Financial Intelligence Centre Freezes Accounts of Bills Micro-Credit and Quick Credit Amid Tax Probe
Accra, March 25, 2025 – The Financial Intelligence Centre (FIC) has frozen all company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, alongside the personal accounts of their Founder, Richard Nii Armah Quaye, and CEO, Romeo-Richlove Kweku Seshie.
The FIC’s action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), aims to facilitate further investigations into financial activities linked to the two companies and their executives.
Background of the Freeze
A confidential directive, issued on March 21, 2025, was immediately enforced, pending further regulatory reviews and information gathering. This comes just as the Ghana Revenue Authority (GRA) confirmed on March 24 that it had launched a personal income tax assessment into Richard Nii Armah Quaye.
According to the GRA, Mr. Quaye is being assessed for over GHS 30 million in unsettled personal income tax obligations. The inquiry also follows an import duty charge of GHS 11.4 million on one of his vehicles, which has since been resolved.
Public Reaction and Clarification
The tax probe has attracted heightened public scrutiny, particularly after Mr. Quaye’s lavish 40th birthday celebration, which dominated social media discussions. It remains unclear whether the GRA’s probe was initiated before or after the widely publicized event.
Meanwhile, Bills Micro Credit Limited has sought to distance itself from Mr. Quaye’s personal financial dealings, issuing a formal statement to emphasize that it operates as an independent legal entity.
“The company does not finance or support Mr. Quaye’s private purchases or events,” the statement clarified, further noting that he serves as Founder, Board Chairman, and majority shareholder, but not as CEO.
The financial sector will be closely watching as investigations unfold, with potential legal and regulatory consequences for the micro-credit institutions and their executives.
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