The Member of Parliament (MP) for Obuasi West in the Ashanti Region, Mr. Kwaku Kwarteng has given Eden Micro-Finance an ultimatum to settle all customers in Obuasi who want to withdraw their deposits and savings or face legal action.
The ultimatum was contained in a letter dated 19th August 2013, written to Eden Micro-Finance. It followed a public meeting the Member of Parliament had with affected persons at the Obuasi Central Market.
Mr. Kwarteng notes in his letter that: ‘As a Member of Parliament, the sight of people wailing because many months of savings or deposits cannot be accessed for the purpose of their petty trading or payment of school fees is extremely worrying.’
If the ultimatum is anything to go by, then Eden Micro-Finance will have to give a clear date on which they will make all outstanding payments, or else they will meet the Member of Parliament and the affected persons in court next Monday,
Below is the letter Mr. Kwaku Kwarteng wrote to the management of Eden Micro-Finance and copied to the Business Chronicle:
19th August 2013
Branch Manager Eden Micro-Finance Ltd Obuasi
CUSTOMERS’ INABILITY TO ACCESS THEIR SAVINGS AND DEPOSITS
I write in respect of the inability of some residents of Obuasi to withdraw savings and deposits they have made with Eden Micro-Finance. Many of the affected persons have suffered this problem since April of this year.
I have had discussion with the staff at your office about this matter and appreciate the natural difficulty a financial institution could have if many of their depositors applied to withdraw their deposits or savings at the same time.
However, four (4) months should have been enough time to mobilise the required funds and to settle the affected depositors. With due respect, the continued explanation by your bank that the deposits and savings have been invested and will take time to mature is no longer convincing or acceptable.
As a Member of Parliament, the sight of people wailing because many months of savings or deposits cannot be accessed for the purpose their petty trading or payment of school fees is extremely worrying.
May I, therefore, suggest that, within seven (7) days from the date of this letter, you give us a clear and acceptable date on which the affected persons will be paid their monies. Should this problem continue, we will have no choice but to invite the law courts to determine the matter, and to impose the necessary remedies.
We look forward to a speedy response of these concerns.
(MP, Obuasi West Constituency)
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