Microfinance collapse: Customers to reiceive cash and bonds as payment begins

Customers of the collapsed Microfinance and Savings and Loans firms are to begin receiving monies through CBG today.

According to a statment by the bank, customers whose investment go beyond the agreed threshold will have them converted into bonds.

It comes after President Akufo-Addo gave the assurance during his last state of the nation address that the monies will be paid in full.

“I am informed that the Receiver of the Savings and Loans and the Microfinance institutions will on Monday 24th February [2020], begin making payments to their customers, [with] these monies totalling GH¢5 billion being in addition to the GH¢13 billion being paid to the customers of the failed banks.

“I will like to repeat that all depositors of the savings and loans and Microfinance institutions including DKM which collapsed in 2015, will receive a 100% of their deposits once the validation exercise is concluded,”  he announced.

Source: Ghana/Starrfm.com.gh