GHS200m disbursed to 800 S&L, MFI customers

About GHS200 million has so far been disbursed to 800 customers by the Receiver of the collapsed Savings and Loans and Microfinance companies since payment started on Monday, 24 February 2020.

According to Class Business, the customers, who are largely churches, schools, hospitals and associations, received text messages last night, indicating that they could access their monies from Consolidated Bank Ghana (CBG), the designated bank for payment.

CBG has opened accounts for the customers so they can easily withdraw their funds if they want to do so.

This follows the validation of their accounts and records with the respective collapsed financial institutions.

Philomena Kuzoe, spokesperson of the Receiver, Eric Nana Nipah, told the media: “We haven’t sent [text messages] to all customers; it’s ongoing, it’s a process. Like I mentioned, we’ve sent, at least, 800 people as of last night, we will continue today and it keeps going on till we’ve finished. I’m sure some thousands will go.”

She emphasised that customers who are to receive their funds via bonds are yet to receive them.

Meanwhile, the Greater Accra Chairman of the Coalition of Affected Customers of Savings and Loans and Microfinance Institutions, Kofi Sarpong, has said that none of his members has received a text message in connection with the payment.

“Frankly speaking, with all due respect, nothing at all has hit our accounts; we have not received any text message. We have a very large platform which consists of people – affected customers from the 16 regions – not even a single person has confirmed that he has received a text message”, he added.

The government, through the Ministry of Finance, on Monday, released GHS5 billion to the Receiver of the defunct Savings and Loans and Microfinance Companies, as well as the Official Liquidator of the Microcredit companies through Consolidated Bank Ghana (CBG).

This was in a combination of cash and bonds to fully settle all validated claims due depositors of failed Specialised Deposit-Taking Institutions (SDIs).

This intervention, the ministry said, will provide liquidity and guarantee the funds of individuals, businesses, and financial institutions that have been locked up in these defunct financial institutions, pending the completion of the Receivership exercise, adding, with this intervention, all depositors will now be paid in full.

It will be recalled that the Ministry initially provided funds for the Receiver to settle validated depositor claims of the defunct Savings and Loans as well as Finance Houses of up to GHS20,000 per depositor, with the understanding that the remaining validated claims would be settled as and when value was realised from the sale of the assets of the defunct institutions.