Customers besiege Equity Savings and Loans facility over inability to access funds

Thousands of customers of Equity Savings and Loans Limited have reportedly been left stranded after widespread complaints of inability to access funds at the financial facility.

The development has sparked anxiety among depositors and renewed concerns over stability within Ghana’s savings and loans sector.

According to a report by myjoyonline.com, on June 1, 2026, several affected customers said they have been unable to access their funds for months, with some branches reportedly shut or no longer operational.

Many customers say the situation has disrupted businesses, investments and household finances, leaving them unable to meet basic obligations.

One customer involved in the importation of phones, laptops and accessories said he had planned to withdraw funds to restock his business when the dollar began rising but was turned away.

“When the dollar started skyrocketing, I decided to take a huge sum from my account because I am into importation of phones, laptops and accessories so I can restock my shop. The first time I went for GH¢80,000, I was told I cannot take such amount because they don’t have enough money,” he said.

We are working to recover GN Savings customers' funds - Dr Nduom

Other customers said they only realised the seriousness of the situation after discovering some branches had been locked.

“My friend alerted us that the facility had been locked. I initially didn’t believe it, but when we went to check, it was true,” one depositor said.

Some long-term clients reported that branch operations had ceased months ago without clear communication from management.

“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” another customer indicated.

Several depositors also described repeated failed attempts to retrieve savings or update accounts, saying they were repeatedly told cash was unavailable.

“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” another affected customer said.

The situation has deepened fears about depositor protection and confidence in Ghana’s savings and loans industry, as affected customers await clarity on the status of the institution and the safety of their funds.

MRA/VPO

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