The Bank of Ghana (BoG) has closed down two illegal micro-finance institutions, Agro Development Fund Services Limited and Hebron Financial Investment Limited. The two institutions were closed down on Tuesday for flouting the Specialized Deposit Taking Institutions Act, 2016 (Act 930) and Foreign Exchange Act, 2006 (Act 723). The Central Bank, in a statement said, … Read more
The Central Bank has closed down two financial institutions for offering financial services without its permission. In a statement released on Tuesday, March 7, 2017 the regulator said, “with reference to the Bank of Ghana Notice No. BG/GOV/SEC/2017/01 issued on January, 30, 2017, warning the general public of the unlicensed deposit-taking business of Agro Development Fund Services … Read more
The Bank of Ghana (BoG) has halted the operations of two financial institutions for operating illegally. The two are; Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL). According to the central bank, the two institutions have been operating as an unlicensed microfinance and unauthorised online foreign exchange trading business respectively. A … Read more