The Bank of Ghana’s appointed Receiver for the insolvent and dormant microfinance companies, Eric Nana Nipah, will today [Friday] start paying depositors of the 347 insolvent microfinance companies whose claims have been validated and agreed.

This follows the release of funds by Government of Ghana (GoG) to the Receiver.

The Receiver has deployed over 420 personnel across the country to validate and agree claims and to start making payments to depositors whose claims have been validated and agreed, without delay.

A statement issued by the Receiver said 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 receive phone calls from the Receiver’s representatives confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible.

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 claim(s) have been validated and agreed, to the extent possible.

The Bank of Ghana (BoG), 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 PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of the affected microfinance companies

The main duties of the Receiver are:

(i) to recover and maximise asset realisations for the benefit of Creditors including mainly Depositors and

(ii) distribute realisations in accordance with the relevant provisions of Act 930, to satisfy the indebtedness of these institutions to their body of Creditors, to the extent possible.

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