The Receiver for the 347 microfinance institutions as well as the 23 savings and loans firms and finance houses has so far paid GHS700 million to the customers whose funds were locked up following the collapse of the institutions.

A press release from the Receiver said the commencement of the processes to make final payments to the depositors continues.

The Receiver added that the full and final payments are ongoing in line with the government’s commitment to protect depositors’ funds and to shore up public confidence in the financial system.

“At the commencement of the resolution process, the government provided the Receiver with funds to offset the growing economic hardship that vulnerable depositors were likely to face”, it emphasised.

As of Friday, 28 February 2020, a total of 13,675 customers had been paid their locked-up deposits.

Out of this, 490 of the customers are companies, 581 are social organisations, 174 are financial institutions and 48 are financial securities entities.

12,382 are individual or retail clients.

According to the Receiver, payments will continue till all the customers receive alerts to access their deposits.