Depositors of the collapsed financial companies, Savings and Loans and Finance Houses who visited any of the branches of the Consolidated Bank Ghana (CBG) Limited have been able to get full access to their funds.
The government on Tuesday released a total of ¢3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.
As at the time Joy Business visited the Head office of the Consolidated Bank Ghana, only one customer had received her funds and she indicated that she had “been able to have full access to my funds. What I did was to close the account and take everything from it, because the account was opened for account balance to be transferred into."
"The process was seamless, I was very relaxed and I was served. It took me about five minutes to get my money. I just filled an account closure and withdrawal form, that’s all. I am happy that I have access to my funds now”.
On May 31, 2019, 347 microfinance companies had their license revoked by the Bank of Ghana as part of the financial sector cleanup.
In August 2019, the Bank of Ghana also revoked the licenses of 23 Insolvent Savings and Loans companies and Finance Houses.
These actions were in line with Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the license of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent.
Latest Stories
-
From Gold Coast Ghana to Gold Cost Ghana?
13 mins -
There hasn’t been enough awareness about new curriculum – Parent
17 mins -
betPawa to invest GH¢7m into Ghana Premier League and Women’s FA Cup in 5yrs
21 mins -
Child poverty can be addressed with the right priorities and policies – UNICEF
22 mins -
Ghana’s exchange rate problems need more than gold purchases – IMANI
27 mins -
IMANI calls for review of Ghana’s procurement law to enhance transparency
28 mins -
Women in Worship organisers mad at Nigeria’s Ada Ehi over ‘no show’
28 mins -
Everything is more difficult now – Guardiola
34 mins -
Mahama will make the economy viable for the youth to become entrepreneurs – Osman Ayariga
38 mins -
East Legon crash: Police pursue TikTokers for ‘false claims’ about Salifu Amoako’s son’s location
1 hour -
Severe food shortage force some SHSs to serve repetitive meals
1 hour -
Don Julio 1942 launched by Guinness Ghana Breweries with an enchanting Halloween Ball celebration
1 hour -
3 Central Region MCEs intensify cholera control efforts after 5 deaths
1 hour -
Bawumia’s 12 ‘Bold Steps’ to expand educational opportunities for all
1 hour -
Mahama criticises NPP for accumulating energy debt to pass on to next NDC gov’t
1 hour