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We’ll pay all depositors of collapsed Microfinance, S&Ls by end of July – Receiver

The Receiver of the collapsed microfinance companies, savings and loans says customers with locked up investments in these defunct companies will be paid by end of July 2020.

Eric Nana Nipah gave this assurance in an interview with Accra-based Citi FM.

He said an assessment carried out by his outfit showed a total value of valid claims of GHS 5.4 billion.

According to him, about 96% of the validated claims had been paid.

“For depositors, we have come a very long way, and I have been able to determine that the depositor base in the three receiverships is in the region of GHS 5.4 billion by the value of valid depositor claims…and out of that, I have been able to pay close to 96% of these claims,” he said.

Mr. Nipah, however, noted that about 98% of the claims will be paid in cash, while the remaining two per cent will be paid through a combination of cash and bond.

“I am on course to fully pay 98% of all depositor claims by way of cash…The two per cent that remains is being paid through a combination of cash and commercial paper, which we commonly refer to as bonds…

“Through the very effective and robust validation mechanism that I have put in place, I have been able to save the nation close to a billion cedis by way of robust and resilient validation processes,” he added.

The operational licenses of 347 microfinance companies, 39 micro-credit institutions, and 23 Savings and Loans companies were revoked in May 2019.

A validation process began in November 2019 aimed at paying affected customers their locked up investment.

The receiver, Mr. Nipah was tasked to collaborate with the Economic and Organised Crime Organisation (EOCO) to locate and recover the assets of the insolvent companies to auction and accrue funds for settlement.

Speaking in the interview, Mr. Nipah revealed an amount of GHS 400 million owed to the defunct companies by other companies had been identified through the validation process.

Though the payment of valid claims for customers commenced in February 2020, some individuals had complained of not receiving their funds.

But Mr. Nipah expressed optimism that all affected customers will receive their locked up funds by end of July.

 

 

6 Comments
  1. Anonymous says

    Your Comment you lair

  2. BOB says

    I sincerely think Ghanaians should appreciate the intervention the Govt made to save us. Before the govt. stepped in I wasn’t able to access even a dime of my savings.
    Moreover kindly note those directors and owners of those financial institutions were just using our sweat monies for their sons and daughters to open companies and businesses with our funds whiles we were suffering.
    Lets think critically and reasonably to appreciate what God has done for us through the intervention made by the government. This is how we can develop.

    1. Anonymous says

      If you only knew what customers of fund management companies are going through now you wouldn’t be praising the government. To afford a 3 square meal is a problem for some meanwhile they’ve thousands of cedis locked up.

  3. Alinka Desmond says

    My name is Alinka Desmond from Upper East region. I want to thank the receiver for the good work he is doing. Most of the customers including myself have not received our claims or monies.

  4. Anonymous says

    Please i want to know from the receiver whether he has done with the validation or not , and how would i know that my claim has been validated. i submitted my claim in May ,2019 but have not heard anything since then.

    1. Anonymous says

      Yes I don’t even kno if I have been validated or not n a list of the micro finance companies they are paying please.

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