The Bank of Ghana (BoG) says it will not consider an appeal by aggrieved customers of DKM microfinance company over handing over their cash with the company to them.<\/p>\n
[contextly_sidebar id=”fuDZOdzQEoFRAK7akRUjKjYM5KEXdaJ5″]The customers want the central bank to give back matured investments they have in the company whiles investigations into the company for violating the banking act continue.<\/p>\n
According to the BOG, such a consideration goes against the banking act.<\/p>\n
\u2018\u2019Considering that decision is contrary to the provisions to the act that we are operating under; what we are trying to determine is to know how much deposits are in there but when you jump the gun, then it will be difficult for the auditor to reconcile the position\u2019\u2019 Head of Microfinance at the Bank of Ghana, Raymond Amanfu told Citi Business News in an interview.<\/p>\n
DKM woes<\/strong><\/p>\n The BOG last month placed a 90 day moratorium on the operations of the microfinance company for breaching the banking act.<\/p>\n This was to allow for a thorough scrutiny of their operations scattered across the country.<\/p>\n Raymond Amanfu tells Citi Business News until the auditors investigating the company conclude their work, the BOG cannot release customers deposits.<\/p>\n He adds that customers of DKM must exercise restraint because the BoG is trying to expedite action on investigations.<\/p>\n \u2018\u2019If the investigations are concluded before the 90 days, then depending on the auditor\u2019s report, we will determine either we are paying people or ask the company to come back into operations.\u2019\u2019<\/p>\n When asked about the safety of customers deposits, Mr Amanfu said it is only the auditor\u2019s report that can guarantee that.<\/p>\n Court action\u00a0<\/strong><\/p>\n Meanwhile the Bank of Ghana says DKM Microfinance can only resume operations if it is able to meet all liabilities after the 90 day moratorium.<\/p>\n Prior to this appeal some customers of DKM diamond microfinance had threatened to hurl the bank of Ghana to court to force it to release monies belonging to them.<\/p>\n According to them the Bank of Ghana must release their funds to them while it carries out its audit of the microfinance company.<\/p>\n 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.<\/p>\n – The Bank of Ghana (BoG) says it will not consider an appeal by aggrieved customers of DKM microfinance company over handing over their cash with the company to them. [contextly_sidebar id=”fuDZOdzQEoFRAK7akRUjKjYM5KEXdaJ5″]The customers want the central bank to give back matured investments they have in the company whiles investigations into the company for violating the banking […]<\/p>\n","protected":false},"author":14,"featured_media":115488,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"\n
\nBy: Lorrencia Nkrumah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"