Ghana Politics

Receiver presents list of 34 failed Microfinance and Microcredit Companies without records

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The receiver, Eric Nana Nipah

A Director of PricewaterhouseCoopers Ghana Limited (PwC) who was appointed as the receiver for the purposes of winding down the affairs of the failed Micro Finance Companies, Eric Nana Nipah, has presented a list of all the Microfinance and Microcredit Companies without records to enable him to validate and settle these claims under the Depositor Payment Scheme.

The receiver said it took control over the premises of these resolved companies and in the process, secured the assets and liabilities of these companies, as well as their books and records to the extent possible.

However, it said, in the conduct of the resolution of these companies, a major challenge the receiver has faced with some of the non-operational companies has been in the area of securing the books and records of these companies both manual and electronic.

At the commencement of the resolution process, there were 157 non-operational companies whose books and records we were not able to locate and secure. Based on the collaborative arrangement we have with the Economic and Organised Crime Office (“EOCO”) which includes assets tracing and investigations, over time, we have been able to retrieve books and records from 131 resolved entities which were not operational at the commencement of the resolution of these companies, thereby making it possible for us to be able to validate creditor claims on these institutions.

Currently there are 35 resolved companies with depositor claims worth approximately GH¢252m which have no books or records available to us, to enable us to validate and settle these claims under the Depositor Payment Scheme. We are working with EOCO to locate and retrieve these companies records in order to be able to validate and settle depositor claims made on these companies.

Below is the list of the companies without records as presented by the Receiver:

ABIS PLUS MICROFINANCE LIMITED

AFRICAN TRUST MICROFINANCE LIMITED

AG MICROFINANCE LIMITED

BEDEL

BENGAY MICROFINANCE LIMITED

BIG DREAMS MICROFINANCE LIMITED

BOIN MICROFINANCE COMPANY LIMITED

COMMON CAPITAL MICROFINANCE LIMITED

CROWN CAPITAL MICROFINANCE LIMITED

D-VANC MICROFINANCE LIMITED

DWETIRE MICROFINANCE LIMITED

ELITE MICROFINANCE LIMITED

ERA MICROFINANCE SERVICES LIMITED

GMET MICROFINANCE LIMITED

GODIGO MICROFINANCE LIMITED

GOLDEN TRUST MICROFINANCE CO. LIMITED

HALAL MICROFINANCE LIMITED

HIGH PRESTIGE MICROFINANCE SERVICES LIMITED

ICS MICROFINANCE LIMITED

JADA MICROFINANCE LIMITED

JOPAT MICROFINANCE COMPANY LIMITED

JOY HELP MICROFINANCE LIMITED

KAPITAL EXPRESS MICROFINANCE COMPANY LIMITED

KINGDOM TRUST MICROFINANCE LIMITED

LIBERTY DAILY

MAN CAPITAL MICROFINANCE COMPANY

NOBLE DREAM MICROFINANCE LIMITED

RESTORE MICROFINANCE COMPANY LIMITED

ROYAL FUTURE MICROFINANCE LIMITED

SAVANNAH MICROFINANCE LIMITED

STAR PLUS MICROFINANCE LIMITED

STARLING MICROFINANCE SERVICES LIMITED

UNIQUE-MAS MICROFINANCE COMPANY LIMITED

GREAT AFRICA MICRO CREDIT COMPANY

Savings & Loans and Finance House Companies without Records

CREST SAVINGS AND LOANS

STERLING SAVINGS AND LOANS

Source: Ghana Web

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