• VIDEOS
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Election 2020 Results
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Photos
Local News
 
 
 
Home Business Business News 202002

All Is Set For Full Payment Of Funds To Savings & Loans/Micro-Finance Customers - CBG MD

24-Feb-2020
/ Business News, Business
Email
Print
Comments 1
(1)
Comments
Share on Facebook Share on Twitter
 

Management of Consolidated Bank Ghana (CBG) has disclosed the bank’s readiness to commence full payment of funds to depositors of collapsed Microfinance, Microcredit, Savings and Loans as well as Finance House companies.

The full payment of funds, which takes effect from Monday, February 24, 2020 was announced by the President in his 4th State of the Nation Address (SONA) last Thursday.

In his address to Parliament, President Nana Addo Dankwa Akuffo-Addo, said his government has made arrangements to pay all depositors of failed financial institutions, including customers of defunct microfinance company, DKM. He stressed that the government has made available an extra five billion Ghana Cedis (GHS 5,000,000,000) to pay affected depositors, 100% of their deposits.

Confirming the President's statement, Managing Director (MD) of CBG, Daniel Wilson Addo, indicated that government has made available to CBG a combination of cash and bonds totaling about five billion Ghana Cedis (GHS 5,000,000,000) to fully settle outstanding depositor claims of these resolved institutions as well as that of the 39 Micro Credit institutions in official liquidation.

To ensure that the affected customers are well served, there are clear modalities, Mr Addo explained. According to him, the Bank will start by first paying depositors whose claims have already been validated. He therefore advised depositors, whose claims are yet to be validated, to exercise patience. He assured them that their claims will also be paid as soon as the validation is completed by the Receiver. He said SMS will be sent to depositors when their payments are due by the Receiver, adding that there was no need for them to go to the banking halls if they have not received notification by SMS, to come for their funds.

Explaining the modalities for the payment of the outstanding depositor obligations, Mr Addo, said “based on information to be provided by the Receiver on depositors, CBG will open new accounts for all depositors whose claim(s) have been validated and agreed in the receiverships of the resolved companies, and the SMS messaging that will be sent, will communicate the account number and the amount due each depositor".

The CBG MD added that depositors can access their funds at any CBG branch, “but should come along with valid national identification documents such as a Driver’s License, Voter's ID card or Passport". Corporate depositors will however be fully settled through a combination of cash and bonds.

The Bank assured the affected depositors that it will continue to work with the Receiver to validate the remaining claims and will communicate the status of depositor claims submitted within the claim deadline period.

The MD said every effort will be made to pay all depositors and urged them to cooperate with the bank for a smooth and successful payment process. “We will treat the depositors as our customers and give them the best of service as we stand with them throughout the entire process.”, the MD stressed.

Source: Peacefmonline.com

 

 
 

 

Comments ( 1 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

President Trumpets Economic Achievements

Next Post

Ghanaians Will See Drastic Reduction In Fuel Prices If . . . - GOIL MD Assures

 
 

More Stories

Ghana Revenue Authority Targets GH₵60 Billion Tax Revenue For 2021
PWDS Small Business Owners To Receive Support Through Accelerator Program
Alan Kyeremanten Best Person For Trade Ministry As Afcfta Kicks Off – GUTA
We Can’t Use Our Buses To Convey Only 2 Passengers - GPRTU
Focus More On Agric Sector Investment To Improve Economy – Dr Sarkodie
Study: More Than Half Of German Firms Expect Skilled Labour Shortage
BoG To Arrest Cedi’s Depreciation With US$775m Injection
Fidelity Bank Ghana Relocates Two Branches; Merges Two Branches
MTN Ghana Awards Momo Agents and Merchants
Next Post

Ghanaians Will See Drastic Reduction In Fuel Prices If . . . - GOIL MD Assures

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Business News Stories

  • Ghana Revenue Authority Targets GH₵60 Billion Tax Revenue For 2021

  • PWDS Small Business Owners To Receive Support Through Accelerator Program

  • Alan Kyeremanten Best Person For Trade Ministry As Afcfta Kicks Off – GUTA

  • We Can’t Use Our Buses To Convey Only 2 Passengers - GPRTU

  • Focus More On Agric Sector Investment To Improve Economy – Dr Sarkodie

  • Study: More Than Half Of German Firms Expect Skilled Labour Shortage

  • BoG To Arrest Cedi’s Depreciation With US$775m Injection

  • Fidelity Bank Ghana Relocates Two Branches; Merges Two Branches

  • MTN Ghana Awards Momo Agents and Merchants

  • FDA To Harmonize Importer TIN And Product Registration Numbers

 

 
 

Popular Videos

Election Petition: Maurice Ampaw’s Reaction

Asomdwee Park Being Reconstructed...All Thanks To Akufo Addo - Koku

I've Opened My Doors For A Serious Boyfriend - MzVee Reveals

I Was Insulted By NDC Members For “Comfortable Lead” Comment In 2016 – Koku Anyidoho Recalls

Provision Of PPEs: You Can Close Down Schools...But Leave Us Out - Private Schools To GES

See How Confused You Are!!! - Mireku Duker Jabs Mahama And His Legal Team

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Online Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media