IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930) AND IN THE MATTER OF THE 347 MICRO FINANCE COMPANIES (IN RECEIVERSHIP)
Pursuant to section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana (“BoG”) on 31 May 2019 revoked the operating license of 347 microfinance companies. The revocation of the licenses was done to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system.
BoG in accordance with section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (“PwC”) as the Receiver for the purposes of winding up the affairs of these institutions.
The Receiver in accordance with Section 123 (3) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) has taken control of the 347 microfinance companies and is prosecuting the receivership in accordance with the provisions of Act 930.
The Receiver has noted that some depositors of the 347 microfinance companies have not yet submitted their Proof of Debt (“PoD”) forms. Consequently, it is the intention of the Receiver to extend the period for depositors to submit their PoD forms to accommodate the needs of depositors who are yet to do so.
Notice is hereby given that depositors who have not yet submitted their claim forms should do so on or before Friday 27th September 2019 for validation. After this date, the Receiver will conclude that there are no more outstanding claim forms to be submitted.
ERIC NANA NIPAH
The Receiver
347 MICRO FINANCE COMPANIES (IN RECEIVERSH