK MICROFINANCE COMPANY LIMITED

155 XEROX MICROFINANCE SERVICES LIMITED

Business Today

BoG Revokes Licences of 347 Microfinance Companies

The Bank of Ghana has revoked the operating licences of some 347 microfinance companies, which, it says, are insolvent or had folded up.

In a statement issued on Friday, 31 May 2019, the central bank said it has, “with effect from today, revoked the licences of 192 insolvent microfinance companies”.

“In addition”, the statement added, the “licences of another 155 insolvent microfinance companies that have ceased operations have been revoked”.

“These actions were 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 or is likely to become insolvent within the next 60 days.

“Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.

“The revocation of the licences of these institutions is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system”, the statement said.

By the revocation of these licences, “the Bank of Ghana seeks to protect the stability of the financial system and to protect affected depositors”.

The central bank said: “To salvage depositors’ funds, the government of Ghana has made funds available to enable the Receiver pay depositors, after their claims are validated”, adding that: “In line with the hierarchy of creditor claims set out under Act 930, other creditors of the failed institutions will be settled by the Receiver upon validation of their claims and to the extent that the Receiver is able to realise value from the remaining assets of these institutions”.

Background as presented by the BoG

The emergence and rapid growth of microfinance operations in the late 2000s, led to the introduction by the Bank of Ghana of a licensing regime for the industry in 2011 after the promulgation of the Non-Bank Financial Institutions Act, 2008 (Act 774).

Existing microfinance operators that had hitherto operated without a licence from the Bank of Ghana, were grandfathered into the new licensing regime introduced in 2011. Subsequently, these institutions were re-licensed under the now-repealed Banking Act of 2004 (Act 673).

A number of additional licences were issued on an annual basis until the end of 2015. By the end of 2015, about 484 microfinance companies had been licensed by the Bank of Ghana.

The majority of licensed microfinance companies began to show signs of distress from 2014 onwards, as a result of severe undercapitalisation, high cost of operations largely from high and unsustainable interest rates offered to depositors, poor lending and investment practices leading to inordinate losses, diversion of customer deposits into private, unprofitable and speculative ventures, general noncompliance with prudential norms, poor corporate governance, weak internal controls, and fraud, among others.

Over the years, the Bank of Ghana notified these institutions of deficiencies and vulnerabilities which had been identified through off-site reviews and onsite examinations. Unfortunately, efforts by the Bank of Ghana to get the affected institutions and their shareholders and directors to rectify these deficiencies yielded no results.

Consequently, the financial position of these institutions continued to deteriorate, leading to their insolvency with majority of them ceasing operations and closing their offices with depositors’ funds locked up. Even those that have not closed their offices are unable to pay their depositors.

This has placed a substantial amount of depositors’ funds at risk.

Given the risks that these institutions continue to pose to the entire financial system, and the need to protect depositors, the Bank of Ghana is sanitizing this sector through the orderly resolution of the failed institutions in accordance with sections 123 to 137 of Act 930.

The Way Forward

Following the revocation of the licences of these institutions, a total number of 137 microfinance companies will continue to operate.

Going forward, the Bank of Ghana has put in place measures to ensure that the existing institutions remain safe and sound by complying with relevant prudential norms.

Among other things, the Bank of Ghana is:

• Undertaking a comprehensive review of licensing and supervisory policies and directives;

• Reviewing the minimum capital requirements for microfinance companies and encouraging possible consolidation through voluntary mergers and acquisitions;

• Introducing proportional corporate governance, fit and proper, and risk management directives;

• Embarking on strict supervision of licensed institutions and enforcement of relevant regulatory requirements;

• Increase the resources available for effective supervision of licensed microfinance companies.

The Bank of Ghana assures the public of its continued commitment to protecting depositors’ funds and promoting the stability of the financial system. Kindly direct any questions to the Other Financial Institutions Supervision Department of Bank of Ghana.

