3 More Days To another Disappointment For Stranded Customers of Collapsed Financial Institutions

It appears that the aggrieved customers of the various collapsed microfinance companies, savings and loans, and finance houses are heading for another disappointment as July grinds to a close.

This is because the promise by the Receiver for these defunct institutions that they are set to be be paid all their locked up funds by the end of July, does not seem to be possible at this stage.

Barely three days for July to close and there are no signs that payday is near.

WhatsUp News has heard from some aggrieved customers who are already frustrated that another promise from Mr. Eric Nana Nipah, is looking like a decorated false hope.

Two weeks ago, the Receiver gave a well-publicized promise that by the close of the month the customers with validated claims will be paid their locked-up funds.

According to him, the total value of valid claims is GH₵5.4 billion and that about 96 per cent of depositors had already been paid.

“For depositors, we have come a very long way and I have been able to determine that the depositor base in the three sets receiverships is in the region of GH₵5.4 billion by value of valid depositor claims…and out of that, I have been able to pay close to 96 per cent of these claims,” Mr Nipah had told Accra-based Citi FM.

He said about 98 per cent of the claims would be paid in cash while the remaining two per cent would be paid through a combination of cash and bond.

After he had given the promise, some of the affected customers, especially those in the Upper East Region warned that they were not in the mood for another disappointment from him and the government which they said had disappointed them with numerous false hopes in the past.

This Upper East regional wing of the aggrieved customers had actually gone on to warn Mr. Nana Nipah that if his promise turned out as a false flag, they would hold him in breach of his honour as a Chartered Accountant.

Following the revocation of the licences of the 347 microfinance companies, 39 micro-credit institutions and 23 savings and loans companies, a validation of the affected customers commenced on November 18, 2019, with the aim of repayment.

As part of his mandate, Mr Nipah is to collaborate with Economic and Organised Crime Organisation (EOCO) to locate and recover the assets of the insolvent companies to auction and accrue.


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