See full list: BoG shuts down over 300 microfinance companies

03/06/2019

The Bank of Ghana (BoG) has revoked the operating licenses of over 300 microfinance institutions.

A statement from the BoG says 192 of the companies that had their licenses revoked were insolvent and another 155 were revoked because they have ceased operations.

These actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the statement explained.

The Banks and Specialised Deposit-Taking Institutions Act requires the BoG to revoke the licence of a bank or Specialised Deposit-taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent or is likely to become insolvent within the next 60 days.

“Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930,” according to the BoG statement.

According to the statement, “The revocation of the licences of these institutions is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system. By the revocation of these licences, the Bank of Ghana seeks to protect the stability of the financial system and to protect affected depositors.”

The statement said to salvage depositors’ funds, the government had made funds available to enable the Receiver pay depositors after their claims were validated.

In line with the hierarchy of creditor claims set out under Act 930, other creditors of the failed institutions would be settled by the Receiver upon the validation of their claims and to the extent that the Receiver was able to realise value from the remaining assets of those institutions, the statement added.

Below is a copy of the BoG’s statement

PRESS RELEASE

NOTICE OF REVOCATION OF LICENCES OF INSOLVENT MICROFINANCE COMPANIES AND APPOINTMENT OF RECEIVER

Accra, Ghana, May 31, 2019 – The Bank of Ghana has, with effect from today, revoked the licences of 192 insolvent microfinance companies (see attached list). In addition, licences of another 155 insolvent microfinance companies that have ceased operations (see attached list) have been revoked.

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 or is likely to become insolvent within the next 60 days. Consequently, the Bank of Ghana has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.

The revocation of the licences of these institutions is to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system. By the revocation of these licences, the Bank of Ghana seeks to protect the stability of the financial system and to protect affected depositors.

To salvage depositors’ funds, the Government of Ghana has made funds available to enable the Receiver pay depositors, after their claims are validated. In line with the hierarchy of creditor claims set out under Act 930, other creditors of the failed institutions will be settled by the Receiver upon validation of their claims and to the extent that the Receiver is able to realise value from the remaining assets of these institutions.

Background

The emergence and rapid growth of microfinance operations in the late 2000s, led to the introduction by the Bank of Ghana of a licensing regime for the industry in 2011 after the promulgation of the Non-Bank Financial Institutions Act, 2008 (Act 774).

Existing microfinance operators that had hitherto operated without a licence from the Bank of Ghana, were grandfathered into the new licensing regime introduced in 2011.

Subsequently, these institutions were re-licensed under the now-repealed Banking Act of 2004 (Act 673). A number of additional licences were issued on an annual basis until the end of 2015. By the end of 2015, about 484 microfinance companies had been licensed by the Bank of Ghana.

The majority of licensed microfinance companies began to show signs of distress from 2014 onwards, as a result of severe undercapitalisation, high cost of operations largely from high and unsustainable interest rates offered to depositors, poor lending and investment practices leading to inordinate losses, diversion of customer deposits into private, unprofitable and speculative ventures, general non-compliance with prudential norms, poor corporate governance, weak internal controls, and fraud, among others.

Over the years, the Bank of Ghana notified these institutions of deficiencies and vulnerabilities which had been identified through off-site reviews and onsite examinations. Unfortunately, efforts by the Bank of Ghana to get the affected institutions and their shareholders and directors to rectify these deficiencies yielded no results.

Consequently, the financial position of these institutions continued to deteriorate, leading to their insolvency with majority of them ceasing operations and closing their offices with depositors’ funds locked up. Even those that have not closed their offices are unable to pay their depositors.

This has placed a substantial amount of depositors’ funds at risk. Given the risks that these institutions continue to pose to the entire financial system, and the need to protect depositors, the Bank of Ghana is sanitizing this sector through the orderly resolution of the failed institutions in accordance with sections 123 to 137 of Act 930.

