Receiver caps claim payments at ¢10,000 per depositor

Receiver for the 347 microfinance companies whose licenses were revoked by the Bank of Ghana in May 2019, Eric Nana Nipah has put a GHc10,000 cap on claim payments.

He said the decision to place a cap on the amount to be paid customers was based on findings from a preliminary assessment of the situation of the collapsed finance institutions.

Speaking on the Citi Breakfast Show on Monday, Mr. Nipah said, “Yes, there is an initial cap of GHc10,000.”

He said his team had noticed several cases of underreporting in the books of the microfinance companies which called for a thorough audit that could take several months, however, the team decided to balance the audit process and to speed up the payments.

“When I took over and I started work, one of the key things I did was to conduct a situational assessment to ascertain the state of affairs of these companies as at the 31st of May and the finding so far is revealing. We have noted a considerable amount of underreporting and therefore the integrity of the financial statements raises quite a number of issues,” he said.

 

This story is being updated. Kindly check again soon for the update.

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