Majority of customers of defunct savings and loans companies and microfinance firms are yet to access their locked-up funds despite assurance given by government that they will do so yesterday.
President Nana Addo Dankwa Akufo-Addo in his State of the Nation Address last Thursday, reiterated government’s resolve to pay customers their monies in full beginning Monday, February 24, 2020.
Pursuant to that, the receiver, Eric Nana Nipah confirmed payment would be made through the Consolidated Bank, Ghana (CBG) outlining modalities including the opening of new accounts for depositors whose claims had been validated, SMS alerts and presentation of valid identity cards to access funds.
But in an interview with the Ghanaian Times yesterday, a leader of the affected customers, Kofi Sarpong said “no customer has received payment yet” expressing disappointment in modalities outlined by the receiver.
“What the President said was not planned for. No one has yet received any message from the receiver, the last text message to customers was a month ago and that payment was already ongoing.
“When you speak to the banks they tell you they have not received updates and moreover, most of our members have not been verified. For instance, if your money is GH¢ 2000 it needs to correspond with the forms the receiver has but because most of the offices are closed down, it is difficult to know the exact amount you are to take to be able to undergo validation,” he said.
Mr Sarpong contended that government would migrate all customers onto a special account to easily access funds as the present strategy by the receiver did not serve their best interest.
According to him, less than 10 per cent of the more than four million affected customers of the collapsed microfinance and saving and loans institutions have so far received some payment since the receiver took over.
On the next line of action for customers, he said, “we are in touch with the receiver and have been told they are holding a meeting on the issue, so we will wait to get feedback to decide what to do next.”
Executive Secretary of the Association of Savings and Loans Companies, Mr Tweneboa Koduah, in a telephone interview said the association was closely monitoring the process to ensure customers are not shortchanged.
“It is early days yet so we cannot say we are satisfied with the processes for payment or not. We want to monitor some more and see,” he stated.
Meanwhile some officials of the CBG who spoke with the Ghanaian Times on condition of anonymity yesterday said although the process was supposed to start on Monday, the bank was unable to do so because they were awaiting authorisation from the receiver before going ahead.
At the Sunyani branch in the Bono Region, the Ghanaian Times learnt the bank was already paying customers whose monies fell within the GH¢ 20,000 threshold with indications showing that a high proportion of the validated customers had already been paid.
An official explained that the announcement by government was in respect of those whose monies was above GH¢20,000 and that payment would resume immediately they received the green light.
Relatedly, the Finance Ministry in a statement said GH¢ 5 billion has been released to the receiver of the defunct savings and loans and microfinance companies, as well as liquidator of the micro credit companies through CBG in a combination of cash and bonds.
“The public will note that, with this intervention, government will have so far spent about GH¢17.7 billion on the resolution process; GH¢11.65 billion for the banking sector and GH¢6.1 billion on the savings and loans and microfinance companies.
“We expect that the recent accelerated pace of the prosecutions and an intensification of the civil recovery process under the receivership will result in substantial recovery of these monies for the treasury,” the statement said.
BY DANIEL DZIRASAH AND ABIGAIL ANNOH
