FIFFA liquidator solicits proof for repayment

Creditors in and out of the country have been given 30 and 60 days respectively to produce the documents.

Creditors of the defunct First Investment for Financial Assistance (FIFFA) microfinance institution have been given 30 days (for those resident within the country) and 60 days (for those without) to show proof of being owed.

According to a release issued by the liquidator, eight agencies have been created in the country where the support documents can be submitted.

Each creditor is expected to chip in FCFA 2,000 to support the cost of research to ascertain the amount and other related costs.

Meanwhile, to debtors, be they civil servants and State agents, business people, NGOs and others, the liquidator says he counts on their goodwill for a speedy settlement of debts.

The microfinance institution hitherto reputed for seriousness went bankrupt in 2012 plunging its clients into uncertainty of their salaries and savings.

The Central African Banking Commission then took the decision on January 10, 2014 to liquidate the microfinance institution and appointed a liquidator.

What is rather curious is that at a time most structures that are owed money are fast embracing forceful recovery strategies, FIFFA is banking on the understanding of debtors.