BoG warns public of unauthorized money lending company

The Bank of Ghana (BoG) has warned the public against the operations of an unauthorized US Money Lending Company Limited....it has no license to undertake deposit, money lending or any micro-finance activities.

A statement signed by Mr Andrew Boye-Doe, BoG Secretary and copied to the Ghana News Agency on Friday cautioned the public against dealing with the company – US Money Lending Company Limited.

The Bank said the 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 public contrary to the Non-Banking Financial Institutions Act, 2008 (Act 774) the rules and guidelines for tier 3 Micro-finance Institutions.

The statement advised the public to contact the Banking Supervision Department, Bank of Ghana, Cedi House, Liberia Road, Accra: Telephone No. 0302 665252 Extension 5815/5857 or visit the Bank of Ghana’s website (www.bog.gov.gh) for a list of licenced and regulated/supervised institution for guidance.