Customers of savings and loans companies express frustration over closure

Accra- Hundreds of Customers of the defunct Women’s World Banking Limited have expressed frustrations over the closure of the company, saying the development had lowered their confidence in the local financial institutions.

The customers, who gathered at the Madina branch of the Savings and Loans Company to fill their validation forms, said the situation had left a sour taste in their mouths.

Mr Mohammed Abdul, a supplier, said his GH?10,000 was locked up at the Women’s World Banking Limited.

I was on my way to deposit an extra GH?12,000 when I heard the news of the collapse and had to return home with the money, he said, adding for now, there is no motivation to do business with any of the local financial institutions because the trust that your money is safe was no longer assured.

Mr Abdul told the Ghana News Agency that he had been doing business with the bank for the past 15 years, and that, the current situation had made him lose hope in the banking system.

Mrs Dorcas Sowah, a Customer with the WWBG Savings and Loans, with a deposit of GH?1,000.00, was not happy with trend of how financial institutions were being mishandled in the country.

She said: If we don’t hear anything from the government, we will take it like that because even Menzgold suffered same fate but from now we will prefer putting our monies in the house than any bank.

If we keep our monies in the house and armed robbers come for it, at least we know that we kept it and it was stolen than to keep it in a bank and suffer such a heartbreaking experience, she added.

Madam Thereza Konadu, another customer with GH?3,100.00 at the Savings and Loans Company said it was heartbreaking to learn that the company you are saving with had been closed down.

She said: we’ve been asked to form a queue to complete a validation form within the banking hall and that is why we are here in this long queue.

The Bank of Ghana on August 16 revoked the licenses of some 23 insolvent Savings and Loans Companies and further appointed Mr Eric Nipah as a Receiver for the specified institutions.

Source: Ghana News Agency