Some customers of the erstwhile GN Bank (now GN Savings and Loans) in Dzemeni, Volta Region, have asked the management of the bank and its founder, Dr Papa Kwasi Nduom, to pay them back their deposits within two weeks.

The customers say if GN Savings and Loans fails to heed their demand within the ultimatum period, they will be compelled to take action against the financial institution which was downgraded from a commercial bank to a savings and loans company by the Bank of Ghana on 4 January 2019.

The downgrade was a consequence of GN Bank’s inability to raise the new minimum capital requirement GHS400 million.

At a news conference in Accra to announce the decision, BoG Governor Dr Ernest Addison said: “GN Bank (GN) was unable to comply with the minimum capital directive by 31 December 2018. Consequently, GN Bank has applied for, and the Bank of Ghana has approved the grant of a savings and loans company licence. The Bank of Ghana has also approved a transition plan submitted by GN for winding down aspects of its business which are not compatible with a savings and loans company licence.”

Since the downgrade, customers of GN Savings and Loans in Dzemeni say they have not been paid a dime of their own deposits and other investments with the company.

The Convener for the Aggrieved Customers of GN Bank in Dzemeni, Mr John Abotsi, told journalists at a press conference in Tongor Dzemeni on Wednesday, 12 June 2019 that the inability of the management of GN Savings and Loans to pay them their deposits is affecting their businesses negatively.

“As customers of GN Bank in Dzemeni, we are demanding our investments and deposits that we made to the GN Bank. We give the bank two weeks or else, we, as the customers of this bank, will take the necessary action against the bank.

“We are more than fifty customers, some of us are fishermen, fishmongers, farmers, businessmen and others.”

He added: “In 2018, the bank reportedly found itself in the midst of the nation’s banking crisis and told the customers that efforts were being made to rescue the bank and must be given some time to pay back their investments. It has been almost a year since the crisis and we are yet to receive our money.

“Though we have made several attempts, the management always claims the bank has no money to pay us back.”

Source: Ghana/ClassFMonline.com/91.3FM