Customers of Express Link Micro Finance in the Ashanti Region, whose savings are locked up with the company, have called on the Bank of Ghana to assist them retrieve their savings.
The firm, which has branches in Atonsu and Santase in Kumasi, was one of the 60 microfinance companies whose licences were withdrawn by the central bank early this year. Some customers said they are yet to receive a refund of their savings.
Earlier in the year, a number of microfinance scams hit the Brong Ahafo Region, leading to the closure of some illegal institutions including DKM Diamond, God is Love Fan Club and Jastor Motors.
Though the Bank of Ghana has stepped in to help the customers retrieve their monies, their efforts are yet to yield any significant results.
The central bank is also yet to conclude a process led by the Auditor General’s Department to liquidate the assets of the MFIs and refund the investments to the customers.
Parliament on Monday July 4 passed the Depositors’ Protection Bill to safeguard customers’ deposits with banks, saving schemes, and microfinance institutions.
In the event that customers are swindled, the bill is in place to make sure that clients will be reimbursed not necessarily to the full amount, but, at least, to recover a certain percentage.
Source: Ghana/ClassFMonline.com/91.3FM
