Depositors of the collapsed financial companies, Savings and Loans and Finance Houses who visited any of the branches of the Consolidated Bank Ghana (CBG) Limited have been able to get full access to their funds.
The government on Tuesday released a total of ¢3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.
As at the time Joy Business visited the Head office of the Consolidated Bank Ghana, only one customer had received her funds and she indicated that she had “been able to have full access to my funds. What I did was to close the account and take everything from it, because the account was opened for account balance to be transferred into.”
“The process was seamless, I was very relaxed and I was served. It took me about five minutes to get my money. I just filled an account closure and withdrawal form, that’s all. I am happy that I have access to my funds now”.
On May 31, 2019, 347 microfinance companies had their license revoked by the Bank of Ghana as part of the financial sector cleanup.
In August 2019, the Bank of Ghana also revoked the licenses of 23 Insolvent Savings and Loans companies and Finance Houses.
These actions were in line with Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the license of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.