The woes of DKM Microfinance Limited seem far from over as the Bank of Ghana (BoG) has extended a moratorium on their operations further by 30 days.
[contextly_sidebar id=”ERynJpIwLJpBhGBhCb1HYxPAwsfi9302″]A 90 day moratorium was placed on the company’s operations on May 11,2015 for operating in contravention of the banking act; after that expired yesterday August 11,2015, the central bank has decided to extend the period.
In an interview with Citi Business News, BoG’s Head of Other Financial Institutions Supervisory Department, Raymond Amanfu said DKM must fulfill its obligations by injecting liquidity before they can be allowed to operate again.
”We have extended the moratorium by 30 days and we have asked them to address issues which they themselves have concerted to in the report and per a meeting we had with them on Monday and they answered partially and we think we are not satisfied with meeting the conditions as we have given them.”
According to the Bank of Ghana, the extension is to enable DKM complete the fulfillment of the conditions precedent to the resumption of its operations.
Mr Amanfu told Citi Business News, DKM management have agreed to inject liquidity into their operations.
”We have given them a minimum liquidity amount This when complied with by DKM will pave way for their operations to be reopened’. He said.
By: Lorrencia Nkrumah/citifmonline.com/Ghana