The Way Forward

Following the revocation of the licences of these institutions, a total number of 137 microfinance companies will continue to operate. Going forward, the Bank of Ghana has put in place measures to ensure that the existing institutions remain safe and sound by complying with relevant prudential norms. Among other things, the Bank of Ghana is:

 Undertaking a comprehensive review of licensing and supervisory policies and directives;

 Reviewing the minimum capital requirements for microfinance companies and encouraging possible consolidation through voluntary mergers and acquisitions;

 Introducing proportional corporate governance, fit and proper, and risk management directives;

 Embarking on strict supervision of licensed institutions and enforcement of relevant regulatory requirements;

 Increase the resources available for effective supervision of licensed microfinance companies.

The Bank of Ghana assures the public of its continued commitment to protecting depositors’ funds and promoting the stability of the financial system.

Kindly direct any questions to the Other Financial Institutions Supervision Department of Bank of Ghana. You may call telephone number 0209-125348/0302-665619.

Issued by Bank of Ghana on May 31, 2019

ANNEX: LIST OF 347 MICROFINANCE COMPANIES WHOSE LICENCES HAVE BEEN REVOKED

Name of institution

  1. 1ST EYE MICROFINANCE COMPANY LIMITED
  2. ABEPA MICROFINANCE LIMITED
  3. ACEA MICROFINANCE CO. LIMITED
  4. ADOM SIKA MICROFINANCE LIMITED
  5. ADVALUE MICROFINANCE LIMITED
  6. AE MICROFINANCE COMPANY LIMITED
  7. AF MICROFINANCE COMPANY LIMITED
  8. AFRIQUE CAPITAL MICROFINANCE LIMITED
  9. AKAD MICROFINANCE LIMITED
  10. AKI MICROFINANCE COMPANY LIMITED
  11. ALL GHANA MICROFINANCE LIMITED
  12. ALL INCLUSIVE MICROFINANCE LIMITED
  13. ALLIANCETRUST MICROFINANCE LIMITED
  14. AMISGOLD MICROFINANCE SERVICES LIMITED
  15. A-N MICROFINANCE SERVICES LIMITED
  16. A-ONE TRUST MICROFINANCE SERVICES LIMITED
  17. APPIADUMAN MICROFINANCE LIMITED
  18. ASPET-A MICROFINANCE LIMITED
  19. A-STAR MICROFINANCE LIMITED
  20. AXIS DIRECT MICROFINANCE COMPANY LIMITED
  21. BENKOSON MICROFINANCE LIMITED
  22. BEST MICROFINANCE SERVICES LIMITED
  23. BLUEHILLS MICROFINANCE LIMITED
  24. BOAFO NE NYAME MICROFINANCE LIMITED
  25. BODEV MICROFINANCE LIMITED
  26. BOIN MICROFINANCE LIMITED
  27. BONAMAX MICROFINANCE COMPANY LIMITED
  28. BRITE LIFE MICROFINANCE LIMITED
  29. BROADVIEW CAPITAL MICROFINANCE LIMITED
  30. CAPITAL AND MORE MICROFINANCE COMPANY LIMITED
  31. CAPITAL CONNECT MICROFINANCE LIMITED
  32. CASH MULTITRUST MICROFINANCE LIMITED
  33. CASHPHASE MICROFINANCE COMPANY LIMITED
  34. CASHPLUS MICROFINANCE LIMITED
  35. CHRISTIAN COMMUNITY MICROFINANCE LIMITED
  36. CITIZEN CAPITAL MICROFINANCE LIMITED
  37. CITY CREDIT MICROFINANCE LIMITED
  38. CONNECT CAPITAL MICROFINANCE LIMITED
  39. COTTAGE MICROFINANCE LIMITED
  40. CREDABILITY INVESTMENT AND MICROFINANCE LIMITED
  41. CROWN CAPITAL MICROFINANCE LIMITED
