EOCO probes AGT microfinance company

Business News of Tuesday, 12 December 2017

Source: citifmonline.com


African Guaranty Trust (AGT) Microfinance

The Economic and Organised Crime Office (EOCO) has taken over a case involving AGT Microfinance over the company’s inability to pay customers whose investments are due.

Citi Business News understands the management has since been compelled to make some commitments in settling the affected customers.

Citi Business News’ checks at the central bank show that this issue has been going on for at least the past one year.

The challenge has also been attributed to the management decision to diversify its operations.

The locked up money is estimated to be in tens of thousands of Ghana cedis.

These angry customers who thronged the premises of AGT Microfinance expressed their frustration to Citi Business News.

“Since July every time I come here, they will tell me one story or the other. Last time I came here and I had a problem with them and they gave me a phone number to call but every time I call it they tell me one story or another,” a frustrated customer said.

They also say they are owed to the tune of 15,200 cedis altogether.

“The last time I came here they gave me twenty cedis I wanted to collect two hundred cedis and they gave me only twenty cedis”

Another aggrieved customer said, “they are owing me more than fifteen thousand Ghana cedis so later they said they will write our names down and give us a call when the money comes but up till now they haven’t called me”.

Even though the company is still in operation, Citi Business News understands that it is only involved in collecting unpaid loans and to fulfill the agreement with EOCO to settle all outstanding claims by liquidating the assets of AGT Microfinance.

The BoG also explains that the company has since been restricted from taking fresh deposits.

Meanwhile, efforts by Citi Business News to reach the management team of AGT Microfinance Company for a response, have been unsuccessful.

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