Over 90% of depositors of collapsed Microfinance, Savings and Loans companies to be paid by December – Receiver

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Receiver for the collapsed Microfinance and Savings and Loan companies, Eric Nana Nipah has given the assurance that affected customers of financial institutions closed down by the Bank of Ghana during the banking sector clean-up will receive their funds before the end of the year, ABC News can report.

According to him, he is working assiduously to get the processes done, pledging his resolve to disburse funds of 95% of affected customers of the collapsed Microfinance companies and 90% of customers of the collapsed Savings and Loans Companies.

“Given all the worries on my mind, I tell you the whole of Ghana is descended on me, I can’t wait to finish and we are working assiduously to finish as soon as we possibly can.

“We are on course between now and December, in regards to the Microfinance institutions, to pay 95 percent in the number of the population their total amount and this where we place a cap of 10,000 cedis and below. We should be in the position by December to have paid 95 percent of customers their full amount of money. That relates to the Microfinance institutions,” he said.

“When we come to the savings and loans again, we are on course to pay come December approaching 90 percent of the depositors their total amount which is due them,” he pledged.

Eric Nana Nipa has, however, dismissed allegations suggesting he is affiliated to the opposition and has, therefore, resolved to delay the process in order to sabotage the government.

He argued that he has no leanings to any political party and would continue to be professional in the delivery of his mandate.

“I am a professional, I am non-partisan. I am a partner director of PricewaterhouseCoopers, a reputable professional services firm and we work professionally and that is what we are out to do,” he averred.

The Bank of Ghana (BoG) in 2017 embarked on a banking sector cleanup which has seen the revocation of the licenses of 16 banks. This, according to BoG, was aimed at building a more robust financial sector.

The Microfinance and Savings and Loans companies were also not spared by the reforms as hundreds of them were collapsed Friday, August 16, 2019.

Some of the affected companies include GN Saving and Loans, Legacy Capital Savings and Loans, Alpha Capital Savings and Loans, Midland Saving and Loans, Express Saving and Loans and First African Savings and Loans.

The BoG subsequently appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as receiver to supervise the process after the revocation of the licenses of the financial institutions.


Source: ABCNewsGh.com 



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