Customers of defunct microfinance and savings and loan companies will start receiving their locked up funds from Monday, February 24.

The President, Nana Addo Dankwa Akufo-Addo disclosed this in Parliament when he presented the 2020 State of the Nation Address (SONA) on Thursday.

He said already, some ¢5 billion has been made available to the Receiver to enable the payment on Monday.

“I am informed that the Receiver of the Savings and Loans and the Microfinance institutions will on Monday 24th February [2020], begin making payments to their customers, [with] these monies totalling ¢5 billion being in addition to the ¢13 billion being paid to the customers of the failed banks. 

“I will like to repeat that all depositors of the savings and loans and Microfinance institutions including DKM which collapsed in 2015, will receive 100% of their deposits once the validation exercise is concluded,” President Akufo-Addo said.

The move comes after more than 100 vehicles belonging to defunct Savings and Loans and Microfinance companies have been displayed for auction in Accra two weeks ago.

Speaking to JoyBusiness, Spokesperson for the Receiver, Philomena Kuzoe expressed confidence that this will help them settle some customers of the defunct Microfinance companies.

Out of about 160 vehicles available for sale through auction, only about 38 vehicles were sold successfully by close of the first day

This is because the process adopted by the auctioneers has been receiving protest by many of the participants.