Find the full list of revoked microfinance companies below:

MICROFINANCE COMPANIES – INSOLVENT

S/No NAME OF INSTITUTION

1 1ST EYE MICROFINANCE COMPANY LIMITED

2 ABEPA MICROFINANCE LIMITED

3 ACEA MICROFINANCE CO. LIMITED

4 ADOM SIKA MICROFINANCE LIMITED

5 ADVALUE MICROFINANCE LIMITED

6 AE MICROFINANCE COMPANY LIMITED

7 AF MICROFINANCE COMPANY LIMITED

8 AFRIQUE CAPITAL MICROFINANCE LIMITED

9 AKAD MICROFINANCE LIMITED

10 AKI MICROFINANCE COMPANY LIMITED

11 ALL GHANA MICROFINANCE LIMITED

12 ALL INCLUSIVE MICROFINANCE LIMITED

13 ALLIANCETRUST MICROFINANCE LIMITED

14 AMISGOLD MICROFINANCE SERVICES LIMITED

15 A-N MICROFINANCE SERVICES LIMITED

16 A-ONE TRUST MICROFINANCE SERVICES LIMITED

17 APPIADUMAN MICROFINANCE LIMITED

18 ASPET-A MICROFINANCE LIMITED

19 A-STAR MICROFINANCE LIMITED

20 AXIS DIRECT MICROFINANCE COMPANY LIMITED

21 BENKOSON MICROFINANCE LIMITED

22 BEST MICROFINANCE SERVICES LIMITED

23 BLUEHILLS MICROFINANCE LIMITED

24 BOAFO NE NYAME MICROFINANCE LIMITED

25 BODEV MICROFINANCE LIMITED

26 BOIN MICROFINANCE LIMITED

27 BONAMAX MICROFINANCE COMPANY LIMITED

28 BRITE LIFE MICROFINANCE LIMITED

29 BROADVIEW CAPITAL MICROFINANCE LIMITED

30 CAPITAL AND MORE MICROFINANCE COMPANY LIMITED

31 CAPITAL CONNECT MICROFINANCE LIMITED

32 CASH MULTITRUST MICROFINANCE LIMITED

33 CASHPHASE MICROFINANCE COMPANY LIMITED

34 CASHPLUS MICROFINANCE LIMITED

35 CHRISTIAN COMMUNITY MICROFINANCE LIMITED

36 CITIZEN CAPITAL MICROFINANCE LIMITED

37 CITY CREDIT MICROFINANCE LIMITED

38 CONNECT CAPITAL MICROFINANCE LIMITED

39 COTTAGE MICROFINANCE LIMITED

40 CREDABILITY INVESTMENT AND MICROFINANCE LIMITED

41 CROWN CAPITAL MICROFINANCE LIMITED

42 CROWN HOUSE MICROFINANCE LIMITED

43 CYMAIN CAPITAL MICROFINANCE LIMITED

44 CYPRESS MICROFINANCE COMPANY LIMITED

45 DAHINSHELI MICROFINANCE LIMITED

46 DAILY CAPITAL MICROFINANCE LIMITED

47 DATACASH MICROFINANCE LIMITED

48 DBM MICROFINANCE LIMITED

49 DELIGHT MICROFINANCE COMPANY LIMITED

50 DES MICROFINANCE LIMITED

51 DOLPHIN MICROFINANCE SERVICES LIMITED

52 DONEWEALTH MICROFINANCE LIMITED

53 DOVE MICROFINANCE COMPANY LIMITED

54 DPF MICROFINANCE LIMITED

55 D-VANC MICROFINANCE LIMITED

56 DWETIRE MICROFINANCE LIMITED

57 EASYFAST MICROFINANCE LIMITED

58 EBENEZER MICROFINANCE COMPANY LIMITED

59 ECLIPSE MICROFINANCE LIMITED

60 EMEFS MICROFINANCE LIMITED

61 EMERALF MICROFINANCE LIMITED

62 EMERGE MICROFINANCE LIMITED

63 EMETON MICROFINANCE SERVICES LIMITED

64 EMPIRE CREDIT MICROFINANCE LIMITED

