Microfinance
customers drag BoG to court
Citi Business News has gathered some
customers of DKM diamond microfinance have hurled the bank of Ghana (BoG) to
court to force it to release monies belonging to them.
The Bank of Ghana on Monday May 11th, suspended the operations of DKM Diamond Microfinance Company Limited for violating the banking Act.
According to the bank of Ghana it has placed a ninety day moratorium on the operations of the company while the issue is resolved. The microfinance company’s account together with that of its subsidiaries have been frozen by the bank of Ghana following the suspension.
The Bank of Ghana is expected to appoint auditors to audit the books of DKM Diamond Microfinance Company Limited following the suspension.
Head of supervision of other financial institution department at the Bank of Ghana, Raymond Amanfu told Citi Business News the company would be liquidated and depositors would be paid their principal investments after the audit is completed in three months.
The Bank of Ghana on Monday May 11th, suspended the operations of DKM Diamond Microfinance Company Limited for violating the banking Act.
According to the bank of Ghana it has placed a ninety day moratorium on the operations of the company while the issue is resolved. The microfinance company’s account together with that of its subsidiaries have been frozen by the bank of Ghana following the suspension.
The Bank of Ghana is expected to appoint auditors to audit the books of DKM Diamond Microfinance Company Limited following the suspension.
Head of supervision of other financial institution department at the Bank of Ghana, Raymond Amanfu told Citi Business News the company would be liquidated and depositors would be paid their principal investments after the audit is completed in three months.
But Citi Business News has learnt some
customers of DKM have hurled the central bank to court to get it to release
their monies immediately. According to them the Bank of Ghana must release
their funds to them while it carries out its audit of the microfinance company.
Earlier some customers of DKM in Bolgatanga, where one of its branches is located told Citi Business News they will boycott the company even if the Bank of Ghana clears it.
Meanwhile some players in the financial industry have lauded the Bank of Ghana for cracking the whip on microfinance company DKM diamond.
Speaking to Citi Business News banking consultant Nana Otua Acheampong said BoG’s move was long overdue.
Earlier some customers of DKM in Bolgatanga, where one of its branches is located told Citi Business News they will boycott the company even if the Bank of Ghana clears it.
Meanwhile some players in the financial industry have lauded the Bank of Ghana for cracking the whip on microfinance company DKM diamond.
Speaking to Citi Business News banking consultant Nana Otua Acheampong said BoG’s move was long overdue.
GHANAWEB
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