SOME DEPOSITORS OF DEFUNCT MICROFINANCE COMPANIES RECEIVE CLAIMS

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By Afia Nyarko Asare

The Receiver of the 347 microfinance companies (MFCs) whose licenses were revoked by the Bank of Ghana (BoG),Eric Nana Nipah has so far paid GH¢21.7 million to approximately 33,000 depositors representing about 24% of the total 140,000 depositors claim of approximately GH¢937 million since the inception of the receivership.
Although the total depositors claim stands at GH¢937 million from 140,000 depositors, 66,000 depositors claims which amounts to GHS480 million were validated and agreed claims as at July 19, 2019.
Mr. Nipah clarifies that validation of depositor claims is still ongoing, saying initial indication is that majority of deposits are very low-value amounts.
According to him, on the day of the announcement of the revocation of the operating licenses of 347 MFCs, he deployed over 2,300 personnel including some ex-employees of UT Bank, Capital Bank, Heritage Bank and Premium Bank, across all branches of the 347 MFCs to assist him with the takeover and orderly winding up for the receivership.
He emphasized that he also engaged the services of some former employees of the affected MFCs who are willing to co-operate with him to achieve his objectives.
Earlier this month, the Head of the Other Financial Institutions Supervision Department at the Bank of Ghana Mr. Joseph Amoah-Awuah mentioned that the receiver is validating claims of customers of the companies.
This follows calls from some customers who complained of not hearing from the receiver, Eric Nipah, a month after they provided their particulars to retrieve their locked up investments in the defunct companies.
Mr. Amoah-Awuah explained that the processes for validation require a lot of scrutiny to determine real customers owed by the defunct micro finance and the lending companies.
He gave the assurance that the receiver will soon publish the names of the validated customers.


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