Defunct microfinance firms: Receiver to pay customers in full from September 16

Defunct microfinance firms: Receiver to pay customers in full from September 16

- Customers of defunct financial institutions will receive full cash payment from September 16

- This comes after the government’s resolution of the original commercial paper, also known as a bond

- Government released a total of GHS3.56 billion to settle the remaining depositor claims

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Customers of defunct financial institutions have, over some time now, been calling on the government to make payments of their locked-up funds to them.

The government, on the other hand, has revealed that the Receiver would, from Wednesday, September 16, 2020, begin the payment of depositors in full.

It follows the government’s resolution of the original commercial paper, also known as a bond.

On Tuesday, the government released a total of GHS3.56 billion to settle the remaining claims of the defunct financial institutions.

Defunct microfinance firms: Receiver to pay customers in full from September 16

Defunct microfinance firms: Receiver to pay customers in full from September 16 Source: todaygh.com
Source: UGC

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In a report filed by CitiNewsRoom, all affected customers have been directed to any branch of the Consolidated Bank Ghana Limited to receive their monies.

On May 31, 2019, the Bank of Ghana, in a cleanup of the banking and financial sector, revoked the licenses of 347 microfinance companies.

This activity by the BoG resulted in the lockup of funds by depositors who had their funds with these savings and loans, microfinance companies and finance institutions.

The clean up was part of efforts to restore confidence in the banking and specialized deposit-taking sectors of these institutions also lost their jobs.

Not only were the deposits and investments of customers affected, several worker

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YEN.com.gh earlier reported that customers of banks in Ghana have resorted to foreign currencies following a fall in the value of the Ghanaian cedi.

The cedi reportedly lost value against currencies such as the US dollar in the second quarter of 2020.

The May 2020 Statistical Bulletin released by the Bank of Ghana (BoG) also shows that deposits of foreign currencies increased to GHc22.6 billion and GHc23.3 billion in April and May respectively.

Details show these were the same months in which the cedi recorded its biggest gains against the dollar by appreciating at 4.8 percent and 1.66 percent respectively.

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Source: Yen.com.gh

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