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Alpha Capital Savings And Loans Customers Frustrated As Company Is Unable To Pay Withdrawals
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Customers of Alpha Capital Savings and Loans have for the past week been unable to withdraw their savings as they continue to be turned down by the financial institution.

The disappointed customers, mostly from Madina, where another branch of the Savings and Loans company had been closed down due to lack of funds to pay its clients, stormed the Adabraka branch of the company to demand their money

Numbering about 50, the frustrated customers besieged the banking hall of the company and vented their anger and frustration on the officials of the company.

They resolved not to leave the banking hall until they received their money.

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When the Daily Graphic got to the premises of the company, the aggrieved customers including pregnant women were seen in a dejected mood.

Some of them sat on the bare floor of the banking hall while others leaned on the counter amid shouts of “we need our money,” “if we do not get our money we are not leaving.”

The internal security of the company and an armed police officer were at the gate and inside the hall of the company to maintain order.

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Narrating their ordeal to the Daily Graphic, some of the customers said they had made fruitless attempts to withdraw their savings for two weeks now but the authorities of the company kept giving them flimsy excuses.

One of them, Mr Kofi Ansah, said he had saved GH¢6,000 at the financial institution but all efforts to withdraw it was unsuccessful.

“I am from Madina. I started saving with this institution for about six months now. We started getting hints that the company was collapsing so for the past two weeks I have made all efforts to take my money to another place but the authorities keep playing hide and seek with us.

“All I need is my money because I toiled to get it and cannot let it go down the drain,” he stressed.

Other customers said they could not understand why the officials of the Savings and Loans company kept hiding from them.

Efforts made to speak to the authorities of the company were unsuccessful as the only official present at the time of the visit said the management of the company were in a meeting.
Source: Daily Graphic

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Name: Emmanuel
UT Bank and Capital Bank were class 1 banks but still collapsed. It is not about the nature grade of the financial institution but prudent management. MICROFINANCE companies have helped immensely in reaching the UNBANKED. Customers must understand that not even the BANK OF GHANA can withstand a panic withdrawal. What about the loan clients?
Name: Michael Owusu-Ansah
Hmmm!its so sad.lucky i withdrew mine last year. But unfortunately not only them.Express Savings and Loans too with its headquarters @ adabraka.Since march not being able to withdraw my money which i deppsited to help a friend meet his target. Most annoying is their financial manager (B.Tackie) Never picks up calls n one is left unattended when you go to their office. Please do check them out.
Name: Ghana
Why save money with a microfinance....company...whiles they almost always in news for bad reasons..... Ghanaians should stopsaving monies with microfinance companies.. pls don't follow interest rates.. greed could cause u big time
What at all is happening in the financial sector? Most of the Non-bank financial institutions and savings & loans have collapsed or on the verge of closing down. When this happens, it is the poor customer who suffers. What is the criteria for granting operating license to such institutions?

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