347 defunct Microfinance Companies: Receiver to publish names of debtors

The receiver of some 347 defunct Microfinance Companies and 23 Savings and Loans and Finance House Companies has issued a notice to individuals, groups and institutions who took loan facilities from the institutions to repay the loans immediately.

The receiver, Mr Eric Nana Nipah in a notice published in the Daily Graphic on Monday, March 16, 2020, advised the customers to settle their outstanding obligations to the defunct companies through.

The receiver says he will pursue all recalcitrant defaulters through all available means including legal actions and the publishing of the names of defaulters in national and international newspapers.

"Section 127 (3) of the Act [Specialised Deposit-Taking Institutions Act, 2018 Act 930) ] mandates the Receiver to realise all assets resolved companies, including outstanding loans and advances for the benefit of creditors," the notice signed by Mr Nipah said.

Related Articles

Collapse of 347 microfinance companies: Gh₵30 million worth of claims paid

BoG revokes licences of 347 microfinance companies; Only 137 now in good standing

Full list of 347 Microfinance Companies whose licences have been revoked

14 answers on why BoG revoked licenses of 347 insolvent microfinance institutions

"Accordingly, the Receiver wishes to notify the general public, especially person/persons institutions who took loan facilities from these defunct companies to visit any of the maintained branches of these institutions for repayment of the loans immediately. (for a list of the maintained branches, please visit the Receiver's website www.ghreceiverships.com)

"Customers may settle their outstanding obligations to the defunct companies through the respective MIN MOMO numbers and/or receivership bank accounts listed on the below tables. The Receiver would like to entreat all borrowers to cooperate with his authorised representatives/agents in this regard.

"Borrowers are to note that the Receiver will pursue all recalcitrant defaulters through all available means as permitted by the Act, including, but not limited to, Ingal actions and publishing names of recalcitrant defaulters in national and international newspapers".

Customers may settle their outstanding obligations to the defunct companies through the respective MIN MOMO numbers and/or receivership bank accounts listed below;

Receiver goes after debtors of 347 defunct Microfinance Companies by Kweku Zurek on Scribd

Background

The Bank of Ghana in May last year announced the revocation of the licences of 347 Microfinance Companies in the country for insolvency.

Out of the number, 192 were insolvent but in operation while 155 had ceased operations.