CVM petitions BoG to shut down Yaa Asantewaa Rural Bank, Multi Credit Savings and Loans

The Concerned Voters Movement (CVM) has written to the leadership of the Bank of Ghana to shutdown to two financial institutions for not adhering to the laws governing their operations.

According to CVM, the Bantama Race Course branches of Multi Credit Savings and Loans and Yaa Asantewaa Rural Bank operate in structures that pose threat to depositors, staff and clients.

The group argued that the premises of the two financial bodies are ‘unfit for business’ hence the need for the BOG to close them down.

Below is the statement

CVM Petition BOG Over Activities of Multi Credit Savings & Loans and Yaa Asantewaa Rural Banks at Bantama Race Course

The Leadership of Concerned Voters Movement has petitioned the Bank of Ghana to shut down the branches of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in Kumasi.

The Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank are disrespectfully flouting Section 16 and 25 of the Act 930 Banks and Specialised Deposit-taking Institutions Act, 2016 and other banking and financial regulations.

The Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course are using Unsafe Containers as their respective Branches. The unsafe containers are a threat to depositors, funds of depositors, staff, clients and potential customers of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank.

According to Section 7 of the Licensing Requirements for Savings and Loans and Finance Houses, a Savings and Loans Company is mandated to demonstrate its readiness to commence business by ensuring that its Premises has sufficiency of title deeds/lease agreements, approval by relevant authorities, adequacy of business premises, staff operating area, ventilation, lighting and the security of the premises should be safe and more secured.

The premises of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in Kumasi are clearly unsuitable to do business.

These two financial institutions does not have permit from the Kumasi Metropolitan Assembly and the premises are equally unsafe, detrimental to the interests of depositors, funds of depositors and the general public.

The unsafe Containers of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank are temporary structures and could be demolished by relevant authorities anytime soon.

We are urging the Bank of Ghana to close down the branches of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in order to protect the interest of depositors, staff and the general public.

....Signed...

Razak Kojo Opoku

(CVM Founder and President)