Customers of Equity Savings and Loans Limited are growing increasingly frustrated as the East Legon and Lapaz branches of the institution remain closed for over a year, leaving many unable to access their deposits.

Affected customers say the prolonged closure, coupled with the absence of clear communication or timelines for reopening, has heightened fears about the safety of their funds. Many are now calling for urgent regulatory intervention to address the situation.

The latest development adds to an already troubling history surrounding the financial institution, which has left thousands of customers stranded in what appears to be a prolonged operational crisis.

Earlier reports indicated that customers had struggled for months to withdraw their savings, with some encountering repeated explanations from the company citing liquidity challenges. Over time, several branches reportedly became non-operational, leaving depositors shocked when they arrived to find offices locked without prior notice.

The financial strain on customers has been severe. Many individuals and small business owners say they have been unable to meet basic needs or sustain their operations due to inaccessible funds. For some, the locked-up deposits represent years of savings and critical business capital.

One affected trader recounted how he was denied access to GH¢80,000 at a crucial moment when he needed to restock his business amid rising exchange rates. Others shared similar experiences, noting that they were repeatedly told there was no cash available.

Long-term clients have also expressed disappointment over what they describe as a lack of transparency from the institution. Some said they only discovered the extent of the problem after physically visiting branches and finding them closed for extended periods.

The continued shutdown of key branches like East Legon and Lapaz has intensified concerns about the stability of Ghana’s savings and loans sector, with many customers questioning the effectiveness of regulatory oversight.

As uncertainty persists, affected customers are demanding answers, accountability, and swift action from authorities to safeguard their investments and restore confidence in the financial system.


Story by: Andre Mustapha Nii Okai Inusah
Popularly Known As: Attractive Mustapha
Email: attractivemustapha@gmail.com
Contact Number: 00233244 259 564