After being forced to downgrade his bank to a ‘savings and loans’ company, Dr Papa Kwesi Nduom has lost the battle completely as the Bank of Ghana has announced his company’s licence has been revoked.
GN Savings and Loan Company, which came out of GN Bank, has been revealed as one of two dozen savings and loans companies closed down by the Bank of Ghana.
The crackdown was announced in a statement released today.
According to the BOG, the closure of these companies has become necessary due to their inability to remain solvent.
Other affected savings and loans companies include Ideal Finance, First Allied Savings and Loans, ASN Financial Services and Midland Savings and Loans.
“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent,” the statement read, in part.
Check out the list of affected institutions below…
- 1. Accent Financial Services Ltd
2. Adom Savings and Loans Ltd
3. AllTime Finance Ltd
4. Alpha Capital Savings and Loans Ltd
5. ASN Financial Services Ltd
6. CDH Savings and Loans Ltd
7. Commerz Savings and Loans Ltd
8. Crest Finance House Ltd
9. Dream Finance Company Ltd
10. Express Savings and Loans Company Ltd
11. First African Savings & Loans Company Ltd
12. First Allied Savings and Loans Co. Ltd
13. First Ghana Savings and Loans Co. Ltd
14. FirstTrust Savings and Loans Ltd
15. Global Access Savings and Loans Company Ltd
16. GN Savings and Loans Ltd
17. Ideal Finance Ltd. Finance House
18. IFS Financial Services Ltd
19. Legacy Capital Savings and Loans Ltd
20. Midland Savings and Loans Company Ltd
21. Sterling Financial Services Ltd
22. Unicredit Savings and Loans Ltd
23. Women’s World Banking Savings and Loans Co. Ltd