Partial cash bailout processes for affected customers of financial companies begin – SEC

The Securities and Exchange Commission (SEC), says the processes for government’s partial bailout has begun for the remaining affected Fund Management Companies in line with its earlier notice on November 18, 2020.

It said the partial cash bailout which involved a payment of up to GH¢50,000, would cover all clients of the remaining affected Companies including customers of Gold Coast Fund Management Limited (now Blackshield Fund Management Company Limited).

A statement issued in Accra by the Commission said in the end, the partial bailout being offered would result in 89 per cent of individuals and 82 per cent of pensioners being fully covered.

It said the validated claims in excess of this partial cash payout amount shall be covered after the liquidation proceedings in Court, in line with the terms being applied under the bailout package for the clients of the Fund Management Companies currently undergoing liquidation proceedings.

“SEC wishes to inform the investing public that a large number of affected clients have been sent SMS messages containing the value of their validated claims with outstanding customers to be covered shortly,” it said.

The statement said interested claimants must now follow three simple steps (reduced from six steps) outlined to access the partial bailout in cash.

It said the first step was the accept offer, where customers would use the claim ID sent by SMS to accept the package at

The statement urged customers to be sure to click ‘Submit’ at the end.

“You will receive a text message with your AM Fund account number within a maximum of 5 working days,” it said.

It said the next step was the onboarding and know your customers stage, where they would be allowed to upload their onboarding documents (passport picture, ID document, address document, etc.) at

It said customers would receive a text message within five business days that your money has been paid into GCB Bank account number.

Finally, the collection step, the customer Go to a GCB Bank branch with copies of the onboarding documents they uploaded.

“Your account will be activated, and you can access the cash,” it added.

The statement said the over 10,000 clients who have already completed step one will be contacted shortly to complete the last two steps to access their payment of up to GH¢50,000 conveniently.

It said clients with validated claims in excess of GH¢50,000 could also opt to wait for the conclusion of the liquidation processes in court to access the full bailout package.

For the avoidance of doubt, the partial bailout of GH¢50,000 would be paid as cash into the bank accounts that would be opened at GCB Bank for each client.

It said clients would therefore be able to withdraw cash as soon as their accounts are activated.

The SEC, therefore, appealed to all affected clients, who opted for the partial bailout package to patiently follow through with all the processes and rely only on information provided by the Commission on the process.

“Clients, who are yet to receive their Claim IDs are advised not to panic as the SMS is being dispatched in batches,” it said.

The statement said the Government was committed to follow through with its bailout package for all validated claims.

Source: GNA

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