Customers of collapsed Microfinance may not get full deposits — Receiver

The receiver appointed by the Bank of Ghana for the collapsed Microfinance, Eric Nipah, has emphasized that there is no assurance that the customers of collapsed financial institutions can retrieve full deposits.

According to Eric Nipah, the receivership processes also include realization of assets from the collapsed firms in order to support the initial GH¢900 million bailout provided by the government.

He therefore envisioned that, with more than 152,000 depositors filling claims in excess of GH¢1.4 billion, there is the possibility that the funds provided by the central government will not be enough.

“It will be a tall order to categorically confirm that every depositor or creditor will receive 100 percent payments. We are where we are today because the company is insolvent to start with.  It means that the liabilities of the company exceed the assets of the company.

So, it clearly shows that it is not likely to happen and therefore I am not assuring the depositors base and by extension the creditors that over and above what government has voted, they are going to receive 100 percent when it comes to asset realization. No. I am not giving that assurance or guarantee,” Eric Nipah told Accra based Citi FM in an interview.

The Receiver, however, stated that, in terms of payments, it’s been one area that Ghanaians should expect more from us. We have done introspection and we think that from this week onwards there will be a greater payout ratio.

“ Out of the GH¢1.4 billion total claims made, an amount of GH¢600 million has been verified out of which GH¢90 million has been paid out so far.

Eric Nipah addded that, as the payment of claims continue this week, priority will be given to customers who have funds below GH¢10, 000″. he added.

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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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