65 EMWL MICROFINANCE COMPANY LIMITED

66 ET MICROFINANCE LIMITED

67 EVERGREEN MICROFINANCE LIMITED

68 EXPRESSWAY MICROFINANCE LIMITED

69 FAST TRACK CAPITAL MICROFINANCE LIMITED

70 FINANCIAL REPUBLIC MICROFINANCE COMPANY LIMITED

71 FINO MICROFINANCE LIMITED

72 FIRST CALL MICROFINANCE COMPANY LIMITED

73 FIRST LIBERTY MICROFINANCE LIMITED

74 FOUNTAINGATE MICROFINANCE LIMITED

75 FRONTIER CAPITAL MICROFINANCE LIMITED

76 FRONTLINE MICROFINANCE LIMITED

77 FTS CAPITAL MICROFINANCE LIMITED

78 FUTURE LEADERS MICROFINANCE LIMITED

79 GAB MICROFINANCE LIMITED

80 GAD MICROFINANCE LIMITED

81 GALAXY MICROFINANCE LIMITED

82 GEO MULTI MICROFINANCE LIMITED

83 GG CREDIT MICROFINANCE COMPANY LIMITED

84 GHABSY MICROFINANCE LIMITED

85 GIANT STEPS MICROFINANCE SERVICES LIMITED

86 GLOBAL FEED MICROFINANCE LIMITED

87 GLOBAL TRUST MICROFINANCE SERVICES LIMITED

88 GOD IS PERFECT MICROFINANCE LIMITED

89 GOLDMAN CAPITAL MICROFINANCE CO. LIMITED

90 GREAT NATION MICROFINANCE LIMITED

91 GREENFIELD MICROFINANCE SERVICES LIMITED

92 HEGIS MICROFINANCE LIMITED

93 HERITAGE MICROFINANCE LIMITED

94 HODIDI MICROFINANCE COMPANY LIMITED

95 HOME SUPPORT AND ALLIED MICROFINANCE LIMITED

96 IDOS MICROFINANCE LIMITED

97 INTEGRITY CAPITAL MICROFINANCE LIMITED

98 JCF CONSUMER MICROFINANCE LIMITED

99 JDC MICROFINANCE COMPANY LIMITED

100 JEFAM MICROFINANCE COMPANY LIMITED

101 JIDAI MICROFINANCE LIMITED

102 JW MICROFINANCE LIMITED

103 KINGDAVE MICROFINANCE LIMITED

104 KINGSBRIDGE MICROFINANCE LIMITED

105 KKA EMPIRE MICROFINANCE LIMITED

106 KWAHU MICROFINANCE COMPANY LIMITED

107 LAKE VIEW MICROFINANCE LIMITED

108 LEGEND MICROFINANCE CO. LIMITED

109 LIBERTY DMI MICROFINANCE LIMITED

110 LIBERTY TRUST MICROFINANCE LIMITED

111 LJ CASHPLUS MICROFINANCE LIMITED

112 LLOYDS CAPITAL MICROFINANCE LIMITED.

113 MACE MICROFINANCE LIMITED

114 MASADAR MICROFINANCE LIMITED

115 MELBOND MICROFINANCE LIMITED

116 MERIDIAN MICROFINANCE LIMITED

117 MICAID MICROFINANCE COMPANY LIMITED

118 MOP MICROFINANCE LIMITED

119 MULTI MONEY MICROFINANCE COMPANY LIMITED

120 MULTIBILITY MICROFINANCE LIMITED

121 NAS MICROFINANCE COMPANY LIMITED

122 NATIONWIDE MICROFINANCE LIMITED

123 NEW BUSINESS MICROFINANCE LIMITED

124 NEW IMAGE MICROFINANCE LIMITED

125 NEW WAYS MICROFINANCE LIMITED

126 NKOSUO MICROFINANCE LIMITED

127 NO. 1 MICROFINANCE COMPANY LIMITED

128 OFS MICROFINANCE COMPANY LIMITED

129 OPTIMAL MICROFINANCE LIMITED

130 OSOMUFO MICROFINANCE LIMITED

