Customers Of Collapsed S&Ls And Microfinance Companies To Receive Their Payments From Tomorrow

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Depositors of the collapsed Microfinance companies, Savings and Loans and Finance Houses will from Wednesday,16 September 2020 receive their locked-up funds in cash.

Government had earlier said it will refund the monies in a form of bonds but on Tuesday, 15 September 2020 the government received a sum of GHS3.56 billion to settle the depositors.

In a statement signed by the receiver Eric Nipah, customers have been told to visit any branch of the Consolidated Bank Ghana Ltd to receive their various monies .

READ ALSO:Government Release GHC6.49 Billion To Settle Depositors Of Defunct Microfinance Companies

“Notice is hereby given that with effect from Wednesday 16 September 2020, affected depositors may contact any branch of Consolidated Bank Ghana Ltd (“CBG”) the paying bank to access their newly created Cash accounts which were originally designated as Commercial Paper (Bond) accounts at the bank”, the statement said.

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In February this year, the government, through the Ministry of Finance, released GHS5 billion to the Receiver of the defunct Savings and Loans and Microfinance Companies, as well as the Official Liquidator of the Microcredit companies through Consolidated Bank Ghana (CBG).

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