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Customers of savings and loans companies express frustration over closure

By Julius K. Satsi, GNA    

Accra, Aug. 19, GNA – Hundreds of Customers of
the defunct Women’s World Banking Limited have expressed frustrations over the
closure of the company, saying the development had lowered their confidence in
the local financial institutions.

The customers, who gathered at the Madina
branch of the Savings and Loans Company to fill their validation forms, said
the situation had left “a sour taste in their mouths”.

Mr Mohammed Abdul, a supplier, said his GHȼ10,000
was locked up at the Women’s World Banking Limited.

“I was on my way to deposit an extra GHȼ12,000
when I heard the news of the collapse and had to return home with the money,”
he said, adding for now, there is no motivation to do business with any of the
local financial institutions because “the trust that your money is safe was no
longer assured.”

Mr Abdul told the Ghana News Agency that he
had been doing business with the bank for the past 15 years, and that, the
current situation had made him lose hope in the banking system.

Mrs Dorcas Sowah, a Customer with the WWBG
Savings and Loans, with a deposit of GHȼ1,000.00, was not happy with trend of
how financial institutions were being mishandled in the country.

She said: “If we don’t hear anything from
the government, we will take it like that because even Menzgold suffered same
fate but from now we will prefer putting our monies in the house than any bank.

“If we keep our monies in the house and
armed robbers come for it, at least we know that we kept it and it was stolen
than to keep it in a bank and suffer such a heartbreaking experience,” she
added.

Madam Thereza Konadu, another customer with
GHȼ3,100.00 at the Savings and Loans Company said “it was heartbreaking to
learn that the company you are saving with had been closed down.

She said: “we’ve been asked to form a queue
to complete a validation form within the banking hall and that is why we are
here in this long queue.”

The Bank of Ghana on August 16 revoked the
licenses of some 23 insolvent Savings and Loans Companies and further appointed
Mr Eric Nipah as a Receiver for the specified institutions.

GNA

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