The Financial Intelligence Centre (FIC) has taken decisive action against Bills Micro-Credit and Quick Credit and Investment Micro-Credit, freezing all company accounts in a move that signals intensified financial scrutiny within Ghana’s microfinance sector.
The directive, issued on March 21, 2025, also extends to the personal accounts of Richard Nii Armah Quaye, the founder of Bills Micro-Credit, and Romeo-Richlove Kweku Seshie, the CEO of Quick Credit.
This development follows ongoing investigations into tax compliance, particularly concerning Mr. Quaye.
The Ghana Revenue Authority (GRA) recently launched a personal income tax assessment on him, revealing an unsettled tax liability exceeding GHS 30 million.
The scrutiny comes in the wake of reports regarding a past import duty issue on one of his vehicles, which was initially valued at GHS 11.4 million but has since been resolved.
While it remains unclear whether the tax probe was initiated before or after Mr. Quaye’s widely publicized 40th birthday celebration, the case has sparked significant public and regulatory interest. Speculation has been rife about the possible connection between his lavish event and the current investigations.
In response to growing discussions about his financial dealings, Bills Micro-Credit Limited has formally distanced itself from Mr. Quaye’s personal finances. The company emphasized that it operates as an independent legal entity, with no involvement in funding or supporting his private purchases or celebrations.
Though Mr. Quaye remains the founder, chairman, and majority shareholder, Bills Micro-Credit clarified that he is not the CEO and that the company’s financial transactions are entirely separate from his personal expenditures.
As authorities continue their investigation, the financial sector is closely watching how this case unfolds, with broader implications for regulatory compliance and enforcement in Ghana’s microfinance industry.
