You are here: HomeNews2018 08 11Article 676022

General News of Saturday, 11 August 2018


Defunct BEIGE Bank's fixed deposit withdrawals blocked

Customers having fixed deposits with defunct BEIGE Bank have been blocked from making withdrawals.

Consolidated Bank, which has taken over assets and liabilities of the collapsed bank, has said it has detected some accounting anomalies between BEIGE Bank and its other related company BEIGE Capital Assets Management.

The CEO of Consolidated Bank, Daniel Addo, who has been in office for 11 days said it will take 10 days to resolve the problem.

BEIGE Bank collapsed on August 1, 2018 after the Bank of Ghana announced it has withdrawn the licence of the indigenous bank because it used fictitious and non-existent capital to obtain licenses.

The BEIGE Bank founded in 2008 by Mike Nyinaku, who is known for motivational speeches. He has revealed his admiration for the founder of Databank Ken Ofori-Atta and named "Built to Last" by Jim Collins and Jerry I. Porras as one of his favourite books.

The financial institution began as a microfinance company in 2008 and transitioned to a saving and loans company in 2012.

It was licensed to operate as a bank in 2016 but an eight-year progression ends in July 2018. The BEIGE Bank had 63 branches across the country.

The Bank of Ghana (BoG) has announced it is creating the Consolidated Bank Gh. Ltd to take over The BEIGE Bank and four other struggling banks in the country.

The others are Sovereign Bank, Royal Bank, Construction Bank and UniBank.