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Government starts paying out to DKM customers in Sunyani

Many people have had their funds locked up since the collapse of DKM Diamond Microfinance in 2015

Over 300 customers of the defunct DKM Diamond Microfinance Ltd are to receive payment of their locked-up funds.

Lists published by the government laid out how, starting on 5 August 2020, payment will be made to customers in Berekum, Bolgatanga, Nkoranza, Sunyani and Wa.

The payments to customers will run until 24 August. GCB Bank’s main branch in Sunyani has been named as the recipient bank for onward transfer.

The right choice

The news comes after President Akufo-Addo announced that over 90% of DKM’s clients have been paid since the NPP government assumed office.

Speaking in Parliament in February during the 2020 State of the Nation Address, the president said GHC13 billion has been secured to settle customers whose monies were locked up during the reform of the financial sector.

“The government has to get GHC13 billion to pay the 4.6 million affected customers of the banks. With the properly utilised GHC13 billion, we could have worked wonders with our infrastructure deficit, but we did think about paying the customers of the failed banks and we believe we made the right decision,” President Akufo-Addo said.

Customers to get 100% refund

Delivering the State of the Nation Address, the president offered assurances that DKM customers will get a 100% refund of their deposits.

He explained that the decision to clean up the financial sector was necessary to ensure that it becomes stronger.

“I would like to repeat: all depositors of the savings and loans and microfinance institutions, including DKM, which collapsed in 2015, will receive 100% of their deposit once the validation exercise is concluded,” the president said.

“I am informed that the receiver for the financial institutions will on Monday begin making payments to their customers totalling GHC5 billion in addition to the GHC13 billion.”

JDM wades in with campaign promise

Meanwhile, former president John Dramani Mahama has pledged to pay all customers of collapsed financial institutions whose funds are locked up if the National Democratic Congress returns to power.

He said all locked-up funds will be paid within the first year if he is voted in as president in the December general election.

“I weep for the many who have lost their jobs, the many who have lost their businesses, the many who have lost their livelihood, among others,” Mahama said during the formal introduction of his running mate, Professor Naana Jane Opoku-Agyemang, last Monday (27 July).

“I pledge on behalf of the NDC that we shall pay within one year all who have funds locked up with the collapsed financial institutions. Within one year. I promise.”

The NDC flagbearer added that a Financial Services Authority will be created to “oversee all financial products and services that are offered to consumers, and will effectively and efficiently prevent and stop the challenges that have confronted customers of Menzgold [and] DKM, among others”.

E A Alanore

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