  42. CROWN HOUSE MICROFINANCE LIMITED
  43. CYMAIN CAPITAL MICROFINANCE LIMITED
  44. CYPRESS MICROFINANCE COMPANY LIMITED
  45. DAHINSHELI MICROFINANCE LIMITED
  46. DAILY CAPITAL MICROFINANCE LIMITED
  47. DATACASH MICROFINANCE LIMITED
  48. DBM MICROFINANCE LIMITED
  49. DELIGHT MICROFINANCE COMPANY LIMITED
  50. DES MICROFINANCE LIMITED
  51. DOLPHIN MICROFINANCE SERVICES LIMITED
  52. DONEWEALTH MICROFINANCE LIMITED
  53. DOVE MICROFINANCE COMPANY LIMITED
  54. DPF MICROFINANCE LIMITED
  55. D-VANC MICROFINANCE LIMITED
  56. DWETIRE MICROFINANCE LIMITED
  57. EASYFAST MICROFINANCE LIMITED
  58. EBENEZER MICROFINANCE COMPANY LIMITED
  59. ECLIPSE MICROFINANCE LIMITED
  60. EMEFS MICROFINANCE LIMITED
  61. EMERALF MICROFINANCE LIMITED
  62. EMERGE MICROFINANCE LIMITED
  63. EMETON MICROFINANCE SERVICES LIMITED
  64. EMPIRE CREDIT MICROFINANCE LIMITED
  65. EMWL MICROFINANCE COMPANY LIMITED
  66. ET MICROFINANCE LIMITED
  67. EVERGREEN MICROFINANCE LIMITED
  68. EXPRESSWAY MICROFINANCE LIMITED
  69. FAST TRACK CAPITAL MICROFINANCE LIMITED
  70. FINANCIAL REPUBLIC MICROFINANCE COMPANY LIMITED
  71. FINO MICROFINANCE LIMITED
  72. FIRST CALL MICROFINANCE COMPANY LIMITED
  73. FIRST LIBERTY MICROFINANCE LIMITED
  74. FOUNTAINGATE MICROFINANCE LIMITED
  75. FRONTIER CAPITAL MICROFINANCE LIMITED
  76. FRONTLINE MICROFINANCE LIMITED
  77. FTS CAPITAL MICROFINANCE LIMITED
  78. FUTURE LEADERS MICROFINANCE LIMITED
  79. GAB MICROFINANCE LIMITED
  80. GAD MICROFINANCE LIMITED
  81. GALAXY MICROFINANCE LIMITED
  82. GEO MULTI MICROFINANCE LIMITED
  83. GG CREDIT MICROFINANCE COMPANY LIMITED
  84. GHABSY MICROFINANCE LIMITED
  85. GIANT STEPS MICROFINANCE SERVICES LIMITED
  86. GLOBAL FEED MICROFINANCE LIMITED
  87. GLOBAL TRUST MICROFINANCE SERVICES LIMITED
  88. GOD IS PERFECT MICROFINANCE LIMITED
  89. GOLDMAN CAPITAL MICROFINANCE CO. LIMITED
  90. GREAT NATION MICROFINANCE LIMITED
  91. GREENFIELD MICROFINANCE SERVICES LIMITED
  92. HEGIS MICROFINANCE LIMITED
  93. HERITAGE MICROFINANCE LIMITED
  94. HODIDI MICROFINANCE COMPANY LIMITED
  95. HOME SUPPORT AND ALLIED MICROFINANCE LIMITED
  96. IDOS MICROFINANCE LIMITED
  97. INTEGRITY CAPITAL MICROFINANCE LIMITED
  98. JCF CONSUMER MICROFINANCE LIMITED
  99. JDC MICROFINANCE COMPANY LIMITED
  100. JEFAM MICROFINANCE COMPANY LIMITED
  101. JIDAI MICROFINANCE LIMITED
  102. JW MICROFINANCE LIMITED
  103. KINGDAVE MICROFINANCE LIMITED
  104. KINGSBRIDGE MICROFINANCE LIMITED
  105. KKA EMPIRE MICROFINANCE LIMITED
  106. KWAHU MICROFINANCE COMPANY LIMITED
  107. LAKE VIEW MICROFINANCE LIMITED
  108. LEGEND MICROFINANCE CO. LIMITED
  109. LIBERTY DMI MICROFINANCE LIMITED
  110. LIBERTY TRUST MICROFINANCE LIMITED
  111. LJ CASHPLUS MICROFINANCE LIMITED
  112. LLOYDS CAPITAL MICROFINANCE LIMITED.
  113. MACE MICROFINANCE LIMITED
  114. MASADAR MICROFINANCE LIMITED
  115. MELBOND MICROFINANCE LIMITED
  116. MERIDIAN MICROFINANCE LIMITED
  117. MICAID MICROFINANCE COMPANY LIMITED
  118. MOP MICROFINANCE LIMITED