131 OVAL MICROFINANCE LIMITED

132 PARAGON MICROFINANCE COMPANY LIMITED

133 PATHWAY MICROFINANCE LIMITED

134 PEARLHOUSE GHANA MICROFINANCE LIMITED

135 PEESAM MICROFINANCE LIMITED

136 PEREBRIM MICROFINANCE COMPANY LIMITED

137 PLANET MICROFINANCE LIMITED

138 PLANTERS CAPITAL MICROFINANCE COMPANY LIMITED

139 PRIME GUARANTY FSL MICROFINANCE LIMITED

140 PRIMECREDIT MICROFINANCE LIMITED

141 PRIMUS MICROFINANCE LIMITED

142 PROF MICROFINANCE LIMITED

143 PROGRESSIVE MICROFINANCE COMPANY LIMITED

144 PRONTO MICROFINANCE LIMITED

145 PROSEED MICROFINANCE COMPANY LIMITED

146 PURPOSE MICROFINANCE LIMITED

147 Q-STAR INVESTMENTS & MICROFINANCE LIMITED

148 R&J GATEWAY MICROFINANCE SERVICES LIMITED

149 RANCARE MICROFINANCE LIMITED

150 REDEEMER MICROFINANCE LIMITED

151 RENAIZANCE CAPITAL SOLUTIONS MICROFINANCE LIMITED

152 REOB FEKAMS MICROFINANCE COMPANY LIMITED

153 RIGHTWAY MICROFINANCE LIMITED

154 RIVERS CAPITAL MICROFINANCE LIMITED

155 ROPA MICROFINANCE LIMITED

156 ROSS CAPITAL MICROFINANCE LIMITED

157 ROYAL STEPS MICROFINANCE LIMITED

158 ROYALTY CAPITAL MICROFINANCE LIMITED

159 SAFENET MICROFINANCE LIMITED

160 SAMAG MICROFINANCE LIMITED

161 SAVANNAH MICROFINANCE LIMITED

162 SAVPLUS MICROFINANCE SERVICES LIMITED

163 SILVER TRUST MICROFINANCE COMPANY LIMITED

164 SOLID ROCK MICROFINANCE LIMITED

165 SOLUTIONS MICROFINANCE LIMITED

166 SOURCES UNLIMITED MICROFINANCE LIMITED

167 SOVEREIGN MICROFINANCE LIMITED

168 STANDARD TRUST MICROFINANCE LIMITED

169 STAR ALLIANCE MICROFINANCE LIMITED

170 STARLING MICROFINANCE SERVICES LIMITED

171 STARTWELL MICROFINANCE COMPANY LIMITED

172 SUPREME TRUST MICROFINANCE LIMITED

173 THE ORANGE CAPITAL MICROFINANCE

174 THE RASHARDS MICROFINANCE LIMITED

175 THE TRUSTLINE MICROFINANCE COMPANY LIMITED

176 TI MICROFINANCE LIMITED

177 TOTAL DISCOUNT MICROFINANCE LIMITED

178 TRUE LIFE CAPITAL MICROFINANCE LIMITED

179 TRUST LINK MICROFINANCE LIMITED

180 TRUST MICROFINANCE COMPANY LIMITED

181 TURNSTAR MICROFINANCE LIMITED

182 UNIK LIFE MICROFINANCE LIMITED

183 UNIQUE MICROFINANCE LIMITED

184 UNIQUE-MAS MICROFINANCE COMPANY LIMITED

185 VISION CREDIT MICROFINANCE LIMITED

186 VOA MICROFINANCE LIMITED

187 WE ENABLE MICROFINANCE LIMITED

188 WINTRUST MICROFINANCE LIMITED

189 WONDALAND MICROFINANCE LIMITED

190 YAN MICROFINANCE COMPANY LIMITED

191 YEKEN MICROFINANCE LIMITED

192 YOLI MICROFINANCE COMPANY LIMITED

MICROFINANCE COMPANIES – INSOLVENT AND CEASED OPERATIONS

S/No NAME OF INSTITUTION

.

