Customers of defunct financial institutions smile as cash payments begin
Business & Economy section is brought to you by Jiji.gh — #1 Ghanaian online marketplace
Visit website

Customers of defunct financial institutions smile as cash payments begin

- Customers of defunct microfinance institution, savings and loans companies and other financial institutions have started receiving payment

- An unidentified woman revealed she had been paid her deposit of a little over GHS7,000 in cash

- The elated woman indicated that the process was tireless and that she had her money without any stress

Our manifesto: This is what YEN.com.gh believes in

Customers of defunct microfinance institution, savings and loans companies and other financial institutions that were closed down by the bank of Ghana have started receiving payment.

This goes to say the government's promise of paying depositors their monies have been fulfilled in full capacity.

In a news report monitored by YEN.com.gh, an unidentified woman revealed she had just been paid her deposit of a little over GHS7,000 in cash.

According to her, she waited until her turn at the bank until she was called to present her card as proof of identification. The elated woman further indicated that the process was tireless and had her money without any stress.

I'm a Christian; I would ensure free and fair elections on December 7 - Jean Mensa

This decision to begin payment of depositors comes after the government released a total of GHS3.56 billion to settle the claims of the defunct financial institutions.

READ ALSO: Our minds are made up; you can’t fool us - Ghanaians tell Akufo-Addo

Citinews also reports that the payment of the monies to depositors began yesterday, September 16, 2020.

Speaking to Citi News, a customer said: “I was asked to show my identification card and after that, I was called by the teller, and the money was paid to me. It was GHS600 in total and my monies at First Allied has also been paid to me. I’m very delighted.”

In a report earlier filed by YEN.com.gh, depositors were asked to visit any branch of the Consolidated Bank Ghana with their appropraite documents to have access to their funds

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

BoG set to use helicopters to transport cash to following attacks on bullion vans

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.

Customers of defunct financial institutions smile as cash payments begin

Customers of defunct financial institutions smile as cash payments begin Source: todaygh.com Source: UGC
Source: UGC

READ ALSO: Gabby Otchere-Darko’s law firm pocketed US$103,000 from Agyapa deal - Kweku Baako blows alarm

In other news, ,more information and clarity continue to emerge on the Agyapa Royalties deal.

The latest revelation happens to be the amount of money Gabby Asare Otchere-Darko’s law firm received for their services in the controversial transaction.

Veteran journalist, Abdul Malik Kweku Baako, revealed on Peace FM on Wednesday, September 2, 2020, that Mr. Otchere Darko’s law firm, Africa Legal Associates received US$103,000 as associates to transaction advisor.

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

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

Got a story you think we should know about? Get interactive via our Facebook page!

Source: Yen

Online view pixel