The Bank of Ghana has notified the general public that the operations of a financial institution called “Dancom Microfinance Limited” are not in line with banking laws and has cautioned the public to desist doing business with them.
The microfinance company, which the BoG says has offices at Old Ningo, Ada and Afienya, is engaged in deposit-taking activities without a licence, an act the BoG says contravenes “section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930)”.
A statement from the BoG said the directors of the company have been arrested and are being prosecuted in accordance with the relevant law for operating a company without the appropriate license.
“The general public is hereby informed that Dancom Microfinance Ltd. was NOT LICENSED to engage in microfinance business. The offices of the company have been closed down. The directors have been arrested and are being prosecuted in accordance with the relevant law.”, the statement reads in parts.
“Accordingly the general public is cautioned that anyone who transacts business with Dancom Microfinance Limited does so at his or her own risk, and Bank of Ghana WILL NOT be liable to such clients or depositors in the event of loss”, it added.
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