Depositors of the 347 insolvent and dormant Microfinance Companies closed down by the Bank of Ghana (BoG) will from today (June 7) begin receiving their money.
The Bank of Ghana’s appointed Receiver for the 347 Microfinance Companies, is Eric Nana Nipah.
A statement by the Receiver, however, clarified that only depositors whose claims have been validated and agreed will be paid.
The move follows the release of funds by the government to the Receiver.
The Receiver has deployed more than 420 personnel across the country to validate and agree to claims and to start making payments to depositors without delay.
Payments to depositors will be made at designated branches of CBG, following notifications to these Depositors from the office of the Receiver.
Depositors whose claims have been validated and agreed will also receive phone calls from the Receiver’s representatives confirming the amounts due them as well as direct them to the designated CBG branches for the processing and payment of their claims to the extent possible.
Depositors will be required to provide a valid ID document. These can either be passports, NHIS cards, Voters ID and Drivers License.
In accordance with the order of ranking provided in the relevant sections of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, all other Creditors will be paid their claims depending on the quantum and timing of asset realisations in the receivership of the affected Microfinance companies.
Mr Nipah, has therefore called on all depositors of the Microfinance companies to exercise patience as the government has made available funds to pay each and every depositor whose claims have been validated and agreed.
The Bank of Ghana on May 31, 2019 revoked the license of 347 Microfinance Institutions and in accordance with Section 123(2) of Act 930 appointed Eric Nana Nipah, a Director of Pricewater House Coopers, Ghana as Receiver for the purposes of winding down the affairs of the affected Microfinance Companies.