  119. MULTI MONEY MICROFINANCE COMPANY LIMITED
  120. MULTIBILITY MICROFINANCE LIMITED
  121. NAS MICROFINANCE COMPANY LIMITED
  122. NATIONWIDE MICROFINANCE LIMITED
  123. NEW BUSINESS MICROFINANCE LIMITED
  124. NEW IMAGE MICROFINANCE LIMITED
  125. NEW WAYS MICROFINANCE LIMITED
  126. NKOSUO MICROFINANCE LIMITED
  127. NO. 1 MICROFINANCE COMPANY LIMITED
  128. OFS MICROFINANCE COMPANY LIMITED
  129. OPTIMAL MICROFINANCE LIMITED
  130. OSOMUFO MICROFINANCE LIMITED
  131. OVAL MICROFINANCE LIMITED
  132. PARAGON MICROFINANCE COMPANY LIMITED
  133. PATHWAY MICROFINANCE LIMITED
  134. PEARLHOUSE GHANA MICROFINANCE LIMITED
  135. PEESAM MICROFINANCE LIMITED
  136. PEREBRIM MICROFINANCE COMPANY LIMITED
  137. PLANET MICROFINANCE LIMITED
  138. PLANTERS CAPITAL MICROFINANCE COMPANY LIMITED
  139. PRIME GUARANTY FSL MICROFINANCE LIMITED
  140. PRIMECREDIT MICROFINANCE LIMITED
  141. PRIMUS MICROFINANCE LIMITED
  142. PROF MICROFINANCE LIMITED
  143. PROGRESSIVE MICROFINANCE COMPANY LIMITED
  144. PRONTO MICROFINANCE LIMITED
  145. PROSEED MICROFINANCE COMPANY LIMITED
  146. PURPOSE MICROFINANCE LIMITED
  147. Q-STAR INVESTMENTS & MICROFINANCE LIMITED
  148. R&J GATEWAY MICROFINANCE SERVICES LIMITED
  149. RANCARE MICROFINANCE LIMITED
  150. REDEEMER MICROFINANCE LIMITED
  151. RENAIZANCE CAPITAL SOLUTIONS MICROFINANCE LIMITED
  152. REOB FEKAMS MICROFINANCE COMPANY LIMITED
  153. RIGHTWAY MICROFINANCE LIMITED
  154. RIVERS CAPITAL MICROFINANCE LIMITED
  155. ROPA MICROFINANCE LIMITED
  156. ROSS CAPITAL MICROFINANCE LIMITED
  157. ROYAL STEPS MICROFINANCE LIMITED
  158. ROYALTY CAPITAL MICROFINANCE LIMITED
  159. SAFENET MICROFINANCE LIMITED
  160. SAMAG MICROFINANCE LIMITED
  161. SAVANNAH MICROFINANCE LIMITED
  162. SAVPLUS MICROFINANCE SERVICES LIMITED
  163. SILVER TRUST MICROFINANCE COMPANY LIMITED
  164. SOLID ROCK MICROFINANCE LIMITED
  165. SOLUTIONS MICROFINANCE LIMITED
  166. SOURCES UNLIMITED MICROFINANCE LIMITED
  167. SOVEREIGN MICROFINANCE LIMITED
  168. STANDARD TRUST MICROFINANCE LIMITED
  169. STAR ALLIANCE MICROFINANCE LIMITED
  170. STARLING MICROFINANCE SERVICES LIMITED
  171. STARTWELL MICROFINANCE COMPANY LIMITED
  172. SUPREME TRUST MICROFINANCE LIMITED
  173. THE ORANGE CAPITAL MICROFINANCE
  174. THE RASHARDS MICROFINANCE LIMITED
  175. THE TRUSTLINE MICROFINANCE COMPANY LIMITED
  176. TI MICROFINANCE LIMITED
  177. TOTAL DISCOUNT MICROFINANCE LIMITED
  178. TRUE LIFE CAPITAL MICROFINANCE LIMITED
  179. TRUST LINK MICROFINANCE LIMITED
  180. TRUST MICROFINANCE COMPANY LIMITED
  181. TURNSTAR MICROFINANCE LIMITED
  182. UNIK LIFE MICROFINANCE LIMITED
  183. UNIQUE MICROFINANCE LIMITED
  184. UNIQUE-MAS MICROFINANCE COMPANY LIMITED
  185. VISION CREDIT MICROFINANCE LIMITED
  186. VOA MICROFINANCE LIMITED
  187. WE ENABLE MICROFINANCE LIMITED
  188. WINTRUST MICROFINANCE LIMITED
  189. WONDALAND MICROFINANCE LIMITED
  190. YAN MICROFINANCE COMPANY LIMITED
  191. YEKEN MICROFINANCE LIMITED
  192. YOLI MICROFINANCE COMPANY LIMITED

