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    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

    ‘Our IMF negotiations will be in best interest of Ghanaians’ – Oppong Nkrumah

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    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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NIC approves take over of Esich Assurance

bycitibusinessnews
August 8, 2018
in Banking And Finance, Government, Local Economy, Top Stories
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The National Insurance Commission (NIC) has approved a takeover of Esich Life Assurance by a foreign company.

The process is to be completed by the end of this month, August 2018.

The decision follows the company’s inability to solve liquidity challenges it has been facing, which has also affected the payment of claims to clients.

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The troubles of Esich Life Assurance have been lingering for almost a year now.

The company has had to continually convince its customers that its processes are intact, following increased cases of panic withdrawal among the public.

A visit by Citi News to some branches of the company revealed a very serene environment indicating that business has been slow for sometime now.

Reports had attributed the panic withdrawals to the company’s connection with the Founder of the defunct Capital Bank, William Ato Essien.

The Chief Finance Officer of Esich Life Assurance, Emmanuel Nartey  however told Citi Business News the collapse of Capital bank had no bearing on the operations of the insurance company.

He also said the regulator, the National Insurance Commission  (NIC) has since approved a takeover of the operations of the company by the end of this month of August 2018.

“At the moment the company has been acquired by a foreign investor, so the company is in foreign hands now, so hopefully by the end of this month the new owner will take absolute control, they plan to meet all affected clients and to have a plan for them to actually recover all of their claims”, he explained.

Some of the customers of Esich Assurance who spoke to Citi Business News insisted they face challenges getting access to their claims which have been due for about three months now.

“As we speak now I have been chasing my money for about three months now and I am actually beginning to lose interest in the whole thing”, one customer said.

Another stated, “When you want to go for the claims it’s a bit of a problem and although you have paid in order for your money to be invested so that you get it at a later time, it’s still a problem if you have to go for it”.

Emmanuel Nartey told Citi Business News he is nonetheless confident of restoring the company to its strong footing.

According to him, the change in management should bring respite to the apprehensive clients and restore confidence.

“Currently we have a few of our clients who have had their claims delayed but management has taken frantic effort to resolve it”

“The company is going to survive the challenges it’s going through at the moment because of the intervention of the new foreign investor”.

–

By: Anita Arthur/citibusinessnews.com/Ghana

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