The central bank also said approved micro-finance business registered under the Finance Business Act may continue to use the words ˜micro finance’ as part of their names or descriptions until a proposed Micro Finance Act is enacted. The order came in a central bank notice to companies using the word ˜finance,’ financing’ or ˜financial’ as part of their name or description.
Under the Finance Business Act, "no entity other than a licensed finance company shall use the words ˜finance’, ˜financing’ or ˜financial’ as part of its name or description," said a statement from the bank's Department of Supervision of Non-Bank Financial Institutions.
It ordered firms other than a licensed finance company whic