Open letter (i) to the receiver of savings & loans and microfinance institutions Eric Nana Nipa

Dear Sir,

Following the revocation of the licenses of 347 microfinance and 23 savings and loans institutions by Bank of Ghana, the same were placed on government bail-out under your receivership in August 2019. Regrettably, some customers especially Fund Managers including state owned Fund managers, have still not received the full payment of their locked-up funds in these defunct companies.

As a result of the non-payment of the locked-up funds of these Fund Managers, they are unable to fully meet their clients’ redemption claims for the past 3 years. The fund managers have tried individually to engage your outfit for a clear and definite date and roadmap in getting payment but you have not been forthcoming on when full payment will be made. The category of locked-up funds the fund managers have with you are as follows:

• Validated claims with no tentative date of payment

• Claims your outfit indicates that are still validating/investigating for the past 3 years

• Claims your outfit claim you don’t have data on customers from the collapsed institutions.

I believe that customers’ claims which fall under any of the above category are legitimate and the fund managers and their clients should not be made to suffer any further before getting their claims paid. In the case of claims which fall under the category of unavailability of customers’ data from the collapsed institutions, Bank of Ghana should be able to provide the data or compel the management and Directors of those defunct institutions to provide you with the data or whatever alternative information required for the customers to be paid.

I therefore want to use this opportunity to request that you come out and inform the fund managers whose deposits in the collapsed financial institutions have not been paid fully, when they will get paid so they can also settle the redemption requests of their clients.

Thank you very much.