Banks Clean-up: Micro Finance, S&L Customers To Get Full Deposits Today

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Customers of defunct microfinance, savings and loans and finance houses will from today, Monday February 24, begin to access their full locked-up funds, the receiver Eric Nana Nipah has confirmed to Citi News.

The customers of the 347 microfinance companies, 23 savings and loans and finance houses, as well as 39 micro-credit institutions with outstanding obligations, will be paid in either cash or bonds.

According to a release issued by the Consolidated Bank, Ghana, 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.

It added that the GHS5 billion the government has earmarked to settle all outstanding payments in full is a combination of cash and bonds.

The bank adds that customers whose locked-up funds exceed the GHS20,000 cap will have another investment account created on their behalf where they will be paid using the bond which will mature later.

The Bank adds that the affected customers are to wait for an SMS from the receiver confirming the acceptance of their claims before turning up at any CBG Branch for payments.

The customers will be required to present any national identification card in order to access their funds.

Corporate and SME customers of defunct financial institutions are also not left out in this bout of fresh payments.

The bank says such customers will receive a default savings account that will be opened and communicated to them by the Receiver.

“They will then go through the normal KYC to open their current accounts where funds in the savings account will be transferred into,” the statement said.

—citinewsroom

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