Microfinance Companies – Insolvent and ceased operations

  1. 72 HOURS MICROFINANCE COMPANY LIMITED
  2. ABIS PLUS MICROFINANCE LIMITED
  3. ACIT CAPITAL MICROFINANCE LIMITED
  4. ADWENPA MICROFINANCE LIMITED
  5. ADWUMADEN MICROFINANCE LIMITED
  6. AFRICAN TRUST MICROFINANCE LIMITED
  7. AG MICROFINANCE LIMITED
  8. AGT MICROFINANCE COMPANY LIMITED
  9. ALLOT MICROFINANCE COMPANY LIMITED
  10. ARHINPA MICROFINANCE LIMITED
  11. ATTENTION MICROFINANCE LIMITED
  12. AV GLOBAL MICROFINANCE LIMITED
  13. BEACONCITY MICROFINANCE COMPANY LIMITED
  14. BEDEL MICROFINANCE LIMITED
  15. BENGAY MICROFINANCE COMPANY LIMITED
  16. BETTER LIFE MICROFINANCE COMPANY LIMITED
  17. BIG DREAMS MICROFINANCE LIMITED
  18. BIK MICROFINANCE COMPANY LIMITED
  19. BOATEM MICROFINANCE LIMITED
  20. BOAVOLE MICROFINANCE LIMITED
  21. BRISK CREDIT MICROFINANCE LIMITED
  22. C.I.G. MICROFINANCE LIMITED
  23. CAPITAL HOUSE MICROFINANCE LIMITED
  24. CAPITAL LINE MICROFINANCE LIMITED
  25. CAPTAINS MICROFINANCE COMPANY LIMITED
  26. CASABLANCA MICROFINANCE LIMITED
  27. CASHBRIDGE MICROFINANCE LIMITED
  28. CC MICROFINANCE LIMITED
  29. CITIZENS RESOURCE MICROFINANCE LIMITED
  30. COMAID MICROFINANCE LIMITED
  31. COMBA MICROFINANCE LIMITED
  32. COMMON CAPITAL MICROFINANCE LIMITED
  33. COMMUNITY MICROFINANCE LIMITED
  34. CRUCIAL TIMES MICROFINANCE LIMITED
  35. CYPRESS CEDAR MICROFINANCE COMPANY LIMITED
  36. DAA NHYIRA MICROFINANCE COMPANY LIMITED
  37. DC MICROFINANCE COMPANY LIMITED
  38. DEMS MICROFINANCE COMPANY LIMITED
  39. DG CAPITAL MICROFINANCE LIMITED
  40. DIVINE FORTUNES MICROFINANCE LIMITED
  41. DIVINE MICROFINANCE LIMITED
  42. DWADIFO ADANFO MICROFINANCE COMPANY LIMITED
  43. DYNASTY MICROFINANCE SERVICES LIMITED
  44. EDEN MICROFINANCE LIMITED
  45. EKOBA GET RICH MICROFINANCE LIMITED
  46. ELITE MICROFINANCE LIMITED
  47. ELLIS MICROFINANCE LIMITED
  48. ERA MICROFINANCE SERVICES LIMITED
  49. EXCEL UNITED MICROFINANCE LIMITED
  50. FIRST FIDELITY MICROFINANCE LIMITED
  51. FLEXI MICROFINANCE LIMITED
  52. FOCUS LINK MICROFINANCE COMPANY LIMITED
