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Some Customers Of Collapsed Financial Institutions Yet To Receive Their Monies-Receiver Speaks

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Eric Nipa, the receiver of the over 340 collapsed savings and loans, microfinance and banking institutions in Ghana has disclosed to the public that some customers are yet to receive their monies.

Speaking to Newsfile on JoyNews, the receiver explained the reason why some customers of these affected financial institutions have since not received their deposits.

He revealed that some customers submitted their claims late, whiles others had no information to validate their claims because their institutions had already collapsed before the revocation of license.

Meanwhile, he added, the GH¢6.5 billion money released by the government was for those whose claims had been validated only.

According to Eric Nipa, there were 155 microfinance institutions out of the over 340 affected institutions which had ceased to operate prior to the time the BoG decided to revoke their license thus, they had no records to show.However

, he disclosed that presently, over 90% of the customers whose deposits were locked up have received their monies.

Background
In 2019, the Bank of Ghana (BoG) revoked the license of more than 340 financial institutions in the country.

The majority of Ghanaians who happened to be customers of these institutions had their monies locked up. Later, most of the banks were merged to form the Consolidated Bank, Ghana (CBG),In 2020, President Akufo-Addo disclosed that the government had set aside an amount of five billion GH¢5 billion cedis to facilitate the payment of customers’ deposits. The payments started in February 2020.


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Bricy Boateng is a digital marketer, blogger and a content creator. He's passionate about matters relating to Education, Health, Relationship and Religion. Follow him on all social media platforms for more informative news.

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