Pimcel Microfinance Company has commenced paying the interest accrued on its customers investments after putting it on hold for months.
The development follows a report filed by Citi Business News early this week over the microfinance company’s refusal to pay customers their investments which were due.
[contextly_sidebar id=”5fxXJB7vZ2yL58W288Pdxo1bc8sSG9ag”]The customers had appealed to the Bank of Ghana to step in to help them retrieve their locked up cash.
But some of the customers told Citi Business News on Friday that the company had begun paying up the monies.
“They have given it to me. They collected my card and gave me the money”.
Another customer also said they have promised to give back her money soon.
“I have my card with them. They have instructed me to come next week Friday for it so I will go for it soon”.
Meanwhile, Managing Director of Pimcel Microfinance, Ebenezer Bimpong tells Citi Business News his outfit delayed in making the payment due to the inability of some of the customers to pay back loans given them.
“We have a little challenge because of the panic withdrawal but one of the most interesting thing is the money that we have outside, when you multiply what we are owing them it’s almost times 15 of that. Our clients are feeling a bit reluctant to pay us so we have decided to quickly mobilize what we have to settle the customers; afterwards, we chase our funds”.
He added that “the case is no bank on this earth can stand a panic withdrawal. We even put up the names of the defaulting micro finance institutions on our notice board just to let them know we are trust worthy but they still did not believe us. Most of them had made up their minds already to close business with us. But in all you can see that they are scared because of the panic withdrawal.”
He however assures his outfit is still in good standing.
We have all the records there. In case of anything, we are rather losing more. So that has crippled us small but by God’s grace we are in control.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana