GH¢610m payments made to Depositors so far- Receiver Claims

The receiver of Defunct Micro-Finance Institutions, Eric Nana Nipah has revealed that since Monday, February, 24 an amount of GH¢610million has been paid to depositors with over 10,000 claims validated.

His statement follows the lamentations of some customers who said their claims have not been validated and have not received any text message for their payments to be made.

Speaking in an interview, Mr.Nipah mentioned that all locked-up funds will be paid and that his outfit is being careful of some frivolous claims.

 “I tell you for a fact that between Monday and Tuesday, we have paid in excess of 10,000 claims. We had paid in terms of value GH¢610million. We credited the accounts of schools, hospitals, and some individuals. So yes we made those payments between Monday and Tuesday.

All depositors would be paid their monies that had been locked up. Of course, this applies to depositors whose claims have been validated and agreed in the receivership and liquidation process. It isn’t any claim at all that would be admitted and paid because as I did mention there are some frivolous claims…” he stated.

Admitting government's provision of the  GH¢5 billion promised by the President, the receiver explained that the GH¢5 billion consist of GH¢1 billion cash and GH¢4 billion by way of paper or bonds.

However, he mentioned that the payment process will be completed by the end of March this year.

What is the process for payment of the locked-up funds?

 The Consolidated Bank Ghana (CBG)  has opened accounts for customers whose claims have been validated and accepted by the receiver for payment.

According to a statement by the CBG, two accounts will be opened, one account for cash payment and the other for investments to hold bond proceeds if the customers' fund exceeds the payment threshold.

The statement further added that the depositor could visit any branch of the CBG with a driver's license, a voter's ID or passport for payment to be issued once the claims have been validated and a text message sent to the depositor.