Tag: Savings and Loans
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Restore GN Savings and Loans license – Former staff urges govt
A group calling itself concerned former employees of defunct GN Savings and Loans Limited is appealing to the Akufo-Addo government to restore the bank’s license to complement efforts in creating sustainable jobs. GN Bank which was under the Groupe Nduom brand lost its operational license after it was reclassified as a Savings and Loans firm…
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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 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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Confidence in savings and loans sector will be restored- Bonds Savings & Loans CEO
The Chief Executive Officer of Bond Savings and Loans Plc, George Ofosuhene, is hopeful confidence in the sector will improve significantly with the deliberate steps taken by regulators following the financial sector clean up. “I think that there are processes and programs that are in place that are being churned out and very soon we…
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Payment for customers of collapsed Microfinance and S&Ls delays again
Checks by Citi Business News at a number of Consolidated Bank Ghana branches on Monday, February 24, 2020, did not indicate that payment for customers of defunct microcredit, microfinance and savings and loans companies, was taking place as expected. Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address,…
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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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Customers of collapsed S&Ls must submit claims by close of day — Receiver
Customers of the savings and loans companies, as well as Finance Houses that recently had their licenses revoked, have until close of the day to submit documents needed to be reimbursed their locked up deposits or investment. The receiver of the collapsed financial institutions, Eric Nana Nipah of the Pwc had earlier published that customers…
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High Court adjourns Unicredit’s case against BoG to September 19th 2019
The High Court has adjourned the suit involving the shareholders of defunct Unicredit savings and Loans company limited and the Bank of Ghana over the revocation of the license of the company. The court adjourned the case to 19th September. This follows the inability of the Bank of Ghana to serve lawyers of Unicredit with…
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Gov’t votes GH¢1.2 bn to protect depositors of defunct savings and loans companies
Government has reportedly made provision of about GH¢1.2 billion to protect depositors of savings and loans companies that had licenses revoked in the recent banking sector clean-up exercise. The Bank of Ghana in the release announcing the revocation of the licenses of 23 savings and loans and finance house, did not mention how much that…