CBG has a smooth process to effect payouts – MD

Managing Director of CBG, Daniel Wilson Addo

Managing Director of Consolidated Bank Ghana (CBG), Daniel Wilson Addo, has said that his outlet has a smooth process in paying customers of defunct companies, and depositors who wish to withdraw their monies will go through a smooth process when they visit any branch of the bank with their validated documents.

Speaking on the Point of View on Citi TV, Mr. Addo confirmed the accounts of all defunct microfinance, savings and loans and finance house customers have been fully credited with the cash value of their estimated bonds, and that the funds have already been disbursed into the accounts of those depositors.

“The accounts of depositors have already been credited. Thus the total amount of money due to each customer is available to them in any CBG branch, whether they come to the bank or not. This means they can withdraw anytime they want to. All they need to do is come to the bank in the first instance, so that we can actually validate with a minimum check to make sure it is the same person. We assure them it is a smooth process,” he said.

“CBG is not new to payouts such as these. We have even prepared for a stampede; however, it turned out only a few customers walked in for their monies. This is proof of the hard work we have done over the last few years. I believe these depositors know the processes and services of CBG, and how smoothly and excellently we can execute payouts so they need not to rush.”

Commenting on the discounts, Mr. Addo indicated depositors who have either received or are due Commercial Paper in partial satisfaction of their claims will now receive cash payments at no discount for the Commercial Paper they have either received or is due to them – adding that depositors who have already discounted all or part of their Commercial Paper will receive a full refund in cash of the discount they suffered.

Depositors of the collapsed institutions were given the green light to from Wednesday, September 16, 2020 to have full access to their funds – following the release of a total GH¢3.56billion to settle the remaining depositor-claims of the 347 defunct Microfinance companies, 23 Savings and Loans and Finance Houses following government’s announcement of resolution of the original commercial paper, also known as bond, to enable the customers receive the remainder of their claims fully in cash.

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