Category: Banking And Finance
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Collapsed MFIs: More depositors to be paid this week — Receiver
More customers of the 347 microfinance companies that had their licenses revoked on May 31, 2019, will be paid this week, the receiver appointed by the Bank of Ghana has revealed. The receiver, Eric Nana Nipah — a Partner at PwC, speaking on the Citi Breakfast Show on Monday morning admitted that claims payments to…
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GH¢90m to be paid to customers of collapsed microfinance companies — Receiver
The receiver of the 347 microfinance companies collapsed by the Bank of Ghana in May has said it will soon pay claims of about GHS90 million to customers of the affected institutions. Eric Nana Nipah, who was appointed Receiver by the central bank, stated that the payments were made after the claims were verified. Mr.…
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uniSecurities Unit Trust records 112 percent growth
The uniSecurities Unit Trust (UUT) recorded a net assets growth of GHȼ5,260,109 in 2017 as against GHȼ2,477,787 in 2016, representing an increase of 112 percent. Total revenue also rose from GHȼ571,664 to GHȼ899,666 during the year under review. Mr. Simeon Tawiah, acting Managing Director of the UUT, disclosed this at the company’s 2017 Annual General…
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Insolvent Global Access S&L was still paying high rent to its owner — BoG
The Bank of Ghana has stated that Global Access Savings and Loans Company, one of the companies which lost its license, was still paying rent to its majority shareholder even at the point when the company was unable to meet depositors’ demands. The central bank on Friday revoked the license of the Osu-headquartered Global Access…
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Receiver directs depositors, etc to file claims by September 12
Persons who have deposits with the collapsed Savings and Loans companies and finance houses have the next four weeks to submit their claims to the Receiver for payment of their claims. A statement issued by the Receiver, Eric Nana Nipah said that the move will, however, be subject to validation for the scheduled period. The…
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About 1,400 workers of GN Savings and Loans fate hangs
The fate of close to 1,400 workers of the collapsed GN Savings and Loans hangs in the balance after the central bank’s decision to revoke their operating license. The company recently applied to downgrade its operations to savings and loans after operating as a bank for a couple of years. GN Savings and Loans until…
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Collapsed 23 specialized deposit-taking institutions lost GH¢2.3 billion
The savings and loans companies and financial institutions collapsed by the central bank had a combined negative net worth of GH¢2.3 billion, the release from the Bank of Ghana has shown. Negative net worth is a condition in which a company’s liabilities exceed its assets plus shareholders equity. According to the Bank of Ghana’s statement,…
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BoG revokes licences of 23 specialized deposit-taking institutions
The Bank of Ghana has revoked the licences of 23 savings and loans companies after they were declared insolvent. These actions, the central bank said, was taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a…
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Banks increase minimum deposit required to open savings accounts — BoG report
Despite the emergence of mobile money services, banks on the average are demanding more money from customers to open savings accounts, data from the Bank of Ghana has shown. Analysis conducted by Citi Business News on banks’ charges as at December 2014, showed that banks demanded an average of GH¢37.5 as the initial deposit to…
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Mobile money operators to submit data to credit bureaus — BoG
The Financial Stability Department of the Bank of Ghana has revealed that new regulations currently before Parliament when approved will require mobile money companies among others to submit data to the credit reference bureaus. Achieving a robust credit market would require a constant assessment of the creditworthiness of borrowers through the use of effective credit…