Home Business Depositors of bancrupt 347 microfinance businesses to obtain payments these days

Depositors of bancrupt 347 microfinance businesses to obtain payments these days


Lender of Ghana’s appointed Receiver for the bancrupt and dormant Microfinance Businesses, Eric Nana Nipah, will Friday begin having to pay depositors of the 347 bancrupt microfinance firms.

A assertion sanctioned by the Receiver, having said that, clarified that only depositors whose statements have been validated and agreed will be paid.

The go follows the launch of resources by the governing administration to the Receiver.

“The Receiver has deployed more than 420 personnel throughout the state to validate and agree claims and to get started earning payments to depositors whose promises have been validated and agreed, with no delay.

“Payments to depositors will be built at designated branches of CBG, subsequent notifications to these Depositors from the workplace of the Receiver,” the statement said.

Depositors whose claims have been validated and agreed will also get cellphone calls from the Receiver’s reps confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their statements to the extent achievable.

Depositors will be expected to offer valid ID documentation.

These can possibly be passports, NHIS cards, Voters ID and Drivers Licenses.

In accordance with the buy of rating furnished in the applicable sections of the Banking institutions and Specialised Deposit-Getting Establishments Act, 2016, Act 930, all other Creditors will be compensated their statements dependent on the quantum and timing of asset realisations in the receivership of the affected microfinance providers. 

Mr Nipah has hence named on all depositors of the Microfinance companies to exercise persistence as the federal government has created readily available cash to fork out each individual and every depositor whose claim(s) have been validated and agreed, to the extent doable.

The Financial institution of Ghana on Could 31, 2019 revoked the license of 347 Microfinance Establishments and in accordance with Portion 123(2) of Act 930 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Minimal (“PwC”) as Receiver for the functions of winding down the affairs of the impacted microfinance organizations

 The main obligations of the Receiver are:

(i) to get better and maximise asset realisations for the profit of Lenders like mostly Depositors and

(ii) distribute realisations in accordance with the applicable provisions of Act 930, to fulfill the indebtedness of these institutions to their entire body of Lenders, to the extent achievable.

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