Financial sector clean-up: Consolidated Bank Ghana Limited has so far credited accounts of 1,300 customers

The Consolidated Bank Ghana Limited (CBG) has disclosed that as of the close od work yesterday (Tuesday, February 26, 2020), it had credited the accounts of about 1,300 customers of defunct savings and loans companies (S&Ls), microfinance institutions (MFIs) and micro-credit companies with their full deposits that were locked up in the institutions before they collapsed last year.

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC)

The Head of Corporate Communications at CBG, Dr Anita Oppong, told the Daily Graphic that this represents the initial batch of customers who claims were validated by the Receiver, Eric Nana Nipah, and passed on to CBG for full payment of their deposits.

Dr Oppong said the affected customers were mainly institutions and organisations whose funds were locked up in one or more of the more than 400 specialised deposit-taking institutions (SDIs) that collapsed last year.

She added that even though the amounts have been credited to respective accounts, the institutional investors need the signatures of the selected directors and other key management staff who had been chosen as signatories to the accounts before they could access the deposited funds.

She said individual customers would start receiving messages indicating that their accounts have been credited in some days. This will be in line with the schedule developed to pay them off.

Breakdown of beneficiaries

Dr Oppong said about 1,009 of the customers who have been paid were clients of the 23 S&LCs that collapsed.

The list comprised 449 social organisations and welfare institutions, 408 companies and 152 rural banks and finance houses that were customers of the defunct companies.

Also, there are 259 customers of MFIs, comprising 132 social and welfare organisations, 32 rural banks and finance houses, 50 financial security entities and 45 companies.

She explained that the remaining 30 customers were companies and institutions that were customers of the defunct institutions.

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