The Bank of Ghana (BoG) has suspended the operations of microfinance company, DKM Diamond Microfinance Company Limited.
The company which began operations in 2005 had its operations suspended by the central bank after it violated the banking Act.
According to the Bank of Ghana the company carried its operations in a manner that was detrimental to the interest of depositors.
DKM diamond Microfinance Company has branches in Suyani and Bolgatanga. Citi Business News has also gathered DKM Diamond Microfinance Company failed to hold sufficient assets to meet its liabilities to depositors.
The suspension of its operations began 11th May, 2015. Other accounts of the company have also been frozen.
They are DKM mining, transport, shea butter, cement depot and all its limited liability companies among others. According to the bank of Ghana the suspension of operations of DKM will last for 90 days.
Meanwhile the Financial intelligence centre has requested DKM to furnish it with the company’s mandate and account opening forms, legible copy of photo identity, evidence of know your customer and customer due diligence and all transactions details in line with the anti money laundering act.
