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Receiver begins paying out Microfinance consumers

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Receiver for the bancrupt and dormant microfinance businesses, Eric Nana Nipah, who was appointed by the Financial institution of Ghana (Lavatory), on Friday, has started shelling out depositors of the 347 insolvent microfinance companies whose statements experienced been validated and agreed.

This adopted the release of cash by Governing administration of Ghana to the Receiver.

The Receiver has deployed about 420 staff across the place to validate and agree claims and to start out making payments to depositors without the need of delay.

Payments to depositors will be designed at specified branches of CBG, next notifications to the depositors from the Office of the Receiver.

Depositors whose statements have been validated and agreed will obtain cellphone calls from the Receiver’s reps confirming the quantities due them, and directing them to the selected CBG branches for the processing and payment of their promises to the extent possible.

Depositors will be expected to passports, NHIS cards, Voters ID and Drivers’ licences.

In accordance with the get of rating presented in the suitable sections of the Banks and Specialised Deposit-Using Institutions Act, 2016, Act 930, all other collectors will be paid their promises dependent on the quantum and timing of asset realisations in the receivership of the afflicted microfinance companies.

Mr. Nipah, for that reason, referred to as on all depositors of the microfinance corporations to be affected individual as the authorities has designed obtainable cash to pay every single depositor, whose claim (s) have been validated and agreed, to the extent probable.

The Lender of Ghana (Lavatory), on May possibly 31, 2019, revoked the licences of 347 Microfinance Establishments and in accordance with Part 123(2) of Act 930 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Minimal (PwC) as Receiver for the applications of winding down the affairs of the affected microfinance businesses.

The major duties of the Receiver are to recuperate and maximise asset realisations for the benefit of lenders in accordance with the appropriate provisions of Act 930.

 





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