Ghana - Revocation, Suspend or Cancelation of Money Lender Licence

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Procedure

Apply In-Person:

1. To Revoke, Suspend or Cancel Money Lender Licence in Ghana, the applicant has to make an application to the Bank of Ghana.
2. The contact link of the Bank of Ghana can be found below Contact link
3. Where the Authority intends to revoke a licence under the Act, the Authority shall issue to the licensee a notice of intention to revoke a licence, in Form.
4. The licensee shall, within 14 days after receiving a notice, show cause in writing to the Authority why the licence should not be revoked.
5. Where the Authority revokes a licence, the Authority shall cause notice of revocation to be published in the Gazette or a newspaper of wide circulation at least within thirty days after the revocation.
6. Further any money Lender is required to comply with the applicable Money lenders Act of the country. Where Money Lender violates the provisions of the Investment Proclamation or regulations or directives issued to implement same, the Authority may suspend the Money Lenders Licence until the Money Lender takes due corrective measures.
7. Where the Authority revokes a licence, the Authority shall cause notice of revocation to be published in the Gazette or a newspaper of wide circulation at least within thirty days after the revocation.
8. The applicant has to make sure he or she has all the required documents that are required for this process to be successful and they can be found under the "Required Documents" section of this page.
9. It is free of charge for revocation of the Money lenders Licence.
10. The Authority may, suspend a license instead of revoking that licence if the Authority is not satisfied with the explanation from the applicant.
    • The suspension of a license may be for a specified period.
    • A notice of suspension of licence shall be in Form 7 set out in Money lenders Act.
11. A person whose licence is revoked or suspended shall be taken not to be licensed unless the Authority withdraws the suspension, in the case of suspension of a license.
12. The processing time for this procedure takes one month.

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Required Documents

• Original certificate of incorporation of the company for the new business.
• Business Registration certificate
• Identification: Passport/ Driving permit/Voter’s card (2 Copies)
• A resolution of the particulars of the secretary of the company.
• A photocopy of any relevant document

Office Locations & Contacts

Bank of Ghana
Head Office, Accra
Contact Details:
One Thorpe Road
P.O. Box GP 2674, Accra
GQVV+6J Accra, Ghana
Email: [email protected]
Phone Numbers: +233-30-2666174 – 6 / +233-30-2666361 – 5 / +233-30-2666902 – 8 / +233-30-2666921 – 5
Fax:+233-30-2662996
Cedi House (Head Office Annex)
Phone Number:+233-30-2665252

Hohoe Office
P.O. Box 116, Hohoe
Contact number: +233-35-2222045/ +233-35-2222122

Kumasi Office
P.O. Box 1989, Kumasi
Phone Numbers:+233-32-2022551/ +233-32-2023944 / +233-32-2024807

Sunyani Office
P.O. Box 598, Sunyani
Phone Numbers:+233-36-2027161 / +233-36-2027260

Tamale Office
P.O. Box 340, Tamale
Phone Numbers:+233-37-2022130 / +233-37-2022664 / +233-37-2022982

Takoradi Office
P.O. Box 532, Takoradi
Contact number: +233-31-2024035 / +233-31-2024372
Contact link
Location link

Eligibility

• Money lending licence shall not be revoked unless the applicant holds an eligible Money lenders Licence certificate granted in accordance with the provisions of money lenders Act.

Fees

• It is free of charge for revocation of the Money lenders Licence.
  

Validity

• It is valid until the issues that led to cancellation are resolved.
  

Documents to Use

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Sample Documents

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Processing Time

• The processing time for this procedure is 30 days.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Withdrawal of the suspension.

• The application shall state the grounds on which the applicant intends to rely on to seek the suspension to be withdrawn, stating clearly the remedies for the reasons that led to suspension.
• If the Authority is satisfied with the reasons furnished by the applicant, the Authority shall withdraw the suspension in writing.

Required Information

• Applicant particulars
• Contact information
• Qualification details
• Purpose of the application
• Business particulars
• Name of the Money Lending Company/ Institution.
• Date of incorporation.
• Company registration number.
• Registered physical and postal address of the applicant
• Area where money lending business will be
• Particulars of directors and physical address
• Particulars of Secretary
• Principal office of the money lending business.
• Date of the application
• Signature
• Declaration

Need for the Document

• This document is used as proof of revoked money lending business in Ghana.

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

Link

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