Saving and Loans

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 been paid. 132 social organisations, 22 rural banks and finance houses, 48 financial security entities and 44 companies have so far received their locked-up funds with regard to MFIs. Under Micro-Credit Institutions, 28 companies and institutions have so far been paid their monies. The Bank of Ghana appointed Director of Price Waterhouse Coopers Limited, Eric Nana Nipah, as the Receiver in accordance with Section 123 of ACT 930 of Bank of Ghana (BoG). Eric Nana Nipah, however, noted that a combination of cash and bond will be used to settle depositors. Meanwhile, he averred he is hopeful that with the above funding arrangement, about 97.6% of individual claimants will receive their entire deposits in cash. https://www.youtube.com/watch?v=lrNsNRK7qW8

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, The Receiver indicated that full and final payments are ongoing. He explained that the Government has made available to the Receiver a combination of cash and bonds totaling approximately GHS5bn to fully settle outstanding depositor claims of these institutions as well as of the 39 Micro Credit institutions in official liquidation. The Receiver stated that once ongoing payments are completed, over 352,000 claims will have been fully paid, leaving a difference about 8,000 claims, to clear by way of bonds only. As part of payment modalities, CBG will open new accounts for all depositors whose claims have been validated and agreed in the receiverships of the above companies. Following this, SMS messages will be sent out from the Receiver to depositors due for payment, setting out the account number and cash amount due to the depositor, which they can then withdraw. Depositors are informed that the Receiver will fully settle outstanding depositor claims once these claims have been validated and agreed upon. Stakeholders may direct all concerns on the above receiverships to www.ghreceiverships.com