1 72 HOURS MICROFINANCE COMPANY LIMITED

2 ABIS PLUS MICROFINANCE LIMITED

3 ACIT CAPITAL MICROFINANCE LIMITED

4 ADWENPA MICROFINANCE LIMITED

5 ADWUMADEN MICROFINANCE LIMITED

6 AFRICAN TRUST MICROFINANCE LIMITED

7 AG MICROFINANCE LIMITED

8 AGT MICROFINANCE COMPANY LIMITED

9 ALLOT MICROFINANCE COMPANY LIMITED

10 ARHINPA MICROFINANCE LIMITED

11 ATTENTION MICROFINANCE LIMITED

12 AV GLOBAL MICROFINANCE LIMITED

13 BEACONCITY MICROFINANCE COMPANY LIMITED

14 BEDEL MICROFINANCE LIMITED

15 BENGAY MICROFINANCE COMPANY LIMITED

16 BETTER LIFE MICROFINANCE COMPANY LIMITED

17 BIG DREAMS MICROFINANCE LIMITED

18 BIK MICROFINANCE COMPANY LIMITED

19 BOATEM MICROFINANCE LIMITED

20 BOAVOLE MICROFINANCE LIMITED

21 BRISK CREDIT MICROFINANCE LIMITED

22 C.I.G. MICROFINANCE LIMITED

23 CAPITAL HOUSE MICROFINANCE LIMITED

24 CAPITAL LINE MICROFINANCE LIMITED

25 CAPTAINS MICROFINANCE COMPANY LIMITED

26 CASABLANCA MICROFINANCE LIMITED

27 CASHBRIDGE MICROFINANCE LIMITED

28 CC MICROFINANCE LIMITED

29 CITIZENS RESOURCE MICROFINANCE LIMITED

30 COMAID MICROFINANCE LIMITED

31 COMBA MICROFINANCE LIMITED

32 COMMON CAPITAL MICROFINANCE LIMITED

33 COMMUNITY MICROFINANCE LIMITED

34 CRUCIAL TIMES MICROFINANCE LIMITED

35 CYPRESS CEDAR MICROFINANCE COMPANY LIMITED

36 DAA NHYIRA MICROFINANCE COMPANY LIMITED

37 DC MICROFINANCE COMPANY LIMITED

38 DEMS MICROFINANCE COMPANY LIMITED

39 DG CAPITAL MICROFINANCE LIMITED

40 DIVINE FORTUNES MICROFINANCE LIMITED

41 DIVINE MICROFINANCE LIMITED

42 DWADIFO ADANFO MICROFINANCE COMPANY LIMITED

43 DYNASTY MICROFINANCE SERVICES LIMITED

44 EDEN MICROFINANCE LIMITED

45 EKOBA GET RICH MICROFINANCE LIMITED

46 ELITE MICROFINANCE LIMITED

47 ELLIS MICROFINANCE LIMITED

48 ERA MICROFINANCE SERVICES LIMITED

49 EXCEL UNITED MICROFINANCE LIMITED

50 FIRST FIDELITY MICROFINANCE LIMITED

51 FLEXI MICROFINANCE LIMITED

52 FOCUS LINK MICROFINANCE COMPANY LIMITED

53 FORTRESS MICROFINANCE COMPANY LIMITED

54 FRANKAMAN MICROFINANCE COMPANY LIMITED

55 GIANT GAIT MICROFINANCE LIMITED

56 G-LIFE MICROFINANCE LIMITED

57 GLOBAL ONE MICROFINANCE COMPANY LIMITED

58 GMET MICROFINANCE LIMITED

59 GODIGO MICROFINANCE LIMITED

60 GOLDEN TRUST MICROFINANCE COMPANY LIMITED

61 GOLDPOT MICROFINANCE LIMITED

62 GOODNEWS MICROFINANCE COMPANY LIMITED

63 HALAL MICROFINANCE LIMITED

64 HIGH PRESTIGE MICROFINANCE SERVICES LIMITED

65 HOG MICROFINANCE LIMITED

66 ICS MICROFINANCE LIMITED

67 IK MICROFINANCE LIMITED

68 INSTANT MICROFINANCE LIMITED

69 INVESTSURE MICROFINANCE LIMITED

70 JADA MICROFINANCE LIMITED

71 JAYS MICROFINANCE LIMITED

72 JOPAT MICROFINANCE COMPANY LIMITED

73 JORBIES MICROFINANCE LIMITED

74 JOYHELP MICROFINANCE LIMITED

75 JOYPRIN MICROFINANCE COMPANY LIMITED

76 K. A. D. MICROFINANCE LIMITED

77 KANAFIN MICROFINANCE SERVICES LIMITED

78 KAPITAL EXPRESS MICROFINANCE COMPANY LIMITED

79 KARSI MICROFINANCE LIMITED

80 KENLASAB MICROFINANCE LIMITED

