Customers of Ghana's collapsed microfinance to now receive up to GHC20,000 of locked up cash

Earlier after the Bank of Ghana revoked licences of 347 microfinance companies, 23 savings and loans, and finance houses, the receiver Eric Nipah at the time announced that only depositors with validated claims below GHC10,000 will be paid their funds.

But a statement issued by the spokesperson for the receiver, Philomena Kuzoe, said the GHC10,000 has been increased to GHC20,000.

She was optimistic that this will allow customers to access more of their locked-up funds.

Meanwhile, the receiver of the 347 microfinance companies has listed 100 branches that are still open for customers of the defunct institutions to either make their claims for locked funds or repay their existing loans.

Mr Nipah indicated that the receiver will cease operating from branches of affected microfinance institutions that is not included in the 96 branches it has selected.

“Stakeholders are advised to visit these 96 operating branches nearest to the MFC branches which the Receiver has shut down, for loan repayments and any other inquiries relating to the receivership of their affected MFCs. Debtors of the affected 347 MFCs who have not fully settled their obligations to their MFCs should do so at the operational branches designated as their branches as soon as possible,” the statement said.