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BoG shuts down 347 insolvent microfinance companies

BY: Enoch Darfah Frimpong

The Bank of Ghana (BoG) has revoked the licenses of 347 insolvent microfinance companies.

The shut down takes immediate effect from May 31, 2019.  

The licences of 192 of them were revoked in addition to that of another 155 that have ceased operations.

Actions

A statement issued by BoG said these actions were taken pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the BoG to revoke the licences of a bank or Specialised Deposit-taking Institution (SDI), when it determines that the institution is insolvent or is likely to become insolvent within the next 60 days.

Consequently, the BoG has appointed Mr. Eric Nipah as Receiver for the specified institutions in line with section 123 (2) of Act 930.

Revocation

The statement said the revocation of the licences of these institutions was 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.

It said, by the revocation of these licences, the BoG sought to protect the stability of the financial system and to protect affected depositors.

Salvage

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addition, licences of another 155 insolvent microfinance companies that have ceased operations (see attached list) have been revoked.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
MICROFINANCE COMPANIES - INSOLVENT
S/No.
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
S/No.
NAME OF INSTITUTION
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