BoG probes claims of locked deposits at Equity Savings and Loans

Customers of Equity Savings and Loans have appealed to the Bank of Ghana (BoG) and government authorities to intervene, claiming they have been unable to access their savings for more than a year.

The development has prompted the central bank to investigate reports of prolonged withdrawal difficulties and the closure of some branches operated by the financial institution.

The move is aimed at verifying claims that customers have been denied access to their funds despite repeated attempts to make withdrawals.

The concerns come after checks at the company's Lapaz and East Legon branches reportedly revealed that the offices had remained closed for nearly a year.

Some affected customers say the situation has disrupted their livelihoods and businesses, with many expressing uncertainty about the fate of their savings.

One customer, Efia Ansah, recounted how she began experiencing difficulties accessing her funds about a year and a half ago, despite having saved with the institution since 2021.

According to her, customers were regularly informed that there was insufficient cash available to process withdrawals.

“There was a time when, even if you wanted to withdraw as little as GH¢1,000, the cashiers would tell you there were insufficient funds. I remember the last time I made a withdrawal; after the transaction, I was left with a balance of GH¢450,” she said.

She further alleged that customers were never officially informed about the closure of some branches, leaving many in the dark about the status of their deposits.

Another depositor disclosed that his inability to access funds held with the institution has severely affected his business operations.

“I had saved close to GH¢40,000 with the company, but I withdrew part of it to support my business, leaving a balance of about GH¢11,000. Since I have been unable to access those funds, my business has suffered and is now struggling,” he said.

The customer appealed for urgent intervention from the authorities.

“I am appealing to the government and the relevant authorities to help us recover our deposits so that I can reinvest in my business and get it back on track,” he added.

Customers say they are hopeful that the Bank of Ghana’s investigations will provide answers and pave the way for the recovery of their funds.

The latest development has raised fresh concerns among depositors about access to funds and regulatory oversight in Ghana’s savings and loans sector, with affected customers anxiously awaiting the outcome of the central bank’s probe.

ANAS/MA

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