Minister of Finance, Ken Ofori Atta has announced that Government has initiated measures to repay deposits of all customers of defunct DKM microfinance.
The Minister who made the disclosure in Parliament during the presentation of the 2019 Budget on Thursday stated that over 90% of customers deposits at DKM has been paid by the state.
“In addition to all these clean-ups, Government has also taken steps to settle almost all claims of DKM customers. Mr. Speaker, you would recall that DKM Diamond Microfinance Limited had its license revoked in February 2016 with considerable suffering imposed on depositors, without any meaningful response from the previous government. That has significantly changed.
“The official liquidator received 99,858 claims and the validated claims amounted to GH¢502 million. I would like to inform the country that out of the 99,858 claims, 79,708 (80 percent) have been settled and depositors have been paid. The Government has set aside funds at the Bank of Ghana to pay the remaining 20 percent of depositors upon validation. An additional 12,612 claims have been fully provided for but the customers have not as yet been able to show proof of deposit. This means that 92 percent of DKM claims from depositors have been paid or provided for. Depositors for the remaining 7,568 claims of above GH¢10,000 are yet to reach agreement with the liquidators,” Ofori Atta said.
It will be recalled that scores of customers of the Microfinance Company lost millions of cedis of their investments after the Bank of Ghana in 2015 suspended the operations of the company for violating the Banking Act
The New Patriotic Party (NPP) ahead of the 2016 elections promised to pay the customers when it comes to power.