Receiver increases amount to be paid to collapsed microfinance, depositors

Business News of Friday, 8 November 2019

Source: Myjoyonline.com

2019-11-08

Eric Nana Nipah

Receiver for the 347 insolvent and dormant microfinance companies, 23 savings and loans and finance houses, Eric Nana Nipah, has declared that depositors will have access to up to GH¢20,000 of their locked-up funds.

Mr Nipah early on the receivership process announced that depositors with validated claims below GH¢10,000 will be paid their funds.

However, a statement issued by the Spokesperson for the Receiver, Philomena Kuzoe, said the GH¢10,000 ceiling placed on payments has now been adjusted upwards to allow customers to have access to more of their locked-up funds.

The Bank of Ghana (BoG) in May revoked the license of insolvent microfinance and microcredit companies as part of the banking sector clean-up.

The Central Bank, therefore, appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purpose of winding down the affairs of the collapsed Savings and Loans and Finance Houses.

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