Claim validation and payments by receiver might delay - Finance Houses

The Association of Finance Houses has welcome the central bank clean-up of the finance house sector urging the public to exercise patience as the remaining companies retrieve funds locked up with some of the collapsed companies.

A statement issued by the Association and signed by its Executive Secretary Kokui Adu, stated that some of the finance houses that survived the clean up have their funds locked up with some of the affected companies and engagement with the receiver to retrieve same is ongoing.

“However, the process of claim validation and effecting of payments by the receiver will take some time to complete. We, therefore, appeal to all clients to exercise restraint as we work with the receiver to meet your requests,” the release said.The Association, the statement said, stands ready to ensure that its members continue to operate within the dictates of the law by meeting the requirements of the Bank of Ghana, adopting best practices in corporate governance and treating depositors with care and respect.

The Bank of Ghana last Friday announced the revocation of the licenses of eight finance houses that the bank had declared insolvent and unable to meet customers’ demands for deposits.