CBG pays over 6,000 customers of defunct micro finance firms

CBG MD Daniel Wilson Addo

The Consolidated Bank of Ghana (CBG) has so far paid 6,446 individual customers of the defunct microfinance, microcredit, savings and loan companies.

Under Savings and Loans, the Bank said 449 customers in the social organisations and welfare category had been paid by the close of business on Wednesday, February 26.

Additionally, 418 companies and 152 Savings and Loans, Microfinance, Rural Banks and Finance Houses had been paid.

These were contained in a statement released to the Ghana News Agency, in Accra, on Wednesday.

It said under micro-finance institutions, 132 social organisations and welfare category customers had been paid.

 In addition, 48 financial security entities customers; 22 Savings and Loans -Microfinance institutions-Rural Banks and Finance Houses; and 44 companies had been paid.

Under Microcredit, it said 28 companies and institutions had been paid.

The statement said other categories of depositors, including corporate, would be fully settled through cash and bonds.

The government on Monday, February 24, announced that it had released GH¢5 billion in cash and bonds to settle all depositors of the defunct microfinance and savings & loans companies, starting from that day.

 In accordance with Section 123 of Act 930, the statement said, the Bank of Ghana appointed Mr Eric Nana Nipah, a Director of the PriceWaterHouseCoopers (Ghana) Limited as a receiver.

“This is for the purpose of winding down the affairs of the 347 microfinance companies, 23 Savings and Loans and Finance Houses, whose licenses were revoked on May 31 and August 16, 2019 respectively”.

The claimants are being paid through the CBG, which is opening new accounts for those whose claims have been validated by the receiver.

Upon receipt of text messages with the relevant information from the receiver, they report at the various branches of the CBG to verify their identities for payment.

The receiver said 96.7 per cent of the individual claimants would be fully paid in cash.

Source: GNA 

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