Clients of old Microfinance firms, others begin accepting installments

Clients of old Microfinance organizations, Savings and Loans organizations, and Finance Houses have begun getting their secured reserves.

This follows the arrival of GHS3.56 billion in real money to completely settle contributor cases of investors of the outdated firms.

The installments started on Wednesday, September 16, 2020, as reported by the Reciever before in the week.

Addressing Citi News, one client stated: “I was approached to show my recognizable proof card and from that point forward, I was called by the teller, and the cash was paid to me. It was GHS600 altogether and my monies at First Allied has likewise been paid to me. I’m enchanted.”

Records of customers of old organizations appropriately credited

Prior, the Management of the Consolidated Bank Ghana (CBG) had guaranteed that records of all clients of the old firms have been completely credited with the money estimation of their assessed securities.

The Bank’s Managing Director, Daniel Wilson Addo, demonstrated that investors who wish to pull back the monies may, nonetheless, need to visit any part of the bank to have their reports approved.

Mr. Daniel Wilson Addo, the Managing Director of CBG in a Citi News meet unveiled the assets have just been dispensed into the records of contributors.

“The aggregate sum of cash because of every client is accessible. So in case you’re expected a GHS 100, that sum is credited to your record and is currently accessible for you. Regardless of whether you go to the bank or not, it’s for you however on the off chance that you need to pull back it, you have to go to the bank in the principal case so we can really approve with a base check to ensure it is a similar individual. So we are not in any event, doing a full KYC on you. In any case, the records have just been credited. So the sum is in the record,” he said.

In the interim, contributors of the crumbled establishments were given the green light to, from Wednesday, September 16, 2020, have full admittance to their assets following the arrival of a sum of GHS3.56 billion to settle the rest of the investor cases of the 347 dead Microfinance organizations, 23 Savings and Loans and Finance Houses.


On May 31, 2019, 347 microfinance organizations had their permit repudiated by the Bank of Ghana as a feature of the budgetary area cleanup.

The Bank of Ghana, on August 16, 2019, additionally repudiated the licenses of 23 ruined Savings and Loans organizations and Finance Houses.

These activities were in accordance with Section 123 (1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to disavow the permit of a Bank or Specialized Deposit-Taking Institution (SDI) where the Bank of Ghana establishes that the foundation is wiped out.

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