microfinance grows up

Press Release on 347 Micro Finance Companies (“MFCs”) whose licences were revoked on 31 May 2019 by Bank of Ghana

Upward Review of Payments to Depositors whose claims have been validated
Accra 8th November 2019.  Following the revocation of the licences of the 347 Micro Finance Companies (“MFCs”), the Receiver among other things announced a cap payment of GHS10, 000 for each depositor of these affected companies whose claim(s) have been validated in the receiverships of these MFCs.

Based on the total number and value of claims received in the receiverships of these MFCs at the extended deadline date for claims submission on Friday 27 September 2019, the Receiver wishes to announce an increase in the capped payment from GHS10,000 to GHS20,000 per depositor, to all depositors whose claims have been validated and accepted with immediate effect.

The Receiver wishes to inform depositors with validated claims above GHS10,000, who have already been paid up to the earlier capped amount of GHS10,000 per depositor that they should expect further payments up to a total of GHS20,000 per depositor where their validated total claim(s) in the receiverships of these MFCs is/are in excess of GHS20,000 per depositor. 

Where a depositor’s validated claim is in excess of GHS10,000 but is less than GHS20,000, the depositor will receive the full amount of his/her validated claim(s)

Please note that the Receiver is in the process of recovering assets of the various MFCs to the extent possible and will make payments to the body of creditors of these affected MFCs including depositor, as appropriate and in accordance with the relevant provisions of Act 930.

For further information please contact the below numbers.

Contact: Philomena Kuzoe
Spokesperson for the Receiver
Tel: + 233(0) 20 4904250/ 0550000966
Email: phdovi@gmail.com