Receiver Pays Microfinance Customers

Eric Nana Nipah

Receiver for the insolvent and dormant microfinance companies, Eric Nana Nipah, who was appointed by the Bank of Ghana (BoG), on Friday, started paying depositors of the 347 insolvent microfinance companies whose claims had been validated and agreed.

This followed 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 without delay.

Payments to
depositors will be made at designated branches of CBG, following notifications
to the 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 them, and directing them
to the designated CBG branches for the processing and payment of their claims
to the extent possible.

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

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,
therefore, called on all depositors of the microfinance companies to be patient
as the government has made available funds to pay each depositor, whose claim (s)
have been validated and agreed, to the extent possible.

The Bank of Ghana
(BoG), on May 31, 2019, revoked the licences 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 to recover and maximise asset realisations for the benefit
of creditors in accordance with the relevant provisions of Act 930.

The post Receiver Pays Microfinance Customers appeared first on DailyGuide Network.

Related Post

Leave a Reply

Your email address will not be published.