The Bank of Ghana, in partnership with the Ghana Police Service, has shut down Dek-Nock Investments, with branches in Nungua and Ashaiman, Greater Accra Region, for operating illegally without a license.
The shutdown is authorized under Section 20(2)(g) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930), which empowers the Bank of Ghana to take such action against unlicensed deposit-taking institutions.
According to the Bank of Ghana, Dek-Nock Investments was found to be accepting deposits from the public without a license, in clear violation of Section 6(1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
“Dek-Nock Investments was engaged in unauthorised deposit-taking contrary to Section 6(1) of Act 930. The Ghana Police Service is conducting further investigations into the operations of Dek-Nock Investments.”
“In collaboration with the respective Law Enforcement Agencies, the Bank of Ghana will continue to clamp down on illegal deposit-taking operations and all offenders shall be dealt with in accordance with the law.
“The Bank assures the general public of its commitment to promoting the integrity and stability of the financial system,” the statement said.
The Bank of Ghana reaffirms its dedication to maintaining a secure and reliable financial system, ensuring the public’s trust and confidence in the banking sector.
Story by: Michael Seh
This is long overdue. Giving space for such institutions to dupe the vulnerable of their hard earned money should never happen in the first place. A good step from BoG nonetheless.