Customers of defunct savings and loans companies beseech Bank of Ghana to set up 'Consolidated Savings and Loans Company' to help them retrieve their funds

The customers of the defunct savings and loans and finance house companies in Ghana have beseeched the Bank of Ghana to set up a Consolidated Savings and Loans Company or a Consolidated Microfinance Company through which their locked-up funds should be paid

Customers of defunct savings and loans companies beseech Bank of Ghana to set up 'Consolidated Savings and Loans Company' to help them retrieve their funds

According to them, the move will enable them to retrieve their funds without any challenges just like the Consolidated Bank Ghana which was set for the collapsed banks.

The group christened the Coalition of Affected Savings and Loans Customers (CASLOC), said all their accounts should be “migrated and credited fully there if only the current Banking and Specialized Depositors Act will permit.”

At a press conference in Kumasi, CASLOC said even if their request is not permissible their accounts should be migrated to an existing universal bank or banks, “possibly the Consolidated Bank Ghana (CBG).”

This, according to CASLOC, is because that is where currently all the payments of affected customers are being paid from.

The group said if the current trend of payment should continue no customer can tell when he or she will have access to locked-up funds.

Additionally, they noted that it will take the Receiver and his staff about 132 years to finish paying all the locked-up funds of the over 3.3 million customers.

The Chairman and Secretary of the group, Kofi Sarpong and Mr Ezekiel Annor Akagbo respectively called on the Council of State, Parliament, the Former Presidents, the National House of Chiefs, among others to help them to retrieve their funds.

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