Receiver increases amount to be paid to collapsed microfinance, depositors

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Receiver for the 347 insolvent and dormant microfinance companies, 23 savings and loans and finance houses, Eric Nana Nipah, has declared that depositors will have access to up to GH¢20,000 of their locked-up funds.

Mr. Nipah early on the receivership process announced that depositors with validated claims below GH¢10,000 will be paid their funds.

However, a statement issued by the Spokesperson for the Receiver, Philomena Kuzoe, said the GH¢10,000 ceiling placed on payments has now been adjusted upwards to allow customers to have access to more of their locked-up funds.

The Bank of Ghana (BoG) in May revoked the license of insolvent microfinance and microcredit companies as part of the banking sector clean-up.

The Central Bank, therefore, appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purpose of winding down the affairs of the collapsed Savings and Loans and Finance Houses.

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