The Public Relations Officer (PRO) of the First Allied Savings and Loans Company, Jones Owusu, has conceded that the company is currently experiencing a financial shortfall which has caused a number of their customers’ savings to be “locked-up”.
Interacting with Atinka News, he put across that the fiscal deficit the company is currently experiencing can be attributed to a nationwide withdrawal that raided the bank of the necessary liquid to operate smoothly.
Commenting on the situation of the bank, he explained that their company had been mistaken for former Ghana Football Association (GFA) President, Kwesi Nyantakyi’s bank which made a number of their customers withdraw their savings.
“The company is currently facing some financial crisis…the truth is, there has been a massive withdrawal at all our nationwide branches; what brought about this issue is that when Kwesi Nyantakyi’s incident erupted, people mistook our company to be his…”
“Indeed, Kwesi Nyantakyi has a savings and loans company; his company is FSL and ours is FASL. But a blatant falsehood was peddled among the public that FASL belongs to Kwesi Nyantakyi so if customers do not withdraw their deposits, they’d lose their monies forever,” he explained.
Last week, a “pure-water” and buff loaf seller narrated her ordeal to Atinka FM’s Vincent Kwofie on her inability to withdraw her deposits at the First Allied Savings and Loans.
The lady, Frimpong Grace, narrated that she had gained admission to study a 3-year Registered Community Nursing Programme at the Nursing and Midwifery Training College, Korle-Bu, and has only up to Wednesday 15th of August to fully pay her admission or forfeit her chance of entering into school this year.
Upon several deliberations with the bank, GH₵ 2000 out of her GH₵ 5000 of her savings has been paid.
Meanwhile, the Public Relations officer of the First Allied Savings and Loans, Jones Owusu revealed that Grace Frimpong is not the only customer suffering this fate adding that some of their customers are going through similar or even direr situations and are yet to receive their monies from the institution, but the company is working assiduously to meeting their customers’ need.
Consequently, a number of customers of First Allied Savings and Loans have revealed to our news team that their monies have been “locked-up” with the bank. Among them is Prince Mensah Bonsu, a second-hand clothes seller who told Atinka news’ Owoahene Acheampong that he currently has GH₵ 40,000 in the domain of the company.
According to him, he was promised that his money would yield up to a 26% increase at the end of every month for six months. He says that he has neither received his initial deposit nor the supposed returns his money could yield.
In the wake of all these, we ask, in expectation of a response: what can the Central Bank of Ghana (BoG) do to cushion the First Allied Savings and Loans to prevent it from collapsing?
More to follow…
Ghana | Atinkaonline.com | Odel Boahen
