Unik Life Microfinance to start payment of depositors funds

Unik Life Microfinance to start payment of depositors funds
Source: Ghana | Myjoyonline.com | Joy Business | AI
Date: 26-08-2019 Time: 08:08:31:pm
Kwame Adu-Mante, the Executive Director of Unik Life

The management and board of Unik Life Microfinance say they have finally concluded discussions with the central bank appointed Receiver to enable them to begin payment of all depositors funds.

According to Kwame Adu-Mante, the Executive Director of the company, management has concluded arrangements with Eric Nana Nipa of the PricewatershouseCooper to pay depositors beginning Wednesday, 28 August.

“We have contacted all other depositors to meet management and staff on the scheduled date for this exercise to be conducted,” he said.

Regarding the loan recovery, the Executive Director explained that the management is recovering all loans as per loan repayment schedules agreed with customers.

“We have recovered over ¢150,000 in June and July,” he disclosed.

He expressed appreciation to the Receiver and the Bank of Ghana (BoG) for the corporation and hoped that the process will go on smoothly to ensure some reinjection of confidence in the sector.

In a recent move aimed at cleaning up the microfinance sector, the central bank listed Unik Life as one of the insolvent companies and revoked its operating license.

Although the company insisted that it was solvent and ready to work with the BoG to correct the minor infractions were noted by the regulator, their pleas did not see that light of day. 

The directors said they do not want government to spend a pesewa of taxpayer’s money to bail the company out when it had enough funds to do so by itself.