The Receiver of the 347 collapsed microfinance companies, Mr. Eric Nipa, has indicated that depositors whose claims have been validated would receive, GH¢20,000 as the maximum payments for their locked-up deposits. This was contained in a statement released on behalf of the Price Waterhouse Coopers (PwC) partner about the progress over the weekend.
At this stage, an amount of GH¢835 million has been released by the government to defray the claims. This would come as welcome news as the bulk of depositors could receive 100% of their locked-up deposits. Therefore, those who have already received their GH¢10,000 payment should expect to receive further top up payments.
Further to the revocation of the licenses of 347 microfinance companies, the Receiver is working on retrieving the assets of these companies to pay off depositors with locked-up deposits. This could be a long and winding road for Receiver hence the government’s intervention.