IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930) AND IN THE MATTER OF THE 347 MICRO FINANCE COMPANIES (IN RECEIVERSHIP)
Pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Bank of Ghana (“BoG”) on 31 May 2019 revoked the operating licenses of 347 Microfinance Companies (“MFC”).
As you are aware, the licences of these MFCs were revoked as part of BoG’s drive to strengthen the financial services sector by getting rid of insolvent and dormant institutions which had no reasonable prospects of recovery and had denied depositors access to their deposits.
BoG in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (“PwC”) as the Receiver for the purposes of winding down the affairs of these institutions.
The Receiver in accordance with Section 123 (3) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) has taken control of the 347 MFCs and is prosecuting the receiverships in accordance with the provisions of Act 930.
The Receiver wishes to inform the general public that effective Friday, 11 October 2019, the branches of the following affected MFCs set out below will remain open to serve the customers of these institutions as well as the customers of other MFCs whose licenses have been revoked.
Please note that the Receiver’s team will cease to operate from any branch of the affected MFCs which has not been listed below.
Stakeholders are advised to visit operating branches nearest to the MFC branches which the Receiver has shut down, for loan repayment and any other enquiries relating to the receivership of their affected MFCs.
Please email us for any further clarification on the above:
ERIC NANA NIPAH
The Receiver
347 MICRO FINANCE COMPANIES (IN RECEIVERSHIP)