In response to Citi Information, the Monetary Intelligence Centre (FIC) has frozen all corporate accounts belonging to Bills Micro-Credit and Quick Credit and Investment Micro-Credit. As well as, contemporary particulars recommend that the non-public accounts of the businesses’ Founder, Richard Nii Armah Quaye, and Chief Government Officer, Romeo-Richlove Kweku Seshie, have additionally been affected.
The FIC’s motion was carried out beneath Part 56(1) of the Anti-Cash Laundering Act, 2020 (Act 1044). A confidential letter, reportedly seen by Citi Information, disclosed that the directive was issued on 21 March 2025 and took rapid impact pending additional investigations and regulatory choices.
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This growth follows an earlier confirmation from the Ghana Revenue Authority (GRA) on 24 March, which acknowledged that Richard Nii Armah Quaye was present process a private earnings tax evaluation. The evaluation pertains to excellent tax obligations exceeding GHS 30 million, which stay unpaid.
The regulatory transfer kinds a part of the GRA’s commonplace oversight measures aimed toward guaranteeing compliance with tax obligations. Moreover, sources point out that an import obligation cost of GHS 11.4 million was beforehand imposed on one among Quaye’s autos—a difficulty that has since been resolved.
The tax probe comes simply days after Richard Nii Armah Quaye’s extravagant 40th birthday celebration, which attracted vital consideration on social media. Nonetheless, it stays unclear whether or not the choice to scrutinise his monetary actions was taken earlier than or after the high-profile occasion.
Firm distances itself from founder’s funds
In response to mounting public scrutiny, Payments Micro-Credit score Restricted has formally distanced itself from its Board Chairman, Richard Nii Armah Quaye’s private monetary affairs. The corporate issued an announcement stressing that it operates as an impartial authorized entity and is under no circumstances liable for financing or supporting his private purchases or life-style decisions.
The corporate additional clarified:
READ MORE: GRA confirms it’s investigating Richard Armah, denies freezing bank account
Richard Nii Armah Quaye doesn’t maintain the place of CEO at Payments Micro-Credit score Restricted.
This assertion comes amid growing public debate linking the monetary establishment to its founder’s private dealings, together with his birthday celebrations. Whereas acknowledging Quaye as its Founder, Chairman, and Majority Shareholder, the corporate firmly rejected any options of monetary entanglement along with his non-public bills.
