Government says it has disbursed a total of 787 million cedis for the payment of locked up funds to customers of defunct collapsed Microfinance, Micro-credit and Savings and Loans companies.
According to the Minister of Finance, Ken Ofori-Atta, who disclosed this, the amount is in fulfillment of President’s directive asking that all affected customers be paid their monies in full.
Meanwhile, an outstanding amount of the five billion cedis allocated by government is expected to be issued in bonds to pay other claims due customers with investments beyond 70,000 cedis.
Mr. Ofori-Atta is hopeful the Receiver should be able to finalize payments within the stipulated period.
“Mr. Speaker, the fixed deposit of CBG will be paid in ten equal installments over 5 years beginning in March 2021. This will be in addition to the cash component of up to 70,000 cedis per retail depositor which has already been made available to all depositors.”
“In fact, up to 98% of all depositors will be paid in full with the cash since most of the deposits are less than 70,000 cedis” he added.
Locked up funds: More than 13,000 microfinance, S&L customers paid – CBG
The Consolidated Bank, Ghana, says the processes to pay customers of defunct microfinance companies, savings and loans companies and finance houses have been smooth.
According to the bank, as of Friday, February 28, 2020, over 13,000 customers had been paid fully.
The bank said the number of customers paid includes 490 companies, 581 social organizations, 174 financial institutions, and 48 financial security institutions.
The individual customers paid were 12,382.