Why BoG is investigating Equity Savings and Loans

The Bank of Ghana (BoG) has begun investigations into operational concerns at Equity Savings and Loans following reports of locked offices and customers’ inability to access their deposits.

The move comes after growing complaints from depositors who say they have faced prolonged withdrawal challenges, with some claiming they have been unable to access their funds for over a year.

According to sources at the Central Bank, internal supervisory processes have been activated to verify these allegations and assess the financial and operational status of the institution.

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Checks by Citi Business News indicate that the company’s Lapaz branch has reportedly remained closed for about a year, with similar reports of closure at the East Legon branch.

The situation has raised serious concerns among customers, many of whom say they were not formally informed about the shutdown of the affected branches.

Several customers have described difficulties accessing their savings, with some alleging repeated explanations from staff about insufficient cash to process withdrawals.

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One customer, Efia Ansah, said she had been saving with the institution since 2021 but began experiencing withdrawal problems about a year and a half ago.

She recounted instances where even small withdrawal requests could not be fulfilled, leaving her with a reduced balance she could not fully access.

Another aggrieved depositor, who claimed to have saved about GH¢40,000 with the company, said he was still unable to access approximately GH¢11,000, adding that the situation has negatively affected his business operations.

Customers are now awaiting the outcome of the Bank of Ghana’s investigations and any possible regulatory intervention to help resolve the issue and secure their deposits. Efforts to reach management of Equity Savings and Loans for comment have so far been unsuccessful.