Tag: Microfinance companies
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We have GH¢1.35bn locked up in collapsed Microfinance, S&Ls – Fund Managers lament
The Ghana Securities Industry Association, GSIA, is appealing to the Ministry of Finance to urgently facilitate the payments of locked up monies estimated at 1.35 billion cedis, belonging to its members in the collapsed Savings and Loans and Microfinance Companies. The Association says the delay in accessing their funds is affecting onward payments to their…
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Receiver accrues GHS2.6 million from 1st auction of seized cars
The Receiver for the collapsed microfinance and Savings Loans companies, has raked in about 2.6 million cedis from the auction sale of the first batch of confiscated vehicles owned by the defunct companies. The 5-day exercise is part of efforts to recoup monies to pay affected depositors. A variety of salon cars were put up…
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Receiver and Auctioneers urged to ensure transparency in public sale of vehicles
The Ghana Association of Savings and Loans Companies has urged authorities in charge of the ongoing auctioning of confiscated vehicles owned by defunct Microfinance institutions, Savings and Loans companies and Finance Houses, to honour their promise of ensuring transparency. The call comes after auctioneers and representatives of the Receiver of the collapsed institutions, Eric Nana…
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Gov’t can’t pay customers of collapsed S&Ls and microfinance firms in 2020 – Mahama
Former President John Mahama says the government has no money to pay all depositors of the collapsed Savings and Loans companies as well as microfinance companies their locked up funds this year despite a directive by President Akufo-Addo to the Ministry of Finance and the Bank of Ghana to pay every single customer. Mr. Mahama…
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Receiver auctions cars of collapsed S&Ls and microfinance firms to repay depositors
As part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies, the Receiver, Eric Nana Nipah, has commenced processes to auction some used vehicles and motor bikes owned by the defunct entities. The proceeds of the auction are to add up to the amount available to pay…
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Receiver increases amount to be paid to customers of collapsed microfinance, S&Ls
The receiver for the collapsed 347 microfinance companies (MFCs) as well as 23 savings and loans and finance houses, Eric Nana Nipah has stated that depositors can now access up to GH¢20,000 of their locked-up funds. Mr. Nipah early on in the receivership process announced that only depositors with validated claims below GH¢10,000 will be…
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UnikLife Microfinance to refund depositors funds from tomorrow
UnikLife Microfinance has agreed with the receiver of the collapsed microfinance companies, Eric Nana Nipah, to allow the company declared insolvent to begin the process of paying off all depositors’ funds. The Bank of Ghana in a recent move aimed at cleaning up the microfinance sector of the economy added UnikLife to the list of…
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Receiver pays Gh¢21.7m to 33,000 microfinance depositors
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,…
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Collapsed 347 microfinance companies: Receiver to come out with validated names soon
The Head of the Other Financial Institutions Supervision Department at the Bank of Ghana Mr. Joseph Amoah-Awuah has stated that the receiver of the defunct 347 microfinance companies and the 39 money lending companies is validating claims of customers of the companies. This follows calls from some customers who complained of not hearing from the…
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BoG ‘s clean-up is wake up call to our members — Microfinance umbrella body
The Executive Director of the Ghana Microfinance Institutions Network, Yaw Gyamfi, has stated that the Bank of Ghana’s recent revocation of the licenses of 347 microfinance organisations is a wakeup call especially to the outstanding 137 companies that survived the clean-up. Mr. Gyamfi speaking on the Citi Breakfast Show on Tuesday stated that there is…