On August 16TH,2019 the Bank of Ghana revoked the licenses of 23 insolvent savings and loans companies and finance house companies in line with the Banks and Specialized Deposit-Taking Institutions Act, 2016.

The Bank of Ghana has also appointed Mr. Eric Nipah as a Receiver for the specified institutions in line with the Act.

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The affected Savings and Loans companies were: Accent Financial Services Ltd, Adom Savings and Loans Ltd, AllTime Finance Ltd, Alpha Capital Savings and Loans Ltd. ASN Financial Services Ltd, CDH Savings and Loans Ltd, Commerz Savings and Loans Ltd, Crest Finance House Ltd, Dream Finance Company Ltd, and Express Savings and Loans Company Ltd

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Others were; First African Savings & Loans Company Ltd, First Allied Savings and Loans Co. Ltd, First Ghana Savings and Loans Co. Ltd, FirstTrust Savings and Loans Ltd, Global Access Savings and Loans Company Ltd, GN Savings and Loans Ltd, Ideal Finance Ltd, IFS Financial Services Ltd and Legacy Capital Savings and Loans Ltd, Midland Savings and Loans Company Ltd, Sterling Financial Services Ltd, Unicredit Savings and Loans Ltd and Women’s World Banking Savings and Loans Co. Ltd.

In a statement by the the Bank OF Ghana in July 2020, the Receiver was set to pay GH¢151.8m  to ex-staff of the collapsed microfinance,savings and loans companies by the end of July 2020.

In an interview with some of the ex-staffs, they disclosed that the receiver is slow to make payment to them. According to some of them, they have been living in poverty since the collapse.

A staff we spoke to, indicated that she lost her father through high blood pressure and eventually mild stroke.

Again, others had broken marriages also lost their loved ones such wives and husbands because the collapse came as a shock.

August 16th 2020 was exactly one year since the collapse of these financial entities. In our search today, some ex-staff confirmed to us that, the receiver has actually turn on death ears to their sufferings.

One ex-staff, who was also the Head of Business Development for a collapsed savings and loans company stated that, ‘the receiver is rather making the government unpopular,trying to play smart on the ex-staffs because he has not received a pesewa from the receiver’ he quizzed, does the receiver want us to die or have a naked demonstration before he reason up to pay us our monies at all?

The receiver had since been silent after July 2020 about such payment to ex-staffs of the defunct financial institutions.

 

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