The Bank of Ghana (BoG) has initiated investigations into reports of locked offices and customer withdrawal difficulties at Equity Savings and Loans following growing concerns from affected depositors.
Sources at the Central Bank told Citi Business News that internal processes have been activated to verify claims that some customers have been unable to access their funds for more than a year.
The move follows complaints of prolonged withdrawal challenges and the reported closure of some branches of the financial institution.
Checks by Citi Business News at the company’s Lapaz branch on Monday revealed that the office has remained locked for about a year. Similar observations were made at the East Legon branch, which has also reportedly been closed for the same period.
Several customers who save at the Lapaz branch expressed frustration over their inability to access their savings and called on regulators to intervene to help recover their funds.
One customer, Efia Ansah, said she had been saving with the institution since 2021 but started encountering withdrawal difficulties about a year and a half ago.
According to her, customers were never formally notified about the closure of branches and were frequently told there was insufficient cash to process withdrawals.
“There was a time when, even if you wanted to withdraw as little as GH¢1,000, the cashiers would tell you there were insufficient funds. I remember the last time I made a withdrawal; after the transaction, I was left with a balance of GH¢450.”
Customers say they are awaiting the outcome of the Bank of Ghana’s investigations and any regulatory measures that may be taken.
Efforts by Citi Business News to reach the management of Equity Savings and Loans for comment were unsuccessful.
“I had saved close to GH¢40,000 with the company, but I withdrew part of it to support my business, leaving a balance of about GH¢11,000. Since I have been unable to access those funds, my business has been affected and is now struggling. I am appealing to the government and the relevant authorities to help recover our deposits so I can reinvest in my business and get it back on track”, another aggrieved customer said.
