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 (“MFCs”). 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 MFCs and is prosecuting the receivership in accordance with the provisions of Act 930.
Notice is hereby served on all Debtors of the affected MFCs to make arrangements to settle the full amounts of their overdue indebtedness to the respective MFCs as soon as possible, failing which the Receiver shall consider all his options including legal action against Debtors to recover the outstanding loan facilities granted them without recourse to them.
All debtors should contact the Receivers representatives at their respective MFC branches to make immediate payment.
ERIC NANA NIPAH
The Receiver
347 MICROFINANCE COMPANIES (IN RECEIVERSHIP)