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19,000 depositors of collapsed microfinance companies receive their claims

Nineteen thousand depositors whose funds were locked up with some microfinance companies have so far received their monies.

The Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi

The development follows the validation of the customers by a receiver appointed by the Bank of Ghana (BoG).

The BoG recently revoked the licences of some 386 microfinance companies in the country.

These banks according to the BoG were insolvent and had folded up.

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC) after the revocation assured that persons entitled to claims from any of the collapsed microfinance companies would their entitlement within 30 days.

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He added that the Bank of Ghana (BoG) was working to pay the affected persons their entitlements within the said date.

The Second Deputy Governor of the Central Bank, Elsie Awadzi who spoke in an interview on Friday, June 21,2019, noted that depositors have so far received their monies, and that, the process is going on smoothly.

“That process is going on well. The resolution process for the microfinance institutions whose licence have been closed is going on well. As you know we have a receiver in place in the person of Mr Eric Nipa and what he is doing primarily now is to register claims against each of these institutions. So, they are working at the various branches of institutions that were closed, and they are taking on board claims from people and then validating these claims," she said.

She added that “As we speak about 19,000 depositors have already been paid because they have lodged their clams and have proven their claims and the receiver has been able to validate these claims. And then has instructed CBG to make these payments. And these payments have been made either by way of bank transfers or mobile money to the depositors involved.”

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