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Receiver of the collapsed microfinance institutions appointed by the Bank of Ghana (BoG), Eric Nana Nipah has revealed that GH¢900 million has been made available by the government to pay depositors of affected microfinance institutions whose license had been revoked.

“We have received the GH¢900 million to begin the clean-up of the troubled microfinance sub-sector but every claim by depositors will have to be validated,” he said.

Speaking in an interview on Asempa FM’s Ekosii Sen show, Mr Nipah said “with this, customers of affected institutions must go to their branches where we have representatives who will provide them with a claim form of proof of debt to be filled and a supporting document to be attached for work to be begin on it,” he stated.

Mr Nipah added that “depositors who will have their documents validated will by the close of the week receive their payments.”

Meanwhile, the Deputy Director for Other Finances at the BoG, Bernard Otabil has said the decision by the Central Bank to revoke the licenses of the 347 microfinance institutions is to bring sanity into the sector.

“We don’t delight in actions that will bring pain to people or to take advantage of them. We had to revoke the licenses of these institutions because they were insolvent and our checks revealed they haven’t been able to pay their workers for some months now,” he stated.

The Central Bank has appointed Mr Nipah, a Director of PricewaterhouseCoopers (Ghana) Limited (PwC) as Receiver for all the 347 microfinance companies whose licenses were revoked last Friday.

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