"Several Savings and Loans branches, remain open for business." - TheReceiver Announces

The Receivership of the 23 Savings & Loans and Finance House Companies, on Monday, 2nd December announced branches of companies under receivership, that would stay open to service customers of all Savings & Loans and Finance House companies whose license have been revoked.

As explained in a press release, these branches will only be accessible for receivership business.

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.

The press release signed by the receiver stated, "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 inquiries relating to the receivership of their affected S&Ls."

Find the list of open branches and full statement below.

IN THE MATTER OF THE BANKS AND SPECIALISED DEPOSIT-TAKING INSTITUTIONS ACT, 2016 (ACT 930)

AND IN THE MATTER OF THE RECEIVERSHIP OF THE 23 SAVINGS & LOANS AND FINANCE HOUSE COMPANIES

NOTICE TO THE GENERAL PUBLIC

Pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), Bank of Ghana ("BoG") on 16 August 2019 revoked the operating licenses of 23 insolvent Savings and Loans and Finance House Companies (“S&Ls”).

The licences of the 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.

BoG in accordance with Section 123(2) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (“PwC”) as the Receiver for the purposes of winding down the affairs of these institutions.

The Receiver in accordance with Section 123 (3) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) has taken control of the 23 S&Ls and is prosecuting the receiverships in accordance with the provisions of Act 930.

The Receiver wishes to inform the general public that effective Monday, 2 December 2019, the branches of the following affected S&Ls set out below will remain open to serve the customers of these institutions as well as the customers of other S&Ls whose licenses have been revoked. THE MAINTAINED BRANCHES ARE OPENED FOR RECEIVERSHIP BUSINESS ONLY.

Please note that the Receiver’s team will cease to operate from any branch of the affected S&Ls which has not been listed below.

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.

Please note that the working hours for the maintained S&L branches will be from 8:00am to 5:00pm, Mondays to Fridays.

Please contact the following telephone numbers should you require any further clarification on the above:

020 490 4250

055 000 0966

0302960197 / 8/ 9

0302960208 / 9 /10

0302960023 / 4

0302953518 / 9

or visit www.ghreceiverships.com

ERIC NANA NIPAH

The Receiver

RECEIVERSHIP OF 23 SAVINGS AND LOANS AND FINANCE HOUSE COMPANIES

Encl. List of branches to be maintained