  53. FORTRESS MICROFINANCE COMPANY LIMITED
  54. FRANKAMAN MICROFINANCE COMPANY LIMITED
  55. GIANT GAIT MICROFINANCE LIMITED
  56. G-LIFE MICROFINANCE LIMITED
  57. GLOBAL ONE MICROFINANCE COMPANY LIMITED
  58. GMET MICROFINANCE LIMITED
  59. GODIGO MICROFINANCE LIMITED
  60. GOLDEN TRUST MICROFINANCE COMPANY LIMITED
  61. GOLDPOT MICROFINANCE LIMITED
  62. GOODNEWS MICROFINANCE COMPANY LIMITED
  63. HALAL MICROFINANCE LIMITED
  64. HIGH PRESTIGE MICROFINANCE SERVICES LIMITED
  65. HOG MICROFINANCE LIMITED
  66. ICS MICROFINANCE LIMITED
  67. IK MICROFINANCE LIMITED
  68. INSTANT MICROFINANCE LIMITED
  69. INVESTSURE MICROFINANCE LIMITED
  70. JADA MICROFINANCE LIMITED
  71. JAYS MICROFINANCE LIMITED
  72. JOPAT MICROFINANCE COMPANY LIMITED
  73. JORBIES MICROFINANCE LIMITED
  74. JOYHELP MICROFINANCE LIMITED
  75. JOYPRIN MICROFINANCE COMPANY LIMITED
  76. K. A. D. MICROFINANCE LIMITED
  77. KANAFIN MICROFINANCE SERVICES LIMITED
  78. KAPITAL EXPRESS MICROFINANCE COMPANY LIMITED
  79. KARSI MICROFINANCE LIMITED
  80. KENLASAB MICROFINANCE LIMITED
  81. KINGDOM TRUST MICROFINANCE LIMITED
  82. LANDMARK MICROFINANCE LIMITED
  83. LAST CHANCE MICROFINANCE COMPANY LIMITED
  84. LATTER RAIN MICROFINANCE LIMITED
  85. LEAD CAPITAL MICROFINANCE LIMITED
  86. LEAD GLOBAL MICROFINANCE LIMITED
  87. LEAP CREDIT MICROFINANCE LIMITED
  88. LIGHT MICROFINANCE LIMITED
  89. LIQUIDITY SOLUTIONS MICROFINANCE LIMITED
  90. LIYAC MICROFINANCE COMPANY LIMITED
  91. LOYAL SHEPHERD MICROFINANCE LIMITED
  92. MALLON MICROFINANCE COMPANY LIMITED
  93. MAN CAPITAL MICROFINANCE COMPANY LIMITED
  94. MARS MICROFINANCE LIMITED
  95. MEGAMITCH MICROFINANCE LIMITED
  96. MICRENE MICROFINANCE LIMITED
  97. MIGHTY MICROFINANCE LIMITED
  98. MOKAP MICROFINANCE LIMITED.
  99. MONEYSHOP MICROFINANCE LIMITED
  100. MOORE NAARA MICROFINANCE LIMITED
  101. MT MICROFINANCE LIMITED
  102. NATIVITY MICROFINANCE SERVICES LIMITED
  103. NIVA MICROFINANCE LIMITED
  104. NOBLE DREAM MICROFINANCE LIMITED
  105. OBAATANPA MICROFINANCE COMPANY LIMITED
  106. OBUOBA MICROFINANCE COMPANY LIMITED
