September 20, 2020
Clickongh

Customers of defunct Microfinance firms, S&Ls to receive full cash payment from tomorrow

Depositors of the collapsed Microfinance companies, Savings and Loans and Finance Houses will from Wednesday, September 16, 2020, have full access to their funds.

It follows the government’s resolution of the original commercial paper, also known as bond.

The government on Tuesday released a total of GHS3.56 billion to settle the remaining depositor claims of the institutions of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.

Affected customers have been directed to visit any branch of the Consolidated Bank Ghana Limited to receive their monies through the new funding arrangement.

A statement from the Receiver, Eric Nana Nipah indicated that customers who have either received or are due commercial paper in partial satisfaction of their claims will receive cash payments at no discount for the bond they have already received.

Meanwhile, depositors who have already discounted all or part of their bond will now receive a full refund of the discount they have suffered in cash.

“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank”, the statement directed.

Source: Business