Angry and desperate customers descend on GN Savings and Loans for their monies

Angry and desperate customers descend on GN Savings and Loans for their monies

A number of customers of GN Savings and Loans, a financial institution that was until recently a licensed commercial bank, gathered at the company’s head office in frustration, to demand back their investments.

GN, which primarily belongs to politician and businessman, Paa Kwesi Nduom, was recently downgraded as a savings and loans from a bank. reports that according to the frustrated customers, the entity, which attained its Savings and Loans status in January 2019, is not forthcoming with their savings.

The financial institution was incorporated on May 30, 1997 and has in recent times faced liquidity challenges, and is unable to meet withdrawal demands of depositors.

According to the governor of the central bank, Dr. Ernest Addison, GN Bank had failed to meet the GHC 400 million minimum capital requirement by the 31st December 2018 deadline.

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Nduom bank
Papa Kwesi Nduom. Photo credit: Supplied
Source: Instagram

The customers, who have reportedly come from various parts of the country, say they have been compelled to converge on the premises because they are unable to get their monies from the respective branches.

They are however being given GHC 200 each on Wednesday, January 23, irrespective of the amounts they are seeking.

One was quoted as saying: “I came all the way from the Volta Region. Since, my salary is paid through this bank, I came here four months ago to seek clarity, but they gave me only GHC200.

I have more than GHC3,000 in my account, I want to withdraw more than GhC 2000, but anytime I come, they give me GHC 200. Since October, all they give me is GHC 200 anytime I come and they are not telling me anything.”

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GN have so far not issued any statement to the present development at their head office although matters are sure to clear up in coming days.

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