Business News of Saturday, 1 June 2019Source: GNABank of Ghana revokes licenses of 39 insolvent micro-credit companiesFile photoThe Bank of Ghana has revoked the licences of 39 insolvent microcredit companies for regulatory violations and other supervisory concerns. Following the revocation of the licenses of these institutions, a total number of 31 microcredit companies will continue to operate. The statement said a total of 70 microcredit companies were licensed by the Bank of Ghana from 2011 until the end of 2015 under Act 774, to provide micro loans. Following the revocation of the licences of the institutions, a total number of 31 microcredit companies will continue to operate. The Bank of Ghana assured the public of its commitment to promoting stability of the financial system, the statement added.

Source: GhanaWeb May 31, 2019 18:11 UTC