The receiver for the collapsed 347 microfinance companies (MFCs) as well as 23 savings and loans and finance houses, Eric Nana Nipah has stated that depositors can now access up to GH¢20,000 of their locked-up funds.
Mr. Nipah early on the receivership process announced that only depositors with validated claims below GH¢10,000 will be paid their funds.
However, a statement issued by the Spokesperson for the Receiver, Philomena Kuzoe, said the GH¢10,000 ceiling placed on payments has now been adjusted upwards to allow customers to have access to more of their locked-up funds.
Ms. Kuzoe said based on the total number and value of claims received in the receiverships of these MFCs, savings and loans and finance houses, at the extended deadline date for claims submission, the initial capped payment has been increased from GHS10,000 to GHS20,000 per depositor, to all depositors whose claims have been validated and accepted.
“Where a depositor’s validated claim is in excess of GHS10,000 but is less than GHS20,000, the depositor will receive the full amount of his/her validated claim(s). Please note that the Receiver is in the process of recovering assets of the various MFCs to the extent possible and will make payments to the body of creditors of these affected MFCs including depositors, as appropriate and in accordance with the relevant provisions of Act 930,” the statement said.
The Bank of Ghana on May 31, 2019, revoked the licenses of 347 microfinance institutions over various instances of regulatory breaches. It appointed the services of Eric Nana Nipah of Pwc as the receiver for the collapsed institutions.
The Receiver, among other things, is to ensure that depositors and other creditors alike are paid what is due them to the extent possible. Also, the receiver is also to ensure that it goes after other assets of these institutions and makes the most out of them for the benefits of depositors, creditors, among others.