Depositors of collapsed micro finance institutions, savings and loans companies will be paid in full – Dr. Bawumia.

Vice President Dr. Mamudu Bawumia has assured depositors whose funds got locked up in collapsed micro finance during the Bank of Ghana’s clean up exercise, will be paid in full.

The Bank of Ghana collapsed nine local banks, 347 micro-finance institutions and 23 savings and loans companies within a space of two years as part of measures to sanitize the banking sector. Following this, hundreds of thousands of depositor funds were locked up, with the apex bank placing a GHS 20,000 cap on the amount of money payable to each depositor while continuing its validation exercise.
While some depositors have been paid, many depositors who saved with micro-finance and savings and loans companies are yet to be paid.

Speaking at the latest installment of the 2020 Results Fair held in Kumasi, while defending government’s decision to collapse the banks, promised depositors that they will receive their monies in full.

‘‘It is an assurance that no depositor of a savings and loans or a micro-finace institution will lose any of their deposits. Not even one pesewa. No depositor will lose their money. We want fairness. What we have done for those who have deposited in the banks, we are going to do the same for those who have deposited with the savings and loans and micro finance institutions. Everybody will get 100% of their deposits back and that is going to happen and it is starting’’ he proclaimed.