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– Depositors of the 347 microfinance companies that collapsed will start receiving their claims as of today, June 7, 2019
– Payments to depositors will be made in designated branches of CBG upon notification to such depositors of the escrow office
On Friday, May 31, 2019, the Bank of Ghana announced that it had revoked the licenses of 347 insolvent and dormant microfinance companies in the country.
This means that depositors' funds will be blocked for a period of time.
At the announcement, the central bank also named Eric Nana Nipah as the receiver of the insolvent and dormant microfinance companies.
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His main tasks include:
(i) recover and maximize the realization of badets for the benefit of creditors, including depositors and
(ii) apportion the achievements in accordance with the relevant provisions of Law No. 930, in order to repay the debt of these institutions vis-à-vis their creditors, as far as possible.
In addition, the Government of Ghana has released funds to the Receiver for the payment of depositors of the 347 collapsed settlements as of Friday, June 7, 2019.
According to a statement released by the receiver, payments to depositors will be made at the designated branches of Consolidated Bank Ghana (CBG).
The statement says that the applicants of the collapsed microfinance companies will receive notifications after validation of their claims by the recipient, Eric Nipah.
Applicants whose applications have been validated and accepted will receive telephone calls from the escrow representative confirming the amounts owing to them and referring them to designated CBG branches for the processing and payment of their claims, to the extent practicable.
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Applicants will be required to provide valid identity documentation. These can be pbadports, NHIS cards, a voter card and a driver's license.
In accordance with the ranking order set out in the relevant articles of the Banks and Specialized Deposit Institutions Act, No. 930 of 2016, all other creditors will be paid their claims based on the amount and timing of the claims. badets will have been realized in the receivership of the creditor. affected microfinance companies.
At the same time, Nipah called on all microfinance depositors to be patient with the government having released funds to pay each depositor whose claims were validated.
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Source: Yen
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