Fear grips First Allied Savings customers as company runs out of cash

Fear grips First Allied Savings customers as company runs out of cash

The Public Relations Officer (PRO) of the First Allied Savings and Loans Company, Jones Owusu, has confirmed that the savings of some customers are currently “locked up” as the company faces financial challenges.

According to him, the fiscal deficit the company is currently experiencing is as a result of an incessant nationwide withdrawal.

He explained that many customers mistook the savings and loans company as an entity owned by embattled former Ghana Football Association (GFA) president, Kwesi Nyantakyi.

Fear grips First Allied Savings customers as company runs out of cash

First Allied Savings and Loans is currently facing some financial crisis. Source: Atinkafmonline.com

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This, he said, has led to a number of the customers withdrawing their savings, which has in turn left the company without the necessary liquid to operate.

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…,” Mr. Owusu told the media.

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.

Meanwhile, some customers have lamented the situation after being told they would not be able to withdraw their monies.

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One trader by the name 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 had only up to Wednesday August 15 to fully pay her admission or forfeit her chance of entering into school this year.

However, the savings and loans company could only give her GHC2000 out of her total savings of GHC5000.

Another customer Prince Mensah Bonsu, who is a second-hand clothes seller, said he was promised that his money would yield up to a 26% increase at the end of every month for six months, but has neither received his initial deposit nor the supposed returns his money could yield.

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Source: Yen.com.gh

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