  107. OYE MICROFINANCE LIMITED
  108. PANAM MICROFINANCE COMPANY LIMITED
  109. PIMCEL MICROFINANCE COMPANY LIMITED
  110. PINNACLE MICROFINANCE LIMITED
  111. PLATINUM CAPITAL MICROFINANCE LIMITED
  112. PREMIER MICROFINANCE LIMITED
  113. PRICE CAPITAL MICROFINANCE LIMITED
  114. PROFIT POINT MICROFINANCE LIMITED
  115. PRO-LINK MICROFINANCE LIMITED
  116. PRUDENCE MICROFINANCE LIMITED
  117. PURPLE MICROFINANCE LIMITED
  118. QODESH MICROFINANCE LIMITED
  119. QUICK ONE MICROFINANCE LIMITED
  120. REELL MICROFINANCE LIMITED
  121. RESTORE MICROFINANCE COMPANY LIMITED
  122. RHOKIDA MICROFINANCE LIMITED
  123. ROYAL FUTURE MICROFINANCE LIMITED
  124. SAG AVE MARIA MICROFINANCE COMPANY LIMITED
  125. SAY-ADSAM MICROFINANCE LIMITED
  126. SEEDSHARE CAPITAL MICROFINANCE LIMITED
  127. SHALOM MICROFINANCE COMPANY LIMITED
  128. SHINE CREDIT MICROFINANCE LIMITED
  129. SICA MICROFINANCE LIMITED
  130. SILBAN CAPITAL MICROFINANCE LIMITED
  131. SIM MICROFINANCE LIMITED
  132. SKYCREDIT MICROFINANCE LIMITED
  133. SKYY CREDITLINE MICROFINANCE LIMITED
  134. SOLUTION PIONEERS MICROFINANCE COMPANY LIMITED
  135. SS MICROFINANCE LIMITED
  136. SS STACOTS MICROFINANCE COMPANY LIMITED
  137. ST. MARY’S MICROFINANCE LIMITED
  138. STALWART MICROFINANCE SERVICES LIMITED
  139. STAR PLUS MICROFINANCE LIMITED
  140. STAR WEALTH MICROFINANCE LIMITED
  141. STRATEGIES MICROFINANCE SERVICES LIMITED
  142. SWEET JESUS MICROFINANCE LIMITED
  143. TBS CAPITAL MICROFINANCE LIMITED
  144. THE INFORMAL PROJECT MICROFINANCE COMPANY LIMITED
  145. TIPPING POINT MICROFINANCE LIMITED
  146. TRANS MICROFINANCE LIMITED
  147. TURNING POINT MICROFINANCE COMPANY LIMITED
  148. UNICORN HAPPY INVESTMENT MICROFINANCE LIMITED
  149. V-SEED MICROFINANCE SERVICES LIMITED
  150. WAXSON MICROFINANCE COMPANY LIMITED
  151. WESTERN ALLIED MICROFINANCE LIMITED
  152. WETLAND MICROFINANCE LIMITED
  153. WIMAC TRUST MICROFINANCE LIMITED
  154. WISELINK MICROFINANCE COMPANY LIMITED
  155. XEROX MICROFINANCE SERVICES LIMITED

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