Customers of Savings and Loans, microfinance companies to be paid from Monday

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President Nana Akufo-Addo says persons whose funds were locked up in the failed Savings and Loans companies and microfinance institutions will begin receiving their funds from next week.

He said some GH¢5 billion has been made available to the Receiver to pay the customers from Monday, February 24, 2020.

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While delivering the 2020 State of the Nation Address in Parliament on Thursday, February 20, 2020 President Akufo-Addo reiterated his government’s commitment to ensure that full payments are made to all customers of the collapsed financial institutions.

“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, [with] these monies totalling GH¢5 billion being in addition to the GH¢13 billion being paid to the customers of the failed banks,” Akufo-Addo said.

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“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,” the President added.

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