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Business News of Thursday, 27 February 2020


6,446 customers of S&Ls, MFIs, MCIs locked-up deposits paid

Eric Nana Nipah, Receiver for collapsed S&L's & Finance Houses Eric Nana Nipah, Receiver for collapsed S&L's & Finance Houses

Some 6,446 individual customers of the collapsed savings and loans, micro finance and micro credit institutions have been paid, three days after the Receiver began paying depositors their locked-up funds.

For S&Ls, 449 social organisations, 418 companies and 152 rural banks and finance houses have been paid.

132 social organisations, 22 rural banks and finance houses, 48 financial security entities and 44 companies have so far received their locked-up funds with regard to MFIs.

For MCIs, 28 companies and institutions have so far been paid.

A combination of cash and bonds will be used to settle depositor claims.

According to the Receiver, 97.6% of individual claimants will be fully settled in cash.

But other categories of depositors including corporates will be fully settled through a combination of cash and bonds.

In the first day of payment, about GHS200 million was disbursed to 800 customers by the Receiver through Consolidated Bank Ghana.

The government, through the Ministry of Finance, on Monday, released GHS5 billion to the Receiver of the defunct Savings and Loans and Microfinance Companies, as well as the Official Liquidator of the Microcredit companies through Consolidated Bank Ghana (CBG).

This was in a combination of cash and bonds to fully settle all validated claims due depositors of failed Specialised Deposit-Taking Institutions (SDIs).

This intervention, the ministry said, will provide liquidity and guarantee the funds of individuals, businesses, and financial institutions that have been locked up in these defunct financial institutions, pending the completion of the Receivership exercise, adding, with this intervention, all depositors will now be paid in full