Creditors of collapsed microfinance companies to receive their entitlements within 30 days

Persons entitled to claims from any of the collapsed microfinance companies have been assured to receive their entitlement within 30 days.

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC)

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC) disclosed the information in a press release.

According to him, the Bank of Ghana (BoG) is working to pay the affected persons their entitlements within the said date.

Per the mandate of the receiver, all persons and institutions entitled to payments by the affected companies are expected to complete proof of debt forms with relevant documents to back the claims.

Upon receipt of these documents, the Receiver is expected to validate the claims before he can initiate payment.

But such payments are expected to take effect after thirty days of receiving the claims.

“Creditors will be required to submit their claims by completing a PoD form to be designed by the Receiver. In filling these forms, Creditors will be required to attach relevant documentation supporting their claim(s) as well as amounts owed to them,” the statement said.

The statement further said, “the Receiver estimates that the process of validating and agreeing to Creditor claims will take another 30 days from the date of the deadline for the submission of Creditor claims.”

Meanwhile, the Receiver says it is currently assessing the state of affairs of the microfinance institutions in order to ascertain the types and values of their assets and liabilities.

This is expected to be completed within ten days.

“It is the intention of the Receiver to conduct an assessment of the state of affairs of these institutions in order to ascertain the types and values of assets and liabilities of these microfinance companies as at the commencement of receivership. The Receiver estimates that this assessment will be completed within the next 10 days,” the statement noted.

The Bank of Ghana recently revoked the licences of 347 microfinance companies

These companies, according to the BoG, are insolvent and had folded up.

The move follows a similar one carried out by the regulator in the banking sector over the last two years.

It is amongst others to sanitise Ghana’s financial sector by protecting depositor funds and renew confidence.

A total number of 137 microfinance companies are, however, expected to operate in the country.

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