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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

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    Benjamin Dzoboku appointed as new Managing Director for Republic Bank Ghana Plc

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    The seven factors driving high cost of living in Ghana

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

    Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

    Current high inflation rate not an isolated event – Seth Terkper

    Ghana needs more entrepreneurs to check imported inflation – Finance Minister

    Fuel prices to rise marginally in second pricing window of May – IES

    Samuel Dubik Mahama appointed ECG Managing Director

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

    Fuel prices to rise marginally in second pricing window of May – IES

    Gov’t to put measures in place to reduce ‘imported inflation’ – Ofori-Atta

    Businesses will pass on increased cost of production from high utility tariffs – GNCCI

    KIC and Mastercard Foundation launch Agri-MSMEs acceleration program

    Benjamin Dzoboku appointed as new Managing Director for Republic Bank Ghana Plc

    Gov’t to launch national airline to benefit from AfCFTA – Hassan Tampuli

    Accra Brewery PLC launches thematic campaign dubbed ‘Taste no yɛ Deep’

    BoG reiterates calls for public to report unapproved banking charges

  • TECHNOLOGY

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    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

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Payment for customers of collapsed Microfinance and S&Ls delays again

bycitibusinessnews
February 24, 2020
in Banking And Finance, Top Stories
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Checks by Citi Business News at a number of Consolidated Bank Ghana branches on Monday, February 24, 2020, did not indicate that payment for customers of defunct microcredit, microfinance and savings and loans companies, was taking place as expected.

Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address, the Receiver, Eric Nana Nipah, announced that only customers who receive messages notifying them should turn up for payment.

But Citi Business News’ visit to some offices of CBG on Monday did not confirm that any affected customer had reported with proof of the notification message for payment.

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At the Head Office of CBG at Airport, some officials who did not speak on the record said they were ready to facilitate payments once a customer turns up with the notification message and relevant documents.

When President Akufo-Addo said that some 5 billion cedis had been made available to the receiver for disbursement from 24th February, some customers doubted him, since according to them, several promises in the past had not been fulfilled.

Meanwhile, the Coalition of Affected Savings and Loans Customers which had doubted the President’s assurance, wants the Receiver and the Bank of Ghana to consider migrating them to new accounts to make it easy for them to access their funds.

The Leader of the Coalition, Kofi Sarpong, voiced their frustration to Citi Business News after some affected customers in the Ashanti Region visited CBG branches for their monies but were asked to leave.

“The receiver is talking about receiving text messages first. We have made a lot of complaints that some of our members are illiterates and semi-literates; so it may be difficult for them to read the text messages and go there. But the simplest and shortest way is that migrate us, create our accounts with our balances and give us opportunity to go there. That will even reduce the frustrations people are going through, reduce the anxiety people are going through and the stress.”

“As I am talking to you, most of us don’t even know our balances; so we are pleading with the government and the Bank of Ghana that they should make available our balances so that when we can go there and verify the information we gave the receiver, we will know it’s accurate,” he said.

Per the receiver’s statement, the 347 microfinance companies, 23 savings and loans and finance houses, as well as 39 micro-credit institutions with outstanding obligations, will be paid in either cash or bonds.

The release also points out that the bank has chosen to payout customers’ funds, and will open new accounts for affected customers whose claims have been validated and accepted for payment.

The Consolidated Bank Ghana in an earlier statement said customers whose locked-up funds exceed the GHS20,000 cap will have another investment account created on their behalf where they will be paid using the bond which will mature later.

Corporate and SME customers of defunct financial institutions are also not left out in this bout of fresh payments. The bank says such customers will receive a default savings account that will be opened and communicated to them by the Receiver.

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A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

NPA allays fears of fuel scarcity in the country

Over 120,000 persons reimbursed for wrongful e-levy deductions – GRA

Fuel shortage: New policy to ensure direct delivery of fuel products underway – NPA

Current high inflation rate not an isolated event – Seth Terkper

Ghana needs more entrepreneurs to check imported inflation – Finance Minister

Fuel prices to rise marginally in second pricing window of May – IES

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