Depositors of all collapsed micro finances, savings and loans will be paid by end of July - Receiver

Eric Nana Nipa, the Receiver of collapsed micro finance institutions and savings and loans firms has disclosed that depositors will receive their funds by end of July.

Eric Nana Nipa

He said every customer of any of these collapsed financial institutions with legitimate claims will be paid.

Speaking on Citi FM in Accra, he said the work done so far shows that the total value of valid claims is GHS 5.4 billion.

He noted that about 96% of those who are owed have already been paid and the others will be paid by the end of July.

“For depositors, we have come a very long way and I have been able to determine that the depositor base in the three receiverships is in the region of GHS 5.4 billion by value of valid depositor claims…and out of that, I have been able to pay close to 96% of these claims,” he said.


Mr. Nana Nipah added that about 98% of the claims will be paid in cash while the remaining two percent will be paid through a combination of cash and bond.

“I am on course to fully pay 98% of all depositor claims by way of cash…The two per cent that remains is being paid through a combination of cash and commercial paper which we commonly refer to as bonds…Through the very effective and robust validation mechanism that I have put in place, I have been able to save the nation close to a billion cedis by way of robust and resilient validation processes,” he added.


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