Eric Nana Nipah - Receiver for the insolvent and dormant microfinance companies

The designated receiver for the insolvent and dormant Microfinance Companies, appointed by the Central Bank Mr. Eric Nana Nipah, is billed to start payment of depositors’ claims today.

All customers of the 347 insolvent microfinance companies whose claims have been validated and agreed are eligible for payment.

This follows the release of funds by the government to the Receiver.

At least 420 personnel, serving as Representatives of the BoG’s Receiver have been deployed to start making payments to depositors whose claims have been validated and agreed, without delay.

Payments to depositors will be made  at designated branches of CBG, following notifications to these Depositors from the office of the Receiver.

Depositors whose claims have been validated and agreed will receive phone calls from the Receiver’s representatives confirming the amounts due to them, and directing them to the designated CBG branches for the processing and payment of their claims to the extent possible.

Depositors will be required to provide valid ID documentation. These can either be passports, NHIS cards, Voters ID and Drivers Licenses.

In accordance with the order of ranking provided in the relevant sections of the Banks and Specialised Deposit-Taking Institutions Act, 2016,  Act 930, all other  Creditors will be paid their claims depending on the quantum and timing of asset realisations in the receivership of the affected microfinance companies.

Mr. Nipah has therefore called on all depositors of the Microfinance companies to exercise patience as the Government has made available funds to pay each and every depositor whose claim(s) have been validated and agreed, to the extent possible.

The Bank of Ghana (BoG), on May 31, 2019 revoked the license of 347 Microfinance Institutions and in accordance with Section 123(2) of Act 930 appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (“PwC”) as Receiver for the purposes of winding down the affairs of the affected microfinance companies.