Defunct Man Capital customers demand timelines for payment of locked-up funds

Customers of one of the defunct financial institutions, Man Capital Microfinance Company Limited are seeking timelines for the payment of their locked-up funds, expected to be paid by the Receiver, Eric Nana Nipah.

Man Capital was among the 347 microfinance entities whose licenses were revoked by the Bank of Ghana during the clean-up of the sector.

About 15 months passed, customers of the entity say they have been left helpless as many follow-ups made at the office of the Receiver have proved futile.

As a result, the customers, are among other things, requesting the Receiver to furnish them with a favourable response regarding payment of their locked-up funds.

“We submitted our forms sometime in 2019 and we’ve been waiting for a response because some people have been paid but it looks like none of the Man Capital customers had been paid. So, we kept following up and we were told they had received the records so they will work on it. We went back but they kept telling us they were working on it and the stories kept changing. So, we want to be told exactly what is going on with the company, so that we know where we stand,” Charlene Lamptey, one of the customers lamented in an interview.

Again, some of the customers say they have been put on the blindside regarding the payment process.

“We’ve been told several times that a number of customers are being paid. We’ve even heard the president say that about 96% of the people have been paid. We’ve been in the queue for all this while and the stories they keep telling us is that they are working on it but after working, nothing comes out of it. They also say that they can’t access the document and claims that we have submitted more than the list they have and that we should go and chase the owner of the business, which we think is unfair,” another customer, Charles Osei-Agyemang complained.

Background

Earlier in 2019, the Bank of Ghana (BoG) embarked on a clean-up of the financial sector, resulting in the revocation of licenses of some banks, microfinance and savings and loans companies.

Although the receiver has hinted that it has settled as many as 98 per cent of customers whose monies were locked up, there are still some who say they are yet to receive their money.