10,319 customers of collapsed Savings and Loans and Microfinance receives payment
The government made available GH¢5 billion to fully settle outstanding depositor claims.
10,319 customers of the collapsed Savings and Loans Companies and Microfinance institutions have been paid of their locked through the GH¢5 billion government released to the Receiver of the defunct institutions.
The Bank of Ghana appointed Mr Nipah, a Partner at PricewaterhouseCoopers (PwC), an advisory firm, In accordance with Section 123 of Act 930, for purposes of winding down the affairs of 347 MFIs and 23 savings and loans and finance house companies whose licenses were revoked on May 31 and August 16, 2019, respectively to help defray deposits of the customers through the Consolidated Bank of Ghana (CBG).
They included 8,884 individual customers under the S&LCs; 449 social and welfare organizations; 428 companies, 152 savings and loans companies, microfinance, rural banks and finance houses.
Customers paid under the MFIs are 132 social organizations and welfare category; 22 savings and loans and microfinance institutions, rural banks and finance houses; 48 financial security entities and 44 companies.
The rest are 28 micro-credit institutions and 132 social organizations.
According to the Head of Corporate Communications of the CBG, Dr. Anita Oppong speaking to the Daily Graphic, out of the 8,884 individual customers, 97.6 percent were fully paid in cash as at Thursday, February 27, 2020.
She revealed that payments are still in progress and assuring that every customer whose request has been validated by the Receiver Mr. Eric Nana Nipah would be paid accordingly.
The government made available to the Receiver of the dissolved companies a combination of cash and bonds totaling approximately GH¢5 billion to fully settle outstanding depositor claims.
The release of the funds comes as a major relief to the thousands of customers in the financial services sector who had invested huge sums of money, with the hope of making some returns.