39 insolvent microcredit companies: Payments to customers commence
The Official Liquidator (OL) of the 39 insolvent microcredit companies whose licences were revoked by the Bank of Ghana (BoG) has announced that payments of interim dividend to some customers of the defunct institutions will commence on Thursday, November 14, 2019.
The Official Liquidator, Mrs Jemima Mamaa Oware in a press release said only customers who completed and submitted their Proof of Debt ("PoD") statements to the Official Liquidator would receive the interim dividend which will be paid out at Consolidated Bank Ghana Ltd (CBG) branches.
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The release added that the payments would be made to the creditors from funds provided to the OL by the government.
"The Bank of Ghana, in accordance with Section 38 of Act 774 nas appointed the Registrar-General to initiate proceedings as Official Liquidator of the affected Microcredit companies to wind up the companies by way of Official Liquidation," the release said.
"The Official Liquidator ("OL") wishes to inform all customers who had investments with the above-mentioned institutions and who have duly completed and submitted their Proof of Debt (POD) statements to the OL that payments of interim dividend to this category of creditors whose claims have been validated would commence on Thursday, 14 October, 2019 at various Consolidated Bank Ghana Ltd (CBG") branches.
"The payments would be made from funds provided to the OL under the Government bail out to customers who had investments with the above-mentioned institutions".
Procedure
1. Creditors would receive a text message from the OL through the phone numbers the creditors provided on their PoDs, indicating the claim amount validated by the OL and payable at CBG.
2. Creditors would also each be given a temporary CBG bank account number through which their payment would be made.
3. Once the above information has been received by the creditors through the text message, Creditors may proceed to the nearest CBG branch from Thursday, 14 November 2019 to collect their interim dividend payments.
4. The CBG would require Creditors to produce the valid National ID card whose number they provided on their respective PoDs before payments would be made to them.
5. Future interim dividend would be made from the realisation of assets of these companies and would depend on the timing and level of such realisation.
Warning
The OL warned customers who had not yet submitted their claims to do so before the Friday, November 29, 2019 deadline after which no further claims would be accepted.
"Creditors who have not yet submitted PoDs to the OL should submit their claims to the OL not later than Friday, 29 November, 2019. After this deadline, no further claims would be accepted by the OL in the liquidation of the above-mentioned institutions," the release said.
Find below the full list of microcredit institutions affected:
Microcredit companies – Insolvent
- Allied Wealth Money Lending Limited
- Bennet Money Lending Limited
- Bremco Money Lending Company Limited
- Calmad Money Lending Company Limited
- Catamount Finance Money Lending Limited
- Citizens Money Lending Limited
- Divine Announcement Money Lending
- Fountain Money Lending Services Limited
- GDFS Money Lending Limited
- GFI Capital Management Money Lending Limited
- Great Africa Money Lending Limited
- Hatmag Money Lending Limited
- Haubins Money Lending Limited
- Index Money Lending Limited
- KAF Investment Money Lending Limited
- KBN Money Lending Limited
- KYC Money Lending Limited
- McOttley Money Lending Limited
- N & J Money Lending Limited
- Obrapa Money Lending Limited
- One2One Money Lending Services Limited
- Orbit Money Lending Co. Limited
- Pitsea Ways Money Lenders Limited
- P-Mag Investment Money Lending Services Limited
- Sat Finance Money Lending Limited
- Shammah Capital Money Lending Limited
- SNJ Money Lending Limited
- Uni-focus Money Lending Limited
- Zeta Money Lending Limited
Microcredit companies – Insolvent and ceased operations
- Boafo Yena Money Lending Limited
- CFI Money Lending Limited
- CIF Money Lending
- First Assurance Money Lending Services Limited
- Global Point Investment and Money Lending Services Limited
- Intelligent Money Lending Company Limited
- Kan Money Lending Company Limited
- PD PAG Money Lending Limited
- R.P.I.C. Money Lending Services Limited
- TCP Money Lending Limited