The Receiver of the 347 microfinance companies (MFCs) whose licences were revoked by the Bank of Ghana (BoG) has so far paid GH¢21.7 million to approximately 33,000 depositors.
This is out of GH¢480 million validated and agreed claims by 66,000 depositors as at July 19, 2019.
The Receiver has received claims from approximately 140,000 depositors, amounting to approximately GH¢937 million from the inception of the receivership.
Per data available to the Receiver from Bank of Ghana (BoG), there are more than one million depositors with a value of approximately GH₵835m.
The Receiver, from PricewaterhouseCoopers (Ghana) Limited, Eric Nana Nipah, told The Finder that validation of depositor claims is still ongoing, saying initial indication is that majority of deposits are very low-value amounts.
2,300 Personnel deployed by Receiver
According to him, on the day of the announcement of the revocation of the operating licences of 347 MFCs, he deployed over 2,300 personnel, including PwC staff and some ex-employees of UT Bank, Capital Bank, Heritage Bank and Premium Bank, across all branches of the 347 MFCs to assist him with the takeover and orderly winding up of the receivership.
In addition, he said, he also engaged the services of some former employees of the affected MFCs who are willing to co-operate with him to achieve his objectives.
The breakdown is PwC personnel – 72, retained staff from affected Microfinance – 1,634, and associates (including ex-staff of Capital Bank, UT Bank, Heritage Bank and Premium Bank (all in receivership) – 609.