Uniklife Microfinance to begin payment of depositors today

Customers of UnikLife Microfinance in Takoradi will today heave a sigh of relief as managers of the company begin the payment of their deposits.

Some 900 accounts will be paid through a process supervised by the receiver of the collapsed microfinance companies, Eric Nana Nipa.

UnikLife Microfinance was one of the companies declared insolvent and was affected by the Bank of Ghana’s clean up exercise. Rather than allowing the receiver to pay its customers, management of the company announced it had enough funds to pay off all depositor funds.The Receiver, Eric Nana Nipa is however expected to supervise today’s exercise, Executive Director of UnikLife Kwame Adu-Mante told Citi Business News in an interview.

“We have signed an undertaken with the receiver and we also have clearance from the SSNIT and GRA to go through the process. Per the structure that we’ve proposed, those who have up to 2000 will receive over the counter cash while those above that amount will have cheques written in their names or company’s names,” he explained.

The Bank of Ghana in a recent move aimed at cleaning up the microfinance sector of the economy added UnikLife to the list of insolvent microfinance companies in the country and revoked its operating license.

However, UnikLife insisted that it was solvent and ready to work with the BoG to correct the infractions detected by the BoG in its Other Financial Institutions Supervision Department’s report.