Customers of GN Savings & Loans storm head office to demand locked up cash

By Justice Kofi Bimpeh
Head Office, GN Savings & Loans

Scores of customers of GN Savings & Loans, which was until recently a licensed commercial bank, today, Wednesday, gathered at the company’s head office in frustration, to demand their investments.

According to them, GN Savings & Loans, which attained its Savings and Loans status in January 2019, following a cleanup of the banking sector, isn’t forthcoming with their savings.

GN Savings & Loans, which was incorporated on May 30, 1997, has in recent times faced liquidity challenges and is unable to meet withdrawal demands of depositors.

The customers, who have come from various parts of the country, say they have been compelled to converge on the premises because they are unable to get their monies from the respective branches.

They are being given Ghc200 each irrespective of the amounts they are seeking. According to some of the frustrated customers lamented the entity’s lack of communication with them.

Read also: GN Bank demoted to savings and loans- BoG

“I came all the way from the Volta Region. Since, my salary is paid through this bank, I came here four months ago to seek clarity, but they gave me only Ghc200. I have more than Ghc3,000 in my account, I want to withdraw more than Ghc2000, but anytime I come, they give me Ghc200. Since October, all they give me is Ghc200 anytime I come and they are not telling me anything.”

Early in 2019, the Bank of Ghana(BoG), downgraded GN Bank to a Savings and Loans company. By this, the bank, owned by businessman Dr. Papa Kwesi Ndoum, lost its banking license. The Bank of Ghana made the announcement on Friday, January 4, 2019.

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