Customers of Seed Funds Savings and Loans demand release of locked-up funds

The aggrieved customers mostly traders say their working capitals running into millions of cedis have been locked up

Aggrieved customers of Seed Funds Savings and Loans are demanding the release of their locked-up funds after several attempts.

The aggrieved customers mostly traders say their working capitals running into millions of cedis have been locked up.

Despite being licensed by the Bank of Ghana (BoG), Asaase Business has learnt Seed Funds Savings and Loans is currently facing challenges and has been unable to pay clients’ deposits.

Mama Charity, one of the affected traders, in an interview with Nana Oye Ankrah said she has GHC2, 000 with the company.

“I’ve been saving with the company for a little over two years now but three months ago, I tried to withdraw but till now I haven’t been able to. I was directed to the headquarters in Cantonments but still I didn’t get my money. All I want is my money,” she said.

Another customer, who has about GHC78,000 with the company, stated that he was directed to a different branch but could still not have access to his funds. He said this has had a negative impact on his business.

“I have not been able to restock because that is the money I would’ve used to clear my container,” he said.

According to an official who spoke on the condition of anonymity, the firm has been struggling since the banking sector cleaning.

In 2018, the Bank of Ghana closed down more than 30 financial institutions including 20 savings and loans companies.

Seed Funds Savings and Loans has nine branches; eight in Accra and one in Nsawam in the Eastern Region.

Empty banking halls

Currently, the company is only deploying a skeleton staff to undertake recovery since several employees have been advised to stay home.

Checks at both the Okashie and Kaneshie branches of the company showed that both branches and other branches are not being operated.

At visit to the Okashie branch, there were no workers and the banking halls were empty.

At the Kaneshie branch, there were two security men at post.

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