Equity Savings And Loans Faces Collapse, Thousands Of Depositors Locked Out
- Thousands of Equity Savings customers are stranded as deposits become inaccessible amid institutional collapse
- Business owners face financial distress due to the inability to withdraw funds and the lack of transparency
- Customer confidence erodes, raising concerns about the overall stability of Ghana’s savings and loans sector
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Thousands of customers of Equity Savings and Loans Limited have been left stranded after widespread reports that their deposits have become inaccessible, following what appears to be the collapse of the institution.
The situation has triggered anger, anxiety and renewed concerns about stability within Ghana’s savings and loans sector.
Source: Getty Images
Joy News reported that several affected customers said they have been unable to access their funds for months, with some branches reportedly closed or no longer in operation.
Depositors have been unable to meet basic needs, run businesses, or service planned investments, raising fears of significant financial losses.
Even before the apparent shutdown, some customers said they had experienced difficulties withdrawing their funds, describing repeated explanations of liquidity challenges.
One customer, who deals in the importation of phones, laptops and accessories, said he was forced to reconsider his business plans after being denied access to a large withdrawal.
“When the dollar started skyrocketing, I decided to take a huge sum from my account because I am into the importation of phones, laptops and accessories so I can restock my shop. The first time I went for GH¢80,000, I was told I cannot take such amount because they don’t have enough money,” he said.
Others said they only became aware of the severity of the situation after visiting branches and finding them closed.
“My friend alerted us that the facility had been locked. I initially didn’t believe it, but when we went to check, it was true,” one customer said.
Some long-term clients reported that operations at certain branches had been suspended for months, with no clear communication from management.
“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” another depositor said.
Another customer described uncertainty and lack of transparency, saying clients were left in the dark about the institution’s status.
“Since I came here, I have never seen the facility operating… people ask about them, but I just tell them they are not around,” he said.
Several customers said they had made repeated visits to access or update their accounts but were met with closed offices and empty premises.
“I made a three-year investment. I hardly visit the facility, but when I came to correct my arrangement, I found the office locked,” one depositor said.
Others claimed they were repeatedly told there was no cash available, despite returning multiple times over extended periods.
“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” another affected customer said.
The inability to access savings has reportedly left many households and small business owners in financial distress. Some say they can no longer restock goods, pay rent, or meet daily living expenses, particularly those who relied on their savings for trading and investment activities.
The situation has also eroded confidence among depositors, with many expressing concern over the safety of their funds and the broader stability of Ghana’s savings and loans sector.
Source: YEN.com.gh
