Some collapsed SDIs, Savings & Loans firms open for receivership business

The receiver of the collapsed Specialised Deposit-taking Institutions, Eric Nana Nipah has announced that branches of some affected companies are opened for receivership business.

According to a release on Monday, the Receivership of the 23 Savings & Loans and Finance House Companies, announced branches of companies under receivership that would stay open to service customers of all Savings & Loans and Finance Houses whose licenses have been revoked.

The receiver explained in an earlier interview that some branches of companies under his receivership, have been close to effectively cut down the operational cost, as his greatest concern and sympathy lay with customers who have lost their deposits.

“Stakeholders are advised to visit operating branches nearest to the S&L branches which the Receiver has shut down, for loan repayment and any other enquiries relating to the receivership of their affected S&Ls,” the release stated.

In August 2019, the licences of 23 S&Ls were revoked as part of BoG’s drive to strengthen the financial services sector by getting rid of insolvent and dormant institutions which had no reasonable prospects of recovery and had denied depositors access to their deposits.