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

Must Read

Madagascar re-imposes lockdown as widely-acclaimed COVID-19 cure fails

Madagascar has placed its capital Antananarivo under a fresh lockdown following a new surge in coronavirus infections, two months...

Asiedu Nketia promises to take over Sir John’s role in his family

General Secretary of the NDC, Johnson Asiedu Nketia, aka General Mosquito has promised to takeover the family duties of...

President Akufo-Addo directs all government agencies to purchase locally assembled vehicles

President Nana Addo Dankwa Akufo-Addo has directed all government agencies to purchase locally assembled vehicles beginning from this month. The...

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 

 

 

Submit your stories or articles to newsroom@abcnewsgh.com or Whatsapp them to +233 553620623

- Advertisement -

Comments

Latest News

20 plus GT Bank workers directed to go for COVID-19 test after alleged exposure to infected customer

Over twenty workers of Guarantee Trust Bank's branch at Baatsona in Accra have been directed by management of the...

Prof. Naana Opoku-Agyemang has nothing good to bring to the table – NPP

The New Patriotic Party (NPP) has downplayed the importance of the selection of Professor Naana Jane Opoku-Agyemang as the running mate for John Dramani...

Mahama proves he is serious about women empowerment – Sam George

Ningo-Prampram MP and member of the National Executive Committee (NEC) of NDC, Sam Dzata George has said that the choice of Professor Jane Naana...

Confusion rocks Accra Girls as authorities allow only ‘rich folks’ to see their wards

There was some confusion at the entrance of the Accra Girls Senior High School after some parents were disallowed to see their wards, while...

GHS urge Covid 19 patients to disclose status to district management teams

Director-General of the Ghana Health Service, Dr. Patrick Aboagye has called on persons who have tested positive for Covid-19 to inform the Covid-19 District...

More Articles Like This

%d bloggers like this: