Customers of Collapsed MFIs Given Ultimatum to Submit Claims

Customers of collapsed 347 microfinance companies have been given up to Friday, September 27, to submit their claims for validation of their locked-up funds.

A press release signed by the Receiver, Nana Eric Nipah, noted that no outstanding claims would be submitted, after the ultimatum.

Pursuant to the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana (BoG) on May, 31, 2019 revoked the operating licences of 347 microfinance companies.

Following that BoG in accordance with section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (PwC) as the Receiver for the purposes of winding up the affairs of these institutions.

The Receiver had noted that some depositors of the 347 microfinance companies have not yet submitted their Proof of Debt (PoD) forms.

"It is the intention of the Receiver to extend the period for depositors to submit their PoD forms to accommodate the needs of depositors who are yet to do so," the statement said.

Also, all debtors of the affected savings and loans companies (S&Ls) have been served notice to make arrangements to settle the full amounts of their overdue indebtedness to the respective savings and loans firms as soon as possible.

Failing which, the Receiver shall consider all his options including legal action against debtors to recover the outstanding loan facilities granted them without recourse to them.

Read Full Story