June 26, 2023

SSID’s decision to demand control of a transformed commercial entity leaves PGMF unable to register its microfinance business by the June 30 deadline. Without a registration, PGMF would be operating illegally at significant risk to its employees after June 30.

As a result, the Board of Directors has no option but to begin winding down the operations of PGMF. We have already returned excess savings to clients who have been located, this means savings that exceeded loan balances.

The most important part of this next process is to deal with remaining client loans in a way that benefits our clients.

Savings Offset

Each client’s savings shall be used to offset their existing loan balance.

Excess of Loan Balance

If, after offsetting savings, there is zero savings balance and a positive loan balance, PGMF forgives the excess of loan balance.

The client has no obligation to repay the excess of loan balance to PGMF or to anyone else.

At the end of this process, no client will owe any monies on any PGMF loans.