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Business News of Monday, 6 April 2020

Source: CBG

CBG explains modalities for payment of cash and bonds to customers of defunct banks


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Consolidated Bank Ghana (CBG) has clarified how customers of collapsed financial institutions can access their cash and bonds, following government’s decision to pay the affected customers.

It will be recalled that Government has provided a combination of cash and bonds totalling Five Billion Ghana Cedis (GH¢5,000,000,000.00) to pay depositors of the collapsed financial institutions.

At the direction of the Receiver of the defunct MFI & S&Ls the bank has almost concluded paying affected customers of the defunct institutions the cash component of their validated investments.

For customers whose deposits exceed the cash payment threshold as advised by the Receiver, a special account has been opened to hold the balance payable.

According to CBG, funds in excess of the cut-off for cash payment will be held in special holding accounts opened for the depositors and paid in equal installments every six months over a five-year period after the initial payment is made in March 2021.

The Bank has established a mechanism for those depositors who wish to obtain cash ahead of the liquidation schedule to discount those expected cashflows with the bank at a very competitive rate.

Managing Director of the Bank, Daniel Wilson Addo pledged the Bank’s commitment to play its role professionally and in its usual customer centric approach to business. He assured the depositors of the defunct financial institutions that the bank will soon publish the modalities involved to all concerned.

The Managing Director concluded by reminding everyone of the need to observe the various safety protocols that have been advised to ensure containment of the COVID-19 virus. He advised customers to call 0302216000 or send a mail to talktous@cbg.com.gh for all enquiries.

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