Wikiprocedure

Ghana - Apply for a Licence to Establish Micro-Deposit Taking Institution (MDIS)

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ProcedureEdit

Apply In-Person:

  1. To Apply for Licence to Establish Micro-Deposit Taking Institution (MDIS) in person, the applicant has to approach the Bank of Ghana. contact link
  2. An application for a licence shall be made in duplicate, in the form prescribed by the central bank of Ghana and shall be accompanied by the supporting documents specified in the section of Required document section under this procedure.
  3. A company which desires authority to carry on microfinance business in Uganda shall apply in writing to the Central Bank for a licence under MDIs.
  4. An applicant for MDIs Licence should first register as a legal entity, either as Non-Government organisations or as company limited by shares, or as companies limited by guarantee (foundation)
  5. The third step is the company to seek to get a licence to operate as a micro finance deposit taking organisation MDI by submitting the required documentsand they can be found under the "Required Documents" section of this page.
  6. Attach the required documents and information on the application form.
  7. Payment of appropriate fees should be made and that can be found under the "Fees" The submission of any untrue or misleading information shall render the applicant a person not fit and proper and shall constitute sufficient grounds for rejection of the application or revocation of the licence, where a licence has been granted, in accordance with sections 10 (8) and 17 (h) of the Act.
  8. Upon receipt of an application form together with the requisite application fee and supporting documents in accordance with regulations, the Supervision Function of the Central Bank shall, within ten days, send the applicant a formal letter of acknowledgement or a letter of deficiency.
  9. Upon receiving an application with all the requirements stated above, the Central Bank shall within six months consider the application and may, grant a licence, with or without conditions or refuse to grant a licence.
  10. Before issuing a licence under this Act, the Central Bank shall take into account all the matters it considers relevant to the application and, without limiting the generality of the foregoing, the Central Bank shall have particular regard to:
    • Whether the institution will be operated responsibly by persons who are fit and proper for involvement in microfinance business in accordance with the criteria specified in the Act.
    • The business record and experience of the applicant or applicants.
    • The nature and sufficiency of the financial resources of the applicant as a Source of continuing financial support for the institution.
    • The soundness and feasibility of the plans submitted by the applicant or
    • Applicants for the future conduct and development of the business of the institution.
    • Whether public interest will be served by the granting of the license.
  11. The processing time for this procedure takes 6 months.



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Required DocumentsEdit

Submission of:

  • Application forms (properly filled and signed by the applicant).
  • A copy of the memorandum of association and articles of association or other instrument under which the company is incorporated;
  • A copy of the latest balance sheet of the company or such other suitable evidence of the resources needed for business operations;
  • A certified copy of the resolution of the Board of Directors, authorizing the preparation and submission of the application.
  • An information sheet for the applicant and for each of its substantial shareholders (if corporate), subsidiaries or affiliates.
  • Recent audited accounts
  • Copies of audited financial statements
  • Personal declaration form for each of the proposed directors, officers and substantial shareholders (if natural persons).
  • Proposed capital structure of the MDIs financial institution.
  • No Objection certificate



Office Locations & ContactsEdit

Contact Details
Head Office, Accra
Bank of Ghana
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

EligibilityEdit

  • Any company, firm or enterprise or person is eligible to make an application for MDIs License to run a Micro Finance Bank in Ghana.
  • This application allows a person to operate a Micro Finance Bank in Ghana under MDIs License.
  • In Ghana no person shall, operate a Micro Finance Bank in Ghana unless the institution is registered under MDIs and authorized by the Bank of Ghana.



FeesEdit

Application fee:

  • Banks - 1,000,000 GHS
  • Non-bank - 500,000 GHS



ValidityEdit

  • A License issued under this institution is valid for one year and expire on 31 December every year.



Documents to UseEdit

Please attach documents that can be used by people. e.g. links



Sample DocumentsEdit

Please attach sample completed documents that would help other people.



Processing TimeEdit

  • The processing time for this procedure takes 6 months.



Related VideosEdit

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'.



InstructionsEdit

Please provide other instructions related to the certificate/documents.
E.g. the state office holds birth records since January 1908.


Required InformationEdit

  • Full name of applicant
  • Physical and postal address of head office/ proposed new outlet
  • Date of incorporation
  • Form of incorporation
  • Description of the applicants business or functions
  • Certificate of incorporation Number
  • Details of subsidiaries and affiliates (Name of Outlet, County, City/Town, Street, Building, Date opened)
  • Particulars of shareholders (Name, Nationality, Date of acquisition, Amount of shareholding, % of shareholding)
  • Particulars of directors (Name, Nationality, Date of appointment, Level of education)
  • Particulars of the officers in the order of seniority (Name, Designation, Nationality, Date of appointment)
  • Ownership profiles
  • Shareholding in any other financial institution
  • Name of applicants external auditors
  • Declaration



Need for the DocumentEdit

  • The applicants need to apply for this license to legally establish a financial institution in Ghana.



Information which might helpEdit

Enter other information’s which might help.


Other uses of the Document/CertificateEdit

Please explain what other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.



External LinksEdit

Place some external links which might help.



OthersEdit

More information which might help people.



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