Business News of Monday, 11 November 2019Source: Graphic.com.gh39 insolvent microcredit companies: Payments to customers commenceThe Central Bank revoked the licences of some fund managersThe Official Liquidator (OL) of the 39 insolvent microcredit companies whose licences were revoked by the Bank of Ghana (BoG) has announced that payments of interim dividend to some customers of the defunct institutions commenced on Thursday, October 14, 2019. The release added that the payments would be made to the creditors from funds provided to the OL by the government. "The Bank of Ghana, in accordance with Section 38 of Act 774 has appointed the Registrar-General to initiate proceedings as Official Liquidator of the affected Microcredit companies to wind up the companies by way of Official Liquidation," the release said. Find below the full list of microcredit institutions affected:• Microcredit companies – Insolvent• Allied Wealth Money Lending Limited• Bennet Money Lending Limited• Bremco Money Lending Company Limited• Calmad Money Lending Company Limited• Catamount Finance Money Lending Limited• Citizens Money Lending Limited• Divine Announcement Money Lending• Fountain Money Lending Services Limited• GDFS Money Lending Limited• GFI Capital Management Money Lending Limited• Great Africa Money Lending Limited• Hatmag Money Lending Limited• Haubins Money Lending Limited• Index Money Lending Limited• KAF Investment Money Lending Limited• KBN Money Lending Limited• KYC Money Lending Limited• McOttley Money Lending Limited• N & J Money Lending Limited• Obrapa Money Lending Limited• One2One Money Lending Services Limited• Orbit Money Lending Co. Limited• Pitsea Ways Money Lenders Limited• P-Mag Investment Money Lending Services Limited• Sat Finance Money Lending Limited• Shammah Capital Money Lending Limited• SNJ Money Lending Limited• Uni-focus Money Lending Limited• Zeta Money Lending Limited• Microcredit companies – Insolvent and ceased operations• Boafo Yena Money Lending Limited• CFI Money Lending Limited• CIF Money Lending• First Assurance Money Lending Services Limited• Global Point Investment and Money Lending Services Limited• Intelligent Money Lending Company Limited• Kan Money Lending Company Limited• PD PAG Money Lending Limited• R.P.I.C. Money Lending Services Limited• TCP Money Lending Limited

Source: GhanaWeb November 11, 2019 13:58 UTC