Depositors of collapsed savings and loans companies to receive their monies within 7 days
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Depositors of collapsed savings and loans companies to receive their monies within 7 days

- Persons who have deposits with the collapsed Savings and Loans companies and finance houses have the next four weeks to submit their claims to the Receiver for payment of their claims

- A statement issued by the Receiver, Eric Nana Nipah said that the move will, however, be subject to validation for the scheduled period

- This process is expected to be completed by September 12, 2019

Payment to depositors who have their funds locked up in the affected Savings and Loans companies will begin within the next seven days.

This is according to the Receiver of the 23 collapsed savings and loans companies and finance house companies, Eric Nana Nipah.

Speaking to Accra-based Citi FM, he said the payments would be made based on funds available from the government.

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I’m working towards being in the position to commence payment within seven days and that relates to funding to be received from government,” Mr. Nipah disclosed.

He was, however, quick to point out that the modalities for payment of funds was yet to be concluded with the Bank of Ghana (BoG).

I have no idea of the money involved and how much government was going to make available [but] I’m very hopeful that in the coming days all these will be sorted out and explained to me,” he added.

A statement issued by the Receiver, Eric Nana Nipah said that the move will, however, be subject to validation for the scheduled period.

The statement amongst other things alluded to a Creditor Administration process which comprises; Submission of Proof of Debt forms, validating and agreeing to claims as well as Payments to Depositors.

The Proof of Debt forms could be obtained from the Receiver’s representatives at the branches of the S&Ls and Finance Houses where the Depositors and Creditors operated accounts.

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The Central Bank last on August 16 revoked the licences of some 23 Savings and Loans companies in the country.

In a statement, the BoG said: “The revocation of the licences of these institutions has become necessary because they are insolvent even after a reasonable period within which the Bank of Ghana has engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.”

Meanwhile, YEN earlier reported that the BoG has also named 25 Savings and Loans companies and 11 finance houses that Ghanaians can save with.

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Source: Yen.com.gh

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