The Bank of Ghana (BoG) has launched investigations into reports of withdrawal difficulties and alleged branch closures involving Equity Savings and Loans. According to sources at the central bank, internal processes have been activated to verify complaints that some customers have been unable to access their deposits for more than a year.
The move follows growing concerns from customers who claim they have been unable to withdraw their savings due to prolonged delays and operational challenges at the financial institution.
According to citinews, checks indicate that the Lapaz branch of Equity Savings and Loans has reportedly remained closed for about a year, while the East Legon branch has also been shut over the same period. Several affected customers have expressed frustration, calling on regulators to intervene and help them recover their funds.
One customer, Efia Ansah, said she has saved with the institution since 2021 but began experiencing withdrawal difficulties about a year and a half ago.
She alleged that customers were often told there was insufficient cash available, even for smaller withdrawals, and said she was left with a balance of GH¢450 after her last transaction.
Another customer, who said she had about GH¢40,000 in savings before withdrawing part of it for business needs, added that she has been unable to access her remaining GH¢11,000, which has affected her livelihood.
Efforts to reach the management of Equity Savings and Loans for comment were unsuccessful.
Customers say they are now awaiting the outcome of the Bank of Ghana’s investigations and possible regulatory action.
Source: Citinewsroom.com
