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Customers of defunct microfinance, finance houses and savings and loans to received their money in cash

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The government has set aside GHC3.5billionto pay customers of collasped micro finance , finance houses and savings and loans in cash.

Government initially was paying in bonds and cash but in a statement from the receiver, Eric Nana Nipa.

“The Depositor Payment Scheme set up by the Receiver/Official Liquidator to administer and fully settle all valid depositor claims in the resolution process has largely been successful; however an area of concern for most of the affected depositors is with the features of the Commercial Paper [Bond] used to partially settle the indebtedness of these resolved companies to those depositors whose claims were not fully extinguished by the payment of cash to them.”

“These depositors have indicated that the features of the Bond, being non-interest bearing and with a tenor of five years do not make the Bond commercially attractive, thus creating a significant loss in value of their claims to them.”

The payment will start from today, Wednesday, September 16, 2020 and will be paid at all Consolidated Bank of Ghana branches throughout the country. The payment will be made to only costumers whose monies has be validated.

Source: Ghana Waves

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