Micro finance depositors to receive further payments

Micro finance depositors to receive further payments

The Receiver of the Bank of Ghana has announced an upward change in the capped amount for depositors of micro finance institutions whose licenses were revoked in May.

In a press release, the Receiver disclosed that, those whose deposits are above Ten thousand Ghana cedis (Ghc10,000) would receive an additional Ten thousand  Ghana cedis (Ghc10,000) if their total deposits exceeds Twenty thousand Ghana cedis  (Ghc20,000).

“The receiver wishes to inform depositors with validated claims above ghc10,000 per account, who have already been paid up to the earlier capped Ten thousand  Ghana cedis (Ghc10,000) per account that they should expect further payments up to a total of Twenty thousand Ghana cedis  (Ghc20,000) per account where their total validated claim(s) in the receiverships of these S&L’s is/ are in excess of ghc20,000 per account,” the statement explained.

It further noted that those with deposits between Ten thousand Ghana cedis (Ghc10,000) and Twenty thousand Ghana cedis  (Ghc20,000) would receive the total of the rest of their deposits.

Read below the full release 

Press Release on 347 Micro Finance Companies (“MFCs”) whose licences were revoked on 31 May 2019 by Bank of Ghana

Upward Review of Payments to Depositors whose claims have been validated

Accra 8th November 2019. Following the revocation of the licences of the 347 Micro Finance Companies (“MFCs”), the Receiver among other things announced a cap payment of GHS10, 000 for each depositor of these affected companies whose claim(s) have been validated in the receiverships of these MFCs.

Based on the total number and value of claims received in the receiverships of these MFCs at the extended deadline date for claims submission on Friday 27 September 2019, the Receiver wishes to announce an increase in the capped payment from GHS10,000 to GHS20,000 per depositor, to all depositors whose claims have been validated and accepted with immediate effect.

The Receiver wishes to inform depositors with validated claims above GHS10,000, who have already been paid up to the earlier capped amount of GHS10,000 per depositor that they should expect further payments up to a total of GHS20,000 per depositor where their validated total claim(s) in the receiverships of these MFCs is/are in excess of GHS20,000 per depositor.

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 depositor, as appropriate and in accordance with the relevant provisions of Act 930.

Source: gbcghanaonline.com