Tag: Microfinance sector cleanup
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Receiver for Microfinance, S&L companies pays GH¢700 million to customers
The Receiver for the 347 Microfinance institutions, 23 savings and loans and finance houses, whose licenses were revoked last year, has announced the commencement of processes to complete final payments to depositors. In a press release issued on Monday, March 2, 2020, the Receiver explained that full and final payments are ongoing in line with…
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96 branches of microfinance companies in receivership open for business
About 100 branches of the 347 microfinance companies that were placed into receivership by the Bank of Ghana are still open for customers of these defunct institutions to either make their claims for locked funds or repay their existing loans. A notice issued by the receiver stated that effectively the receiver will stop operating from…
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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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Customers, workers of distressed financial institutions cry out
Despite government spending as much as GH¢12 billion on the financial sector clean up, the effect of the exercise has not seemed to trickle down to customers who largely complain about their inability to access their deposits. The Bank of Ghana’s clean up exercise started with the banking sector where a total of nine banks…
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Workers of Trust Microfinance take on PwC over unpaid salaries
Some workers of Trust Microfinance have expressed their dissatisfaction over the non-payment of their salaries by the Receiver, Eric Nana Nipah of Price Water House Coopers (PWC) after the Bank of Ghana revoked the company’s license. The workers tell Citi Business News their contracts have also not being renewed. “The first week of the revoking…
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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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We’re not receivers for God is Love, Jasper Motors etc — Eric Nipah
The receiver for the 347 microfinance companies collapsed by the Bank of Ghana has advised the public to disregard a statement asking customers of some defunct deposit-taking institutions to submit documentation for their claims to be processed. A press release issued by PwC’s Eric Nana Nipah said the statement calls on customers of Jasper Motors,…
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Customers of collapsed microcredit companies to receive funds in 3 months — Liquidator
The office of the Registrar-General has commenced processes to officially take over the 39 microcredit companies that had their operational licenses revoked by the central bank last month. A press release issued by the Registrar-General, Jemima Mamaa Oware, who was appointed Official Liquidator according to the Bodies Corporate (Official Liquidations) Act 1963 (Act 180), said…
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Commercial banks need to take advantage of ongoing reforms – Access Bank MD
Universal Banks in the country have been challenged to take advantage of the ongoing clean-up exercises in the non-bank financial sectors such as the Microfinance sector to extend their services to the micro level. According to the Managing Director of Access Bank Olumide Olatunji, the recent reforms by the Bank of Ghana can be viewed…
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Customers of collapsed microfinance companies to start receiving locked deposits today
The Bank of Ghana’s appointed receiver for the 347 collapsed microfinance companies, Eric Nana Nipah, will today start paying depositors whose claims have been validated and agreed. This follows the release of funds by the Government to the Receiver. A release issued by the receiver said over 420 personnel have been deployed across the country…