‘Microfinance customers can access GH¢20,000 of funds’

Depositors of the 347 microfinance companies (MFCs) and the 23 savings and loans institutions whose licenses were revoked by the Bank of Ghana (BoG) this year for being insolvent can now access up to GH¢20, 000 of their locked-up funds with the affected financial institutions.

The amount is an upward adjustment of the initial capped payment of GH¢10, 000 for each depositor of the affected companies whose claims have been validated and accepted.

A press statement from the office of the receiver and signed by the spokesperson, Ms Philomena Kuzoe, said: “Based on the total number and value of claims received in the receiverships of these MFCs at the extended deadline date for claims submission on Friday, September 27, 2019, the Receiver wishes to announce an increase in the capped payment from GH¢10, 000 to GH¢20, 000 per depositor, to all depositors whose claims have been validated and accepted with immediate effect.

“The Receiver wishes to inform depositors with validated claims above GH¢10, 000, who have already been paid up to the earlier capped amount of GH¢10, 000 per depositor that they should expect further payments up to a total of GH¢20, 000 per depositor where their validated total claim(s) in the receiverships of these MFCs is/are in excess of GH¢20, 000 per depositor,” the statement said.

It said where a depositor’s validated claim was in excess of GH¢10,000 but less than GH¢20,000, the depositor would receive the full amount of his/her validated claim(s). The statement added that the Receiver was in the process of recovering assets of the various MFCs to the extent possible and would make payments to the body of creditors of the affected MFCs, including depositors, as appropriate and in accordance with the relevant provisions of Act 930.

S&L depositors

In the case of the defunct Savings and Loans (S&L) institutions, the statement said the receiver had announced an upward adjustment of cap payment from GH¢10,000 to GH¢20,000 per account for each depositor of the 23 Savings and Loans companies whose licences were revoked.

“The Receiver wishes to inform depositors with validated claims above GH¢10, 000 per account, who have already been paid up to the earlier capped amount of GH¢10, 000 per account that they should expect further payments up to a total of GH¢20, 000 per account where their total validated claim(s) in the receiverships of these S&Ls is/are in excess of GH¢20, 000 per account.

“Where a depositor’s validated claim is in excess of GH¢10, 000 per account but is less than GH¢20, 000 per account, the depositor will receive the full amount of his/her validated claim(s),” the statement said.

It added that the receiver was in the process of recovering assets of the various S&Ls to the extent possible and would make payments to the body of creditors of these affected S&Ls, including depositors, as appropriate and in accordance with the relevant provisions of Act 930.

The Bank of Ghana, in the process of ensuring sanity in the banking sector, revoked the licences of the 347 microfinance companies and the 23 savings and loans institutions that were found to be insolvent. Read Full Story