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Business News of Friday, 13 September 2019

Source: citibusinessnews.com

Receiver issues ultimatum for customers of collapsed MFIs to submit claims

Customers of the collapsed 347 microfinance companies who could not submit their claims for their locked-up funds have been granted more time to do so by the receiver, Eric Nana Nipah.

According to a notice issued by the receiver, the customers now have up to Friday 27th September 2019 to submit their claims for validation.

The receiver further added that, after this date, it will be concluded that there are no more outstanding claim forms to be submitted.

Pursuant to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana (“BoG”) on 31 May 2019 revoked the operating license of 347 microfinance companies.

The revocation of the licenses was done to get rid of insolvent and dormant institutions that have no reasonable prospects of rehabilitation and have denied depositors access to their deposits, thereby constituting a threat to the stability of the financial system.