Category: Banking And Finance

The Ghana Interbank and Payment Settlement Systems (GhIPSS) has told Citi Business News it exceeded its Mobile Money Interoperability transaction target for 2018. The Mobile Money Interoperability platform recorded 2.2 million transactions at the end of 2018. GhIPSS was however targeting about half the number after Phase One of the  platform was launched in May…

The majority shareholder of the defunct Heritage Bank, Seidu Agongo, has accused the Bank of Ghana (BoG) Governor, Dr. Ernest Addison, of acting in bad faith when he described him as not being fit and proper enough to be a significant shareholder of the bank. After Heritage Bank’s license was revoked due to a suspicious stated capital according…

The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam. In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.” “If you chose to go there, you are on your own,” the Deputy Director General of…

Some customers of the Tamale branch of investment company, Gold Coast Securities, are calling on the Securities and Exchange Commission, SEC, to help them retrieve their investments, which matured in the last quarter of 2018. The entity, which is a subsidiary of Groupe Nduom, chaired by Dr. Papa Kwesi Nduom, was being investigated by the Economic and…

Introduction Following recent turmoil in the Banking Industry, some banks have had to merge and others acquired in the last two years. This development has had dramatic consequence on employment. This occurred on the heels of the Bank of Ghana’s announcement of an increase of the minimum capital requirement for banks from Ghc 120million to…

Citi Business News has gathered that the Securities and Exchange Commission (SEC) has begun investigations into at least three online investment companies that are operating illegally. These companies are said to be selling investment packages to Ghanaian consumers without any physical presence in the country. Although the Commission will not immediately provide the names of…

Former workers of the five consolidated banks, Unibank, Beige, Royal, Construction and Sovereign banks may be heaving a sigh of relief as Citi Business News has gathered the workers can now access their tier 3 pension contributions, and Provident Funds. The Provident Fund is money the workers voluntarily contributed personally to a scheme which was…

The Securities and Exchange Commission (SEC) has told Citi Business News, it is working with the Economic and Organized Crime Office (EOCO) and the Attorney General to speed up investigations into the operations of Menzgold. It follows the dismissal of a suit filed against the SEC and Bank of Ghana by gold dealership firm, Menzgold…