Receiver begins paying Microfinance customers

Receiver begins paying Microfinance customers
Source: Daily Guide
Date: 09-06-2019 Time: 08:06:24:am

Receiver for the insolvent and dormant microfinance companies, Eric Nana Nipah, who was appointed by the Bank of Ghana (BoG), on Friday, has started paying depositors of the 347 insolvent microfinance companies whose claims had been validated and agreed.

This followed the release of funds by Government of Ghana to the Receiver.

The Receiver has deployed over 420 personnel across the country to validate and agree claims and to start making payments to depositors without delay.

Payments to depositors will be made at designated branches of CBG, following notifications to the depositors from the Office of the Receiver.

Depositors whose claims have been validated and agreed will receive phone calls from the Receiver’s representatives confirming the amounts due them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible.

Depositors will be required to passports, NHIS cards, Voters ID and Drivers’ licences.

In accordance with the order of ranking provided in the relevant sections of the Banks and Specialised Deposit-Taking Institutions Act, 2016, Act 930, all other creditors will be paid their claims depending on the quantum and timing of asset realisations in the receivership of the affected microfinance companies.

Mr. Nipah, therefore, called on all depositors of the microfinance companies to be patient as the government has made available funds to pay each depositor, whose claim (s) have been validated and agreed, to the extent possible.

The Bank of Ghana (BoG), on May 31, 2019, revoked the licences of 347 Microfinance Institutions and in accordance with Section 123(2) of Act 930 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (PwC) as Receiver for the purposes of winding down the affairs of the affected microfinance companies.

The main duties of the Receiver are to recover and maximise asset realisations for the benefit of creditors in accordance with the relevant provisions of Act 930.