Microfinance Institutions Network in Ghana react to 96 branches the receiver opened for business, they describe it as misleading, here’s why

According to the institution, the move by the Receiver, Eric Nipah is misleading.

Mr Eric Nipah announced that 96 branches of the 347 microfinance companies that were placed into receivership by the Bank of Ghana are still open for customers of these defunct institutions to either make their claims for locked funds or repay their existing loans.

In a notice issued, it said, "the receiver will stop operating from any branch of affected microfinance institution 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.

Meanwhile, the Executive Director for Ghana Microfinance Institutions Network, Yaw Gyamfi, who spoke in an interview with Accra based Citi FM said the story is misleading and urged the receiver to come out to clarify the release.

“I must admit that it is a bit misleading and that is quite worrying. I think they should come back to the public and make them know that they haven’t given them their licence back to operate but rather they have left those offices open for people who still haven’t filed their claims; for people who still want to make enquiries about what to do and for those who even want to have an update as to when the receiver is paying them,” he said.

He added that “These are for me the main issues that need to be addressed. But the way they have put it looks as if they have given out new licences for people to operate and that’s not it at all."