The Bank of Ghana has revoked the licenses of some 23 Savings and Loans companies including GN Savings and Loans Limited, Ideal Finance Limited, IFS Financial Services Limited and Midlands Savings and Loans.
In a statement released on Friday, August 16, the Bank of Ghana noted the 23 Savings and Loans and Financial Services Companies are insolvent, hence the revocation of their licenses.
“The revocation of the licenses of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.”
The Bank of Ghana has also appointed Eric Nipah as Receiver of the 23 banks in line with Section 123 (2) of Act 930.
Measures have, however, been put in place by the Bank of Ghana for the appointed Receiver to pay depositors their monies once their claims are validated.
LIST OF TWENTY-THREE (23) INSOLVENT INSTITUTIONS WHOSE LICENCES HAVE BEEN REVOKED
NO. | NAMES OF INSOLVENT INSTITUTIONS | NATURE OF LICENSE |
1 | Accent Financial Services Ltd. | Finance House |
2 | Adom Savings and Loans Ltd. | Savings and Loans Company |
3 | AllTime Finance Ltd. | Finance House |
4 | Alpha Capital Savings and Loans Ltd. | Savings and Loans Company |
5 | ASN Financial Services Ltd. | Savings and Loans Company |
6 | CDH Savings and Loans Ltd. | Savings and Loans Company |
7 | Commerz Savings and Loans Ltd. | Savings and Loans Company |
8 | Crest Finance House Ltd. | Finance House |
9 | Dream Finance Company Ltd. | Finance House |
10 | Express Savings and Loans Company Ltd. | Savings and Loans Company |
11 | First African Savings & Loans Company Ltd. | Savings and Loans Company |
12 | First Allied Savings and Loans Co. Ltd. | Savings and Loans Company |
13 | First Ghana Savings and Loans Co. Ltd. | Savings and Loans Company |
14 | FirstTrust Savings and Loans Ltd. | Savings and Loans Company |
15 | Global Access Savings and Loans Company Ltd. | Savings and Loans Company |
16 | GN Savings and Loans Ltd. | Savings and Loans Company |
17 | Ideal Finance Ltd. | Finance House |
18 | IFS Financial Services Ltd. | Finance House |
19 | Legacy Capital Savings and Loans Ltd. | Savings and Loans Company |
20 | Midland Savings and Loans Company Ltd. | Savings and Loans Company |
21 | Sterling Financial Services Ltd. | Finance House |
22 | Unicredit Savings and Loans Ltd. | Savings and Loans Company |
23 | Women’s World Banking Savings and Loans Co. Ltd. | Savings and Loans Company |
Source: 3news.com|Ghana
The post GN Savings and Loans, 22 others closed down appeared first on 3news.
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