Payment of failed microfinance, savings and loans customers to begin today

Payment of microfinance customers
Government has released 5 billion cedis for payment

Customers of the defunct microfinance and savings and loans companies would be paid starting today, February 24, 2020.

This was announced during President Nana Akufo-Addo’s State of the Nation Address to parliament last Thursday.

According to him, an amount of ¢5 billion has been allocated to the Receiver to facilitate the payment of customers’ locked up deposits once validation is completed.

“I am informed that the Receiver of the Savings and Loans and the Microfinance institutions will on Monday 24th February, begin making payments to their customers, [with] these monies totalling ¢5 billion being in addition to the ¢13 billion being paid to the customers of the failed banks,” President Akufo-Addo disclosed.

READ MORE:  Ghanaian Tycoon, 'Cheddar' Details How He Made His First Million

The said amount, the President indicated, would also be enough to clear the unpaid investments of DKM microfinance customers, who were paid only a fraction of their principals.

“I will like to repeat that all depositors of the savings and loans and Microfinance institutions including DKM which collapsed in 2015, will receive 100% of their deposits once the validation exercise is concluded,” President Akufo-Addo added.

The Receiver has been struggling to raise money to  pay customers in full, and therefore this may come as a form of relief to depositors who haven’t received any clear directives from the Receiver as to when their deposits would be paid.

READ MORE:  Menzgold CEO Still In Police Custody Despite Bail

Some weeks ago, an auction by the Receiver to foreclose over 100 vehicles of the failed microfinance finance institutions did not yield the expected results due to issues of litigation mounted on some of the vehicles displayed.

It is expected that the Receiver would release a payment schedule to announce its plan of action ahead of payment.

Facebook Comments