Payments to customers of 39 insolvent microcredit companies in Ghana to commence on Thursday, November 14, here’s the procedure to follow

The Official Liquidator (OL) of the 39 insolvent microcredit companies whose licences were revoked by the Bank of Ghana (BoG) has announced that it will commence the payments of interim dividend to some customers of the defunct institutions.

Registrar General of Ghana, Mrs. Jemima Oware

The move will be effective on Thursday, October 14, 2019.

The OL, Mrs Jemima Oware said this in a press statement released.

According to her, only customers who have completed and submitted their Proof of Debt ("PoD") statements to her will receive the interim dividend.

The dividend, she added will be paid out at Consolidated Bank Ghana Ltd (CBG) branches in the country.

The release added that the payments would be made to the creditors from funds provided to the OL by the government.

What the release said:

"The Bank of Ghana, in accordance with Section 38 of Act 774 has appointed the Registrar-General to initiate proceedings as Official Liquidator of the affected Microcredit companies to wind up the companies by way of Official Liquidation," the release said.

"The Official Liquidator ("OL") wishes to inform all customers who had investments with the above-mentioned institutions and who have duly completed and submitted their Proof of Debt (POD) statements to the OL that payments of interim dividend to this category of creditors whose claims have been validated would commence on Thursday, 14 October 2019, at various Consolidated Bank Ghana Ltd (CBG") branches.

"The payments would be made from funds provided to the OL under the Government bailout to customers who had investments with the above-mentioned institutions".

Here’s the procedure customers must follower:

1. Creditors would receive a text message from the OL through the phone numbers the creditors provided on their PoDs, indicating the claim amount validated by the OL and payable at CBG.

2. Creditors would also each be given a temporary CBG bank account number through which their payment would be made.

3. Once the above information has been received by the creditors through the text message, Creditors may proceed to the nearest CBG branch from Thursday, 14 October 2019 to collect their interim dividend payments.

4. The CBG would require Creditors to produce the valid National ID card whose number they provided on their respective PoDs before payments would be made to them.

5. Future interim dividend would be made from the realisation of assets of these companies and would depend on the timing and level of such realisation.

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