Business News of 2013-12-03

‘US Money Lending Company not licenced’

The Bank of Ghana (BoG) says it has not issued any licence to the US Money Lending Company, which is currently operating as a money-lending institution in Accra.

As a result, the bank said the operations of the company were fake and further called on the general public to be cautious in their dealings with it.

A statement from the BoG, which regulates the financial sector, said “a company operating under the name and style of US Money Lending Company Limited, a subsidiary of US Group of Companies, has been taking deposits and lending same to the general public contrary to the Non-Bank Financial Institutions Act, 2008 (Act 722), and the Rules and Guidelines for Tier 3 Microfinance institutions.”

It thus cautioned the general public against dealing with the company.