Customers of defunct financial institutions paid - CBG

Customers of defunct financial institutions paid - CBG

The accounts of all customers of defunct microfinance, savings and loans and finance houses have been fully credited with the cash value of their estimated bonds, Mr Daniel Wilson Addo, the Managing Director of Consolidated Bank Ghana (CBG) has said.

In a statement copied to the Ghana News Agency, Mr Addo said the funds had already been disbursed into the accounts of the depositors.

“The accounts of depositors have already been credited. Thus the total amount of money due to each customer is available to them in any CBG branch whether they come to the bank or not.

“This means they can withdraw anytime they want to. All they need to do is to come to the bank in the first instance so that we can actually validate with a minimum check to make sure it is the same person. We assure them it is a smooth process,” he added.

Mr Addo said the bank had a smooth process in paying customers who wished to withdraw their monies from any branch.

“CBG is not new to payouts such as these. We have even prepared for a stampede however, it turned out only a few customers walked in for their monies. This is proof of the hard work we have done over the last years. “I believe these depositors know the processes and services of CBG and how smooth and excellent we can execute payouts so they need not to rush,” he noted.

Commenting on the discounts, Mr Addo said depositors who had either received or were due Commercial Paper in partial satisfaction of their claims would now receive cash payments at no discount.

Depositors who had already discounted all or part of their Commercial Paper would receive a full refund in cash of the discount they suffered, he added. Mr Addo said depositors of the collapsed institutions were given the green light to, from Wednesday, September 16, 2020, have full access to their funds following the release of a total of GH¢3.56 billion to settle the remaining depositor claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses.

This was after the government announced the resolution of the original commercial paper, also known as bond to enable the customers to receive the remainder of their claims in full cash.