Customers of collapsed Savings and Loans, as well as micro-finance companies, are to receive their payment through the Consolidated Bank Ghana (CBG), this was captured in a communique to staff of Consolidated Bank Ghana on Monday which also outlined modalities for payment to customers.
“Based on data to be submitted to Consolidated Bank by the Receiver, CBG will open new accounts for all depositors whose (claims) have been validated and accepted by the Receiver for payment.
“Consolidated Bank will open two sets of accounts, one operational account and another investment account to hold the bonds if the customer’s fund exceeds the cash payment threshold,” the communique said.
The statement added that, there will also be an SMS sent from the Receiver, Eric Nipa, to the depositors due for payment, setting out the account number and cash amount due to depositors.
According to the Consolidated Bank, depositors who want to at any time access their funds after should bring along either a drivers’ license, voter’s identification card or a passport to confirm their identity.
For corporate and SMS customers, the statement added that they “will receive a default savings account that will be opened and communicated to them by the Receiver.
“They will go through the normal KYC to open their current accounts where funds in the savings account will be transferred into.”
The payment set to made to depositors when done will increase the cost of servicing locked-up funds as a result of the financial services sector crisis, to GHS 18 billion.
Delivering his last State of the Nation Address (SoNA) for his first term of office, President Akufo-Addo said: “All depositors of savings and loans and microfinance institutions including DKM, which collapsed in 2015, will receive 100 per cent of their deposits once the validation exercise is concluded”.
According to the President, his government took the right decision with regard to the reforms undertaken in the financial services sector.
He added: “I want to assure Ghanaians; we are going to hold those responsible for the failures of financial institutions.”
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He emphasized: “We expect that those whose job it is to supervise the banks and other financial institutions will do their jobs honest and competently”.
