Financial sector clean-up: Receiver of defunct Microfinance, Savings & Loans begins to pay deposits from today

Customers of the collapsed savings and loans, microfinance and finance houses will start receiving their locked-up funds from today (Monday, February 24, 2020).

The Receiver, Eric Nana Nipah of PricewaterhouseCoopers (PwC)

The receiver confirmed this on Accra-based Citi FM.

The customers of the 347 defunct microfinance companies, 23 savings and loans, and finance houses, and 39 micro-credit institutions will be paid in either cash or bonds.

A statement released by the Consolidated Bank, Ghana, said that the bank has chosen to payout customers’ funds, and will open new accounts for affected customers whose claims have been validated and accepted for payment.

It stated that the government has earmarked GHC5 billion for settling the outstanding payments of customers of the defunct financial institutions. The bank said the amount is a combination of cash and bonds.

The bank explained that another investment account will be created on behalf of customers whose locked-up funds are more than the GHC20,000 cap.

Those who fall in this category will be paid using the bond which will mature later.

The said the affected customers must wait for an SMS from the receiver confirming the acceptance of their claims before turning up at any CBG Branch for payments.

The customers will be expected to present any national identification card to access their funds.

The bank said corporate and SME customers will also receive a default savings account that will be opened and communicated to them by the Receiver.

“They will then go through the normal KYC to open their current accounts where funds in the savings account will be transferred into,” the statement said.

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