The Group CEO of Databank, Kojo Addae Mensah, wants government to expedite payments to customers of collapsed micro finance companies, Savings and loans and finance houses to facilitate onward payments to customers who have had their investments locked up in some fund management companies.
The Receiver for the collapsed microfinance companies is currently paying a maximum of twenty thousand cedis to the customers.
The government has announced the allocation of about 16 billion cedis to ensure complete payments to affected depositors.
But Mr. Addae Mensah, told Citi Business News swift payment should help restore confidence in the investment market.
“The cap is still creating lack of confidence, but at least it is better than zero. But I also don’t think the cap is like the final thing. That’s not what I heard them say. I think this is for the start and hopefully, as they go along people will get their monies,” he stated.
The current situation, Mr. Addae-Mensah said, also makes the work of investment companies difficult trying to win over new customers as a sizeable portion of the investing public remains skeptical of the industry.