19,000 customers of shut down microfinance firms paid off – BoG

The Bank of Ghana has revealed that nineteen thousand depositors whose funds were locked up with some microfinance companies have so far received their monies.

The development follows the validation of the customers by the receiver appointed by the BoG.

The Bank of Ghana last month revoked the license of about 347 microfinance companies for being insolvent.

Second Deputy Governor of the Central Bank Elsie Awadzi told Starr Business that the process is going on smoothly.

“That process is going on well. The resolution process for the microfinance institutions whose license have been closed is going on well. As you know we have a receiver in place in the person of Mr Eric nipa and what he is doing primarily now s to register claims against each of these institutions. So they are working at the various branches of institutions that were closed, and they are taking on board claims from people and then validating these claims.

ALSO READ: This is the Full list of the 137 microfinance companies in good standing

“As we speak about 19,000 depositors have already been paid because they have lodged their clams and have proven their claims and the receiver has been able to validate these claims. And then has instructed CBG to make these payments. And these payments have been made either by way of bank transfers or mobile money to the depositors involved,” she said.

Credit: Starr FM

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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