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General News of Tuesday, 20 August 2019


BoG licenses revocation: We’ll start pilling our monies under our beds instead – Customers

Following recent happenings with some major financial institutions in the country, some customers have decided to ‘bank in their homes’ rather than carry their monies and invest in any banking institution for fear of losing their monies in the face of any more revocations.

The Bank of Ghana Friday revoked the licenses of some 23 Savings and Loans Company Friday with reasons that they have become insolvent even after a reasonable period within which the Bank of Ghana had engaged with them in the hope that they would be recapitalized by their shareholders to return them to solvency.”

Hundreds of customers, following the announcement thronged the premises of the Women’s World Banking Savings and Loans Co. Ltd, one of the affected companies whose branch is in Madina, to follow up and retrieve their monies.

Catching up with some of them Monday, they expressed their frustrations, indicating how the development is affecting them.

While some begged for government intervention, others noted how their plans had been stalled because of the temporal ‘hold’ on their monies, some others were resilient in their decision to keep their own monies subsequently particularly with the seemingly ‘new trend’.

“Lots of women are saddened by this development, if that’s the case we will start pilling our monies under our beds for armed robbers to come for it rather than save it in bank with assurance only to end in this situation… is scary. If the government wants to wake up to the news of dead citizens, they should inform us”, an affected customer said.

A mother of four children who could not hold back her tears also said,

“I had a call from my child that she had gained admission to the University so I took my card and decided to go withdraw my money from the bank….. I sell in traffic and also work from home. I just saw a huge crowd at the bank and only alighted from my bus to find out what was happening. They claim that their licenses have been revoked so how will I get my money for my child’s school fees?”

“….we are pleading with the government to intervene in this situation, our children in Senior High will soon resume school and that’s why we saved”, yet another disturbed customer said.
Meanwhile, BoG has assured that funds are available to pay customers of the 23 finance houses and savings and loans companies whose licences were revoked Friday.

The Central Bank says it has provided funds to ensure that the Receiver of the financial entities, whose licences have been revoked, will pay the affected customers.

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