Receiver, Eric-Nana-Nipah

The payment of full locked-up funds of Customers of the collapsed microfinance, savings and loans and finance houses will begin today, Monday February 24, officials say.

A Press statement issued by the Consolidated Bank, Ghana, said the bank has chosen to payout customers’ funds, and will open new accounts for affected customers whose claims have been validated and accepted for payment.

The GHS5 billion allotted for this exercise by the government, according to CBG is a combination of cash and bonds.

This comes after President Akufo-Addo during his presentation of the State of the Nation Address in parliament on Thursday,February, 20, 2020 assured customers of the 347 microfinance companies, 23 savings and loans and finance houses, as well as 39 micro-credit institutions with outstanding obligations, a full payment of their locked up cash by the receiver effective today.

“I’ll like to repeat that all depositors of the Savings and Loans and Microfinance Institutions including DKM which collapsed in 2015 will receive a hundred percent of their deposits too once validation exercise is concluded.” he told the one-sided House that observed his State of the Nation Address last week.

Below is the full statement by CBG