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The Financial Intelligence Centre (FIC) has frozen all personal and company accounts of Bills Micro-Credit and Quick Credit and Investment Micro-Credit, including those of Founder Richard Nii Armah Quaye and CEO Romeo-Richlove Kweku Seshie.
This action, taken under Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044), was directed on March 21, 2025, pending further investigations.
The freeze follows a Ghana Revenue Authority (GRA) assessment of Richard Nii Armah Quaye’s personal income tax liabilities, reportedly exceeding GHS 30 million. Additionally, an import duty of GHS 11.4 million was previously levied on one of his vehicles, a matter that has since been resolved.
The tax probe comes shortly after Quaye’s lavish 40th birthday celebration, which gained significant attention on social media. However, it remains unclear whether the investigation was initiated before or after the event.
In response to public speculation, Bills Micro-Credit Limited clarified that its operations are entirely separate from Quaye’s personal financial dealings. The company emphasized that it does not finance or support his private purchases or events and reaffirmed that Quaye, while the founder and majority shareholder, does not serve as its CEO.
