The Bank of Ghana has shut down Dancom Microfinance Limited for operating illegally. The Directors of the company have also been arrested and are being prosecuted for operating without a license. “…Dancom Microfinance was engaged in deposit-taking activities without licence contrary to section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016(Act 930).” “The general public is hereby informed that Dancom Microfinance Ltd. was NOT LICENSED to engage in microfinance business,” the BoG’s statement said. The statement from the central bank on its decision also cautioned the public against doing business with the company.
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