Business News Fri, 7 Jun 2019

Customers of collapsed microfinance firms to start receiving locked deposits today

The Bank of Ghana’s appointed receiver for the 347 collapsed microfinance companies, Eric Nana Nipah, will today start paying depositors whose claims have been validated and agreed.

This follows the release of funds by the Government to the Receiver.

A release issued by the receiver said over 420 personnel have been deployed across the country to validate and approve claims and to start making payments to depositors whose claims have been validated and agreed, without delay.

Payments to depositors will be made at designated branches of CBG, following notifications to these Depositors from the office of the Receiver.

“Depositors whose claims have been validated and agreed will receive phone calls from the Receiver’s representatives confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible,” the press release said.

Depositors will be required to provide valid ID documentation. These can either be passports, NHIS cards, Voters ID and Drivers Licenses.

“In accordance with the order of ranking provided in the relevant sections of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, all other Creditors will be paid their claims depending on the quantum and timing of asset realisations in the receivership of the affected microfinance companies,” the statement said.

Mr. Nipah called on all depositors of the defunct microfinance companies to exercise patience as government has made available funds to pay each and every depositor whose claim(s) have been validated and agreed, to the extent possible.

Source: citinewsroom.com
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