GHC3.56 billion released to pay customers of defunct Microfinance firms, S&Ls from Wednesday

September 15, 2020 7:54 PM

Government on Tuesday, September 15, 2020, released a total of GHC 3.56 billion to settle remaining depositors claim of the collapsed Microfinance companies, Savings and Loans, and Finance Houses.

Customers of defunct Microfinance firms, S&Ls to receive full cash payment from tomorrow

This was revealed by the Receiver, Eric Nipah in a statement.

Mr. Eric Nipah in the statement directed all affected customers to visit any branch of the Consolidated Bank Ghana Limited to receive their monies through the new funding arrangement.

“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank,” the statement said.

The Bank of Ghana collapsed nine local banks, 347 microfinance institutions and 23 savings and loans; and finance houses within a space of two years as part of the financial sector clean up in the country.