Customer Confirms Gov’t Payment of Locked Funds At Savings & Loans Company
A customer with First Allied, a collapsed Savings and Loans company has confirmed that government has indeed started full payment of funds to depositors of collapsed Microfinance, Microcredit, Savings and Loans as well as Finance House companies.
Even though she has not received her money, Madam Georgina Offei is hopeful of retrieving her seven thousand cedis(GHc 7,000) remaining at First Allied Savings and Loans before it collapsed.“
Some of my friends have received fully their monies and others half payment; I haven’t received mine yet but still waiting to see my alert before I go for my money. I have been assured to receive my money back,” she said in an interview with NEAT FM’s morning show, ‘Ghana Montie’.
Management of Consolidated Bank Ghana (CBG) has disclosed the bank’s readiness to commence full payment of funds to depositors of collapsed Microfinance, Microcredit, Savings and Loans as well as Finance House companies.
The full payment of funds, which takes effect from Monday, February 24, 2020 was announced by the President in his 4th State of the Nation Address (SONA) last Thursday.
In his address to Parliament, President Nana Addo Dankwa Akuffo-Addo, said his government has made arrangements to pay all depositors of failed financial institutions, including customers of defunct microfinance company, DKM.
He stressed that the government has made available an extra five billion Ghana Cedis (GHS 5,000,000,000) to pay affected depositors, 100% of their deposits.
Confirming the President’s statement, Managing Director (MD) of CBG, Daniel Wilson Addo, indicated that government has made available to CBG a combination of cash and bonds totaling about five billion Ghana Cedis (GHS 5,000,000,000) to fully settle outstanding depositor claims of these resolved institutions as well as that of the 39 Micro Credit institutions in official liquidation.