Customers of UnikLife Microfinance to receive their locked up funds today

UnikLife Microfinance has been given the go ahead by the receiver of the collapsed microfinance companies, Eric Nana Nipah, to begin the process of paying off all depositors’ funds from today August 28, 2019.

The Bank of Ghana, months ago, declared some microfinance companies insolvent including UnikLife and as such revoked its operating license.

However, the Directors of UnikLife Microfinance are of the view that Government of Ghana must not use scarce tax payer’s money to bail UnikLife Microfinance out because they have enough funds to pay off their customers.

According to the Executive Director of UnikLife Microfinance Kwame Adu-Mante, the Management of the company has concluded arrangements with the BoG’s appointed receiver Mr Nipah, to pay all their depositors beginning this Wednesday, 28 August.

Mr. Adu – Mante explained that UnikLife is a structured, well-functioning corporate brand that had no liquidity issues. He said, “We at UnikLife support all efforts by the BoG to clean up the microfinance space to restore some sanity into the system but we found it a bit surprising that we were added to the list of insolvent companies.”

According to the management, 92 percent of its depositors will be paid from Wednesday under the supervision of the receiver.

Mr. Adu-Mante said the management of UnikLife met most depositors including the top 10 depositors on the proposed payment plan on 15^th August 2019 at the offices of UnikLife.

“We have contacted all other depositors to meet management and staff on the scheduled date for this exercise to be conducted.” He added.

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Commenting on loan recovery, the Executive Director explained that the management of UnikLife Microfinance is recovering all loans as per loan repayment schedules agreed with customers.

“We have recovered over GHS150,000 in June and July only,” Adu-Mante said.

He was quick to add that the company had a very tolerable and relatively low rate of non-performing loans.