Customers of defunct microfinance company, DKM, have expressed gratitude to the Akufo-Addo-led government for fulfilling a 2016 promise to pay them back their locked up investment.
“We are so grateful that the promise made by the government is being fulfilled,” the spokesperson of the group, Maxwell Mahama told Accra-based Asaase Radio Thursday.
In 2015, the Bank of Ghana revoked the operational license of DKM after it discovered that the microfinance company was engaged in businesses outside the remit of its license.
Per the law, the Central Bank does not allow microfinance companies to invest more than 25% of its paid-up capital.
But despite a paid-up capital of 1million cedis, the company was found to have invested more than 16million cedis in properties, plants, and equipment.
The company was unable to pay back its customers who took turns to withdraw funds. Some customers had as much as GHc 600,000 locked up at the savings and loans company.
The Bank of Ghana had described DKM as “something close to a Ponzi scheme.”
Based in Sunyani, the company was popular in the northern belt of the country, stretching to Wa in the Upper West region. DKM’s collapse sparked a depositors’ clamour for refunds.
The then NPP Presidential candidate, Nana Akufo-Addo during the 2016 campaign promised to pay the customers their full investment when voted into power.
Close to four years since the promise, the spokesperson for DKM and allied customers, Maxwell Mahama, has acknowledged the government has kept its word.
He said customers began receiving full payment of their principal on Wednesday, August 5 in a schedule expected to end August 13, 2020.
The payments to depositors of DKM and other microfinance companies that collapsed from 2015 is expected to hit 5 billion cedis, according to the government.
DKM alone had more than 2,000 verified customers in four main branches in Bolgatanga in the Upper East Region, Wa in Upper West, and two other branches in Sunyani in the Bono Region.
The Registrar-General, Jemima Oware, selected as the liquidator, has completed a ‘laborious’ process of verifying and validating claims.
Providing details of the verification and validation process, the DKM spokesperson, Maxwell Mahama, confirmed that some 533 customers in Bolgatanga, 695 in Sunyani, and 675 in Wa had been verified to receive payments.
The payment is a final top-up of their deposits after two previous payments had already been made.
Hi what about those whose names were not part of the lists but have some money to receive
How did they arrived at that list.there is already a list with the liquidator of DKM with the respective amount invested,what have been paid and what is outstanding.they already have these information and i there fore dont understand why you will have some peoples names appearing in the list and others are not and there is no clarification as to whether more list will be coming or not.they can deceive the public that they have made all payment in full but those who are really affected will know how to cast their votes come december.
Full of lies
Please stop the lies, yuo only pay us part of our money, eg first ten thousand follow by % of our remaining balance, if my remaining balance is Ghc1oo,ooo l Will be given only 20000 remaining 80,000. Is this the full payment?
You paid me 1300gh out of my 40000gh n u telling me i have paid full? Keep on creating lies, we gonna see what happens December 7. NPP will be very shocked
shut up you cant do anything have voted NPP before? you can go to hell
Please what of others who name did not appear please do for us to also get our money back
Masa blame the government in power who caused this chaos
Your there fooling have you voted for npp before you always voted for NDC but they but they locked your money foolish people with NDC colours.
Your there fooling have you voted for npp before you always voted for NDC but they but they locked your money foolish people with NDC colours.
Your there fooling have you voted for npp before you always voted for NDC but they locked your foolish people with NDC colours.