Collapsed microfinance firm rejects BoG support; reveals date to start paying clients

Collapsed microfinance firm rejects BoG support; reveals date to start paying clients

- Uniklife Microfinance has revealed plans to pay its customers monies they have deposited from Wednesday, August 28, 2019.

- This, according to the management of the company, was because it is a solvent company and has enough funds to do so.

- Uniklife Microfinance added that it does not want the Bank of Ghana to burden the taxpayer with debts.

Information available to YEN.com.gh shows that Uniklife Microfinance has announced the date to begin paying off funds of depositors.

According to the firm, it has reached an agreement with the receiver of collapsed microfinance companies, Eric Nana Nipah, to begin the process.

This follows the decision of the Bank of Ghana (BoG) to declare as insolvent, a number of microfinance companies, in the latest financial sector cleanup.

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Though Uniklife was added to the list of insolvent companies, it has argued that it has enough funds to settle debts owed clients.

The executive director of the firm, Kwame Adu-Mante, noted that plans are in place to begin payments to 92% of its depositors from Wednesday, August 28, 2019.

The rationale behind the decision to pay, per a report by citinewsroom.com, is because the company does not want the BoG to use the taxpayer’s funds to settle the debts.

In other news, the member of Parliament (MP) for Kumbungu constituency, Ras Mubarak, stated that delegates were given GHC500,000 to vote against him.

He added that his opponent, Dr. Hamza Adam’s win was as a result of money shared by one Hamza Abdulaziz, also known as Hamza Tanko.

Ras Mubarak further disclosed that the motive behind the sharing of the money was simply to unseat him, a development he believes could hurt Ghana’s democratic gains.

READ ALSO: White man slams Africans on social media and poses questions about African weddings

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Source: Yen

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