Receiver of collapsed microfinance companies gives customers September 27 as the deadline to submit their claims

September 13, 2019 11:10 AM

The Receiver of the collapsed 347 microfinance companies, Eric Nana Nipah has granted customers who could not submit their claims for their locked-up more time to do so.

Receiver, Eric Nana Nipah

Customers now have up to Friday, September 27, 2019, to submit their claims for validation.

Eric Nana Nipah revealed this in a notice he issued.

He said in the notice that, after the said date, “it will be concluded that there are no more outstanding claim forms to be submitted.

Background

The Bank of Ghana (BoG) revoked the licences of some 347 microfinance companies in the country, pursuant to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

A statement from the bank noted that the institutions whose licences were revoked were either insolvent or had ceased operations.

The statement further explained that new measures have been put in place to ensure that existing institutions remain structurally and administratively safe enough to continue with their businesses by complying with the rules.