On 7th July 2022, the Court of Appeal, ruled in favour of shareholders of uniCredit Ghana Limited seeking to reverse the Bank of Ghana’s decision to revoke the company’s savings and loans licence in 2019.
By its ruling, the Court of Appeal reversed the earlier decision of the Human Rights Court dated 18th March 2021 which held that the regulator followed the relevant law and due process in revoking the licence of Unicredit Ghana Limited.
The Bank of Ghana in 2019 revoked the licences of 29 insolvent microcredit companies.
The central bank also revoked the licences of 10 insolvent microcredit companies that have ceased operations.
This action, according to the Regulator, was pursuant to section 7 of the Non-Bank Financial Institutions Act, 2008 (Act 774), which mandates the Bank of Ghana to revoke the licence of a non-bank financial institution (NBFI) licensed under that Act if that institution among other things ceases to carry on business or ceases to satisfy a qualification under the Act or contravenes any provision of the
Act or rules or directives issued by the Bank of Ghana.
By Laud Nartey|3news.com|Ghana