Data Bank opens branch in Sunyani

Data Bank on Thursday opened a new branch in Sunyani, with a call on the general public to check the authenticity of financial institutions before doing business with them.

Madam Gillian Hammah, Group Chief Marketing Officer of Data Bank, who made the call, alerted the public about the proliferation of fake micro-finance and investment clubs set-up to swindle unsuspecting customers.

The Sunyani branch is the 14th in the country, since Data Bank started operations in the country 27 years ago.

Madam Hammah observed that resource constraints had made it difficult for the security services and the Bank of Ghana to effectively supervise activities of the numerous investment firms in the country.

She urged investors to be cautious with financial institutions which promised those high but unsustainable interest rates saying it was dangerous for investors to do business with such institutions.

“It is better to check the years that such investment firms have been in the economy and also to know the experience and qualification of people managing your money”, she said adding “a company may be able to deliver in the first few years but would be difficult to know if it could survive”.

Nana Bofotia Boamponsem II, Kontihene of Sunyani Traditional Council, appealed to BOG to investigate into what he described as high interest rates charged by some financial institutions in the Sunyani Municipality.