Customers of defunct fund management companies have expressed worry about government’s seeming lack of concern in the recovery of their locked up funds.
President Akufo-Addo in the State of the Nation Address last week assured customers of defunct Savings and Loans and Microfinance Companies including DKM customers, that they will be paid their funds in full starting Monday, February 24.
Checks by Citi Business News at various Consolidated Bank Ghana Branches on Monday February 24, did not indicate that payment for customers of defunct microfinance and savings and loans companies was taking place as expected.
Following President Akufo-Addo’s assurance of payment from 24th February, during the state of the nation address, the Receiver, Eric Nana Nipah, announced that only customers who receive messages notifying them should turn up for payment.
Citi Business News’ visit to some offices of CBG on Monday did not confirm that any affected customer had reported with proof of the notification message for payment.
But for affected customers of the 53 Fund Management firms that lost their licenses due to insolvency, they feel left out in the dark.
speaking on the Citi Breakfast Show on Monday, February 24, Spokesperson for Customers of defunct fund management companies, Charles Nyame, said the silence of President Akufo-Addo on their status bothers them.
“We are very worried based on the statement that the President made. In the SONA, the President made it clear that they are going to pay all deposits. All depositors that have issues as a result of this financial sector clean-up exercise,, and the President went into specifics, mentioning names. He even mentioned that of DKM, our name was not mentioned. And that wasn’t the first time. We were of the view that the President, if really the reason you are citing is the case, then he could have said something that the fund management too are part; but because their validation started not quite long ago, we are still working towards it”.
He insisted that “They could have said something. We have had series of press conferences asking the President to give us assurance of full payment as he has given the others. So if the President is concerned about what we are saying, what stops him from just saying something about our issue? That is what we are looking for” he stated.
According to the Receiver, corporate and SME customers of defunct financial institutions are also not left out in this bout of fresh payments.
Per the new mode of payment, the Consolidated bank says such customers will receive a default savings account that will be opened and communicated to them by the Receiver.