Customers of defunct Microfinance, Savings and Loans companies with huge sums unhappy with payment in bonds

The government has released GHC5billion to the receiver of the defunct Microfinance, Savings and Loans, and other financial institutions to pay customers.

Receiver, Eric Nana Nipah

However, some customers of the defunct entities are unhappy with the mode of payment by the receiver.

The customers who said they received notification messages went to the head office of the Consolidated Bank Ghana on Thursday (February 27, 2020) to retrieve their locked-up capital.

The bank, however, told them that customers whose funds are above GHC70,000 will receive GHc50, 000 in cash, and the rest will be issued in a bond in 5 years.

A customer who is also a retired soldier told Accra-based Citi FM that a greater amount of his GHC 602,000 will be invested as a bond, although he has no documentation to that effect.

“The message I received said that they are paying me GHS 50,000 of the GHS 602,000, while the rest will be issued in bonds. I asked how much interest and for how long, but I was only told that it will be held for five years. All of this is by word of mouth. Although I demanded for a written agreement between the government or the bank and I, they are not responding to that. I think the whole thing is being done in secrecy.”

Another customer, whose GHC320, 000 has been placed in a bond, said this will affect his farming business.

“They have given me about 50,000 cedis and the remainder I am told will be issued in a bond. I asked whether this bond is a tradable one or not, but they were not able to tell me. All that I am being told is that I should return within five years’ time to redeem my money which I do not know whether it will attract interest. I kept insisting from the CBG officers that they outline the modalities and they also say as at now, they cannot tell me anything concrete.”

Other customers called on the receiver to review the payment modalities so they can receive their cash in full.

Meanwhile, the CBG has indicated that the payment to the customers of the defunct institutions has so far been smooth.

According to the bank, as of Tuesday, February 26, 2020; 6,446 individual customers had been fully paid. The bank also says 449 customers who are social and welfare organizations have also been paid.

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