GH¢700 million paid to customers of collapsed Microfinance companies

Depositors’ claims worth over GH¢700 million, has been transferred to Consolidated Bank Ghana for onward disbursement to customers of collapsed Microfinance companies, as at Friday 28 February 2020.

This was contained in a press release issued on Monday, March 2, 2020 by the Receiver of the collapsed Microfinance and Savings and Loans companies.

The statement also announced that the Receiver had kick
started processes to complete final payments to depositors.

Again, the Receiver explained that full and final payments are ongoing in line with Government’s determination to protect depositors’ funds and to shore up public confidence in the financial system.

He further noted that at the commencement of the resolution
process, the government provided the receiver with funds to offset the growing
economic hardship that vulnerable depositors were likely to face.

Following this, the payment of the remaining 40,000
depositors’ claims began on Monday 24th February 2020.

Out of over 360,000 depositor claims, which includes 39
Microcredit Companies placed under official liquidation, more than 320,000 in a
number of validated claims were fully settled in cash.

“To fully settle the remaining 40,000 depositor claims in
these receiverships as well as in the official liquidation of the 39 MCCs,
government provided additional funding by way of a combination of cash and
bonds totaling approximately GHS5 billion to the Receiver and Official

Some customers with huge sums are unhappy with payment in bonds

Meanwhile, some customers of the defunct microfinance and savings & loans companies have decried the mode of payment of their locked up cash by the Receiver.

The customers say they have been told by the bank that those
who have funds beyond GHS70,000, will receive GHS 50, 000 in cash, and the rest
will be issued in a bond in 5 years.

 “The message I
received said that they are paying me GHS 50,000 of the GHS 602,000, while the
rest will be issued in bonds. I asked how much interest and for how long, but I
was only told that it will be held for five years.

“All of this is by word of mouth. Although I demanded for a written agreement between the government or the bank and I, they are not responding to that. I think the whole thing is being done in secrecy,” one of the customers lamented.

Ghana Talks Business

The post GH¢700 million paid to customers of collapsed Microfinance companies appeared first on Ghana Talks Business.

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Source : African Media Agency (AMA)

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