CBG assures customers of defunct financial institutions of smooth payout process

Managing Director of Consolidated Bank Ghana (CBG), Daniel Wilson Addo has said the bank has put in place a smooth process to pay customers of defunct saving and loans companies and other financial institutions.

Daniel Wilson urged depositors who wish to withdraw their monies to go through the processes when they visit any branch of the bank with their validated documents.

Speaking to Citi News, Mr. Addo confirmed that the accounts of all customers of defunct microfinance, savings and loans and finance houses have been fully credited with the cash value of their estimated bonds and that the funds have already been disbursed into the accounts of these depositors.

“The accounts of depositors have already been credited. Thus the total amount of money due to each customer is available to them in any CBG branch whether they come to the bank or not. This means they can withdraw anytime if they want to. All they need to do is to come to the bank in the first instance so that we can actually validate with a minimum check to make sure it is the same person. We assure them is a smooth process,” he said.

He added: “CBG is not new to payouts such as these. We have even prepared for a stampede however, it turned out only a few customers walked in for their monies. This is proof of the hard work we have done over the last years. I believe these depositors know the processes and services of CBG and how smooth and excellent we can execute payouts so they need not rush.”

Commenting on the discounts, Mr Addo indicated that depositors who have either received or are due Commercial Paper in partial satisfaction of their claims will now receive cash payments at no discount for the Commercial Paper they have either received or is due to them. Adding that, depositors who have already discounted all or part of their Commercial Paper will receive a full refund in cash of the discount they suffered.

Depositors of the collapsed institutions were given the green light to, from Wednesday, September 16, 2020, have full access to their funds following the release of a total of GH¢3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.