Author: Matilda Akakpo

RECEIVER TO PAY ALL CUSTOMERS OF DEFUNCT MICROFINANCE, S&LS FIRMS BY MARCH ENDING

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 […]

RECEIVER OF DEFUNCT FINANCIAL INSTITUTIONS CREDITS ACCOUNTS OF 800 DEPOSITORS WITH ¢200M

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 […]

GOVERNMENT SPENDS GH¢17.7BN ON S&LS, MFIS

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 […]

COLLAPSED SAVINGS & LOANS AND MICROFINANCE COMPANIES: PROCESSES TO PAY CUSTOMERS BEGIN

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 FINANCIAL INSTITUTIONS TO RECEIVE PAYMENTS THROUGH CBG

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 […]

39 INSOLVENT MICROCREDIT COMPANIES: PAYMENT Of OUTSTANDING FIXED INVESTMENT TO CUSTOMERS

The Official Liquidator (OL) of the 39 insolvent microcredit companies whose licenses were revoked by the Bank of Ghana (BoG) has announced modalities for the payment of the outstanding fixed investment holder’s obligation: PRESS RELEASE NOTICE OF FULL PAYMENTS TO FIXED INVESTMENT HOLDERS OF 39 MICROCREDIT INSTITUITONS (IN OFFICIAL LIQUIDATION) WHOSE CLAIMS HAVE BEEN VALIDATED […]

Defunct S&L-Microfinance Firms: Receiver to Disburse GHS5bn from 24 February 2020 – Nana Addo

President Akufo-Addo has announced that the Receiver of the defunct Savings and Loans and Microfinance Companies will start paying locked up funds of customers from Monday, 24 February 2020. The President disclosed that the Receiver is ready to disburse 5 billion cedis in addition to the 13 billion cedis that has already been spent on […]

Amoabeng & Co Get GH¢320m

The former Chief Executive Officer of insolvent UT Bank which is now defunct, Prince Kofi Amoabeng, and five others charged with their alleged conduct leading to depositors of the bank losing money were yesterday granted a total of GH¢320 million bail by an Accra High Court. The court presided over by Justice Bright Mensah, a […]