As at close of today, February 27, 2020, a total of 8,884 customers of the collapsed savings and loans (MS&Ls), Micro Finance Institutions (MFIs) and Micro-credit Institutions have been paid their monies, Consolidated Bank of Ghana has announced. For Savings and Loans, 449 social organisations, 418 companies and 152 rural banks and finance houses have […]
The Receiver for 347 Micro Finance companies as well as 23 Savings and Loans and Finance House companies whose licenses were revoked on 31 May 2019 and 16 August 2019 respectively, has issued a notice to depositors and the general public on full payments of locked-up funds. Speaking in an interview on 26th February 2020, […]
Some 6,446 individual customers of the collapsed savings and loans, micro finance and micro credit institutions have been paid, three days after the Receiver began paying depositors their locked-up funds. For S&Ls, 449 social organizations, 418 companies and 152 rural banks and finance houses have been paid. 132 social organizations, 22 rural banks and finance […]
Government has announced that it has allocated GHc5 billion for the complete refund of all deposits placed by the banking public with the savings and loans companies and the microfinance institutions that were liquidated in mass by the Bank of Ghana last year. This confirms the promise made by vice president Dr Mahmud Bawumia recently […]
The receiver of the collapsed microfinance companies, savings and loans, and finance houses, has assured that all affected depositors will receive their locked up investments by end of March this year, after payment processes started on Monday, February 24, 2020. The deadline follows a promise by President Akufo-Addo during the State of the Nation Address […]
The Receiver of the defunct financial institutions has so far credited ¢200 million into accounts of 800 depositors of the Consolidated Bank Ghana (CBG). Payment of the depositors funds commenced on the night of Monday, 24 February 2020. This has resulted in corresponding SMS messages sent to some depositors. Some of these beneficiaries that have […]
The government has so far spent about GH¢17.7 billion on the clean-up of the financial services sector. GH¢11.65 billion has been used to settle depositors in the banking sector and GH¢6.1 billion on the Savings and Loans Companies and Microfinance Institutions. According to a statement from the Finance Ministry, “We expect that the recent accelerated […]
Customers of collapsed saving and loans, as well as microfinance, institutions, also known as specialised deposit-taking institutions (SDIs), can now heave a sigh of relief following the initiation of a process to pay the full amounts of their deposits to them. The receiver and Official Liquidator of the defunct SDIs started the process yesterday, after […]
Customers of defunct Savings and Loans, as well as microfinance companies, are to receive their payment through the Consolidated Bank Ghana (CBG). The Bank in a communique to staff Monday outlined modalities for payment to customers effective today, February 24. “Based on data to be submitted to CBG by the Receiver, CBG will open new accounts for […]