All clients of collapsed microfinance and S&Ls firms to receive deposits in 3 weeks
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All clients of collapsed microfinance and S&Ls firms to receive deposits in 3 weeks

- Eric Nipah, the receiver appointed by the government to oversee the settlement of claims of depositors of defunct microfinance institutions, has given an assurance to clients

- He is hopeful that all clients who deposited funds with the defunct businesses will be paid by the end of July

- According to him, 98% of them will receive cash, while the remaining 2% will receive cash and bonds

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The government-appointed receiver with respect to the defunct 347 microfinance companies and 23 savings & loans and finance houses, Eric Nana Nipah, has revealed that all unpaid customers will receive their claims by the end of July.

He indicated that about 98% of the customers have been paid and the rest would receive what is due them in a few weeks.

Nipah added that he has successfully saved Ghana about GHc1 billion by scrutinizing fake claims.

All clients of collapsed microfinance & S&Ls firms to receive deposits in 3 weeks

Eric Nana Nipah Source: The Independent Ghana
Source: UGC

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According to him, about 98% of the claims will be paid in cash, while the remaining 2% would be paid in cash and bonds.

Per a report by citibusinessnews.com, he also noted that “for depositors, we have come a very long way and I have been able to determine that actually, the depositor base in the three receiverships is in the region of GHc5.4 billion by the value of valid depositor claims that I have received. And out of that, I have been able to pay close to 96% of these claims,” he said.

YEN.com.gh earlier reported that GHc2.11 billion has been paid to customers of defunct savings and loan companies as well as medium and small-scale enterprises in Ghana.

About GHc2.95 billion in zero-rated coupon bonds, which are debt instruments, has been paid to customers whose funds were locked up as a result of the financial sector crisis.

The total amount of money paid to date, therefore, stands at GHc5.66 billion.

READ ALSO: VW releases models of cars in Ghana; prices as low as GHc60,000

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Source: Yen

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