81 KINGDOM TRUST MICROFINANCE LIMITED

82 LANDMARK MICROFINANCE LIMITED

83 LAST CHANCE MICROFINANCE COMPANY LIMITED

84 LATTER RAIN MICROFINANCE LIMITED

85 LEAD CAPITAL MICROFINANCE LIMITED

86 LEAD GLOBAL MICROFINANCE LIMITED

87 LEAP CREDIT MICROFINANCE LIMITED

88 LIGHT MICROFINANCE LIMITED

89 LIQUIDITY SOLUTIONS MICROFINANCE LIMITED

90 LIYAC MICROFINANCE COMPANY LIMITED

91 LOYAL SHEPHERD MICROFINANCE LIMITED

92 MALLON MICROFINANCE COMPANY LIMITED

93 MAN CAPITAL MICROFINANCE COMPANY LIMITED

94 MARS MICROFINANCE LIMITED

95 MEGAMITCH MICROFINANCE LIMITED

96 MICRENE MICROFINANCE LIMITED

97 MIGHTY MICROFINANCE LIMITED

98 MOKAP MICROFINANCE LIMITED.

99 MONEYSHOP MICROFINANCE LIMITED

100 MOORE NAARA MICROFINANCE LIMITED

101 MT MICROFINANCE LIMITED

102 NATIVITY MICROFINANCE SERVICES LIMITED

103 NIVA MICROFINANCE LIMITED

104 NOBLE DREAM MICROFINANCE LIMITED

105 OBAATANPA MICROFINANCE COMPANY LIMITED

106 OBUOBA MICROFINANCE COMPANY LIMITED

107 OYE MICROFINANCE LIMITED

108 PANAM MICROFINANCE COMPANY LIMITED

109 PIMCEL MICROFINANCE COMPANY LIMITED

110 PINNACLE MICROFINANCE LIMITED

111 PLATINUM CAPITAL MICROFINANCE LIMITED

112 PREMIER MICROFINANCE LIMITED

113 PRICE CAPITAL MICROFINANCE LIMITED

114 PROFIT POINT MICROFINANCE LIMITED

115 PRO-LINK MICROFINANCE LIMITED

116 PRUDENCE MICROFINANCE LIMITED

117 PURPLE MICROFINANCE LIMITED

118 QODESH MICROFINANCE LIMITED

119 QUICK ONE MICROFINANCE LIMITED

120 REELL MICROFINANCE LIMITED

121 RESTORE MICROFINANCE COMPANY LIMITED

122 RHOKIDA MICROFINANCE LIMITED

123 ROYAL FUTURE MICROFINANCE LIMITED

124 SAG AVE MARIA MICROFINANCE COMPANY LIMITED

125 SAY-ADSAM MICROFINANCE LIMITED

126 SEEDSHARE CAPITAL MICROFINANCE LIMITED

127 SHALOM MICROFINANCE COMPANY LIMITED

128 SHINE CREDIT MICROFINANCE LIMITED

129 SICA MICROFINANCE LIMITED

130 SILBAN CAPITAL MICROFINANCE LIMITED

131 SIM MICROFINANCE LIMITED

132 SKYCREDIT MICROFINANCE LIMITED

133 SKYY CREDITLINE MICROFINANCE LIMITED

134 SOLUTION PIONEERS MICROFINANCE COMPANY LIMITED

135 SS MICROFINANCE LIMITED

136 SS STACOTS MICROFINANCE COMPANY LIMITED

137 ST. MARY’S MICROFINANCE LIMITED

138 STALWART MICROFINANCE SERVICES LIMITED

139 STAR PLUS MICROFINANCE LIMITED

140 STAR WEALTH MICROFINANCE LIMITED

141 STRATEGIES MICROFINANCE SERVICES LIMITED

142 SWEET JESUS MICROFINANCE LIMITED

143 TBS CAPITAL MICROFINANCE LIMITED

144 THE INFORMAL PROJECT MICROFINANCE COMPANY LIMITED

145 TIPPING POINT MICROFINANCE LIMITED

146 TRANS MICROFINANCE LIMITED

147 TURNING POINT MICROFINANCE COMPANY LIMITED

148 UNICORN HAPPY INVESTMENT MICROFINANCE LIMITED

149 V-SEED MICROFINANCE SERVICES LIMITED

150 WAXSON MICROFINANCE COMPANY LIMITED

151 WESTERN ALLIED MICROFINANCE LIMITED

152 WETLAND MICROFINANCE LIMITED

153 WIMAC TRUST MICROFINANCE LIMITED

154 WISELINK MICROFINANCE COMPANY LIMITED

155 XEROX MICROFINANCE SERVICES LIMITED

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