- On May 31, 2019, the Bank of Ghana revoked the licenses of 347 microfinance institutions over various instances of regulatory breaches.
- The BoG appointed Eric Nana Nipah of Pwc as the receiver for the collapsed institutions.
- Mr Nipah has named 96 branches of the institutions that are still open for customers.
The receiver of the 347 microfinance companies has listed 100 branches that are still open for customers of the defunct institutions to either make their claims for locked funds or repay their existing loans.
In a statement issued by the receiver, Eric Nipah, he indicated that the receiver will cease operating from branches of affected microfinance institutions that is not included in the 96 branches it has selected.
“Stakeholders are advised to visit these 96 operating branches nearest to the MFC branches which the Receiver has shut down, for loan repayments and any other inquiries relating to the receivership of their affected MFCs. Debtors of the affected 347 MFCs who have not fully settled their obligations to their MFCs should do so at the operational branches designated as their branches as soon as possible,” the statement said.
Collapsed of MFIs
On May 31, 2019, the Bank of Ghana revoked the licenses of 347 microfinance institutions over various instances of regulatory breaches. The BoG appointed Eric Nana Nipah of Pwc as the receiver for the collapsed institutions.
The role of the receiver is to ensure that depositors and other creditors are paid what is due them.
He is also to go after other assets of the defunct institutions and make the most income from them for the benefits of depositors, creditors, etc.
Find below the 96 approved branches