President Nana Akufo-Addo says payment of locked up funds of customers of collapsed Savings and Loans companies and microfinance institutions will start on Monday, February 24, 2020.
He said some GH¢5 billion has been released to the Receiver to pay the customers.
The President made this known when delivering his third State of the Nation Address in Parliament on Thursday, February 20, 2020.
“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, these monies totalling GH¢5 billion being in addition to the GH¢13 billion being paid to the customers of the failed banks,” The President said.
President Akufo-Addo while reiterating his government’s commitment to ensure that full payments are made to all affected customers insisted that customers of the defunct DKM will also receive their monies once the validation process was completed.
“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 added.
Background
The financial sector cleanup, which began in 2017, resulted in the folding up of several financial institutions
About nine Banks were closed down while 23 Investment banks also saw their licenses revoked.
In addition to this, some Savings and Loans and Microfinance instututions went under receicevership.
The situation has led to many agitations with customers of the collapsed institutions demanding for their locked up capital.
So far, the Government has spent nearly US$18 million for banking sector clean up
