Customers of Defunct Western Rural Bank and Alpha Capital Savings And Loans Lament Over Poor Supervision By Bank Of Ghana

Some customers of defunct Western Rural Bank and Alpha Capital Savings and Loans in Takoradi are blaming their predicament on poor supervision by ARP Apex Dual Bank and the Bank Of Ghana.

Speaking on Radio 360′ morning programme , “Y3nsom”; a mechanic , Isaac Karne  who says he is still to be paid his 7,000 CEDI’s he deposited at the Effiakuma Branch of Western Rural Bank , said as a result of the predicament, he now hardly saves making his new bankers unhappy over his lack of enthusiasm anytime they call on him for savings.

A spare parts dealer , Victor Antwi said he lost over 6,000 cedis  of money that was entrusted him by some clients ; “…when things like this happen, I blame the Bank Of Ghana who are to  be continuously supervising some of these financial institutions yet they rather condone with them and allow to get off the hook with our monies ” ;as he lamented to morning show host Kwame Malcolm on Radio 360.

The Western Regional Branch Manageress of  Databank Investment , Emma Somia -Kwaw  wondered why customers will not probe for the track record of various financial institutions they transact business with ? She advised all to ensure to verify the various operational certificates of the various financial institutions they transact business with ; ” when we do sensitization at the markets ; they refuse to listen to us as we don’t offer loans..; ” she said.

She further advised prospective clients of financial institutions to look for realistic rates of return on their investments  when saving and advised them to venture into investments than always seeking for loans.

Various listeners who called blamed the Bank of Ghana for poor supervision and narrated similar ordeal from various financial institutions like Ghamfo microfinance.

The Executive secretary of Ghana Association of Savings and Loans , Tweneboah Koduah assured customers of Alpha Capital Savings and loans that the challenges being faced by clients will soon be redressed and assured various customers to ensure to share information anytime any microfinance is going through challenges so it can be redressed early enough not to endanger investments of patrons. He said recent stringent measures by the Central Bank for various financial institutions are all geared towards safeguarding savings of clients.