Thousands of customers of Equity Savings and Loans Limited have reportedly been left unable to access their deposits amid growing concerns that the institution may have ceased operations.
The situation has sparked frustration and anxiety among depositors, many of whom say they have been unable to withdraw their savings for months. Reports of closed branches and suspended operations have further heightened fears about the fate of customers’ funds and the stability of Ghana’s savings and loans sector.
Speaking to JoyNews, several affected customers recounted their struggles to access money needed for business activities, investments and daily living expenses.
One customer involved in the importation of phones, laptops and accessories said he was forced to shelve plans to restock his business after being denied access to a substantial withdrawal.
“When the dollar started rising sharply, I decided to withdraw a large amount from my account because I import phones, laptops and accessories. The first time I requested GH¢80,000, I was told they could not release that amount because they did not have enough money,” he said.
Other customers said they only realised the seriousness of the situation after discovering that some branches had been shut down.
“My friend informed us that the facility had been locked. At first, I did not believe it, but when we went there ourselves, it was true,” another depositor stated.
Some long-standing customers reported that operations at certain branches had been suspended for several months without any formal communication from management.
“For four months now, they have not been operating at the Lapaz branch. I save there, and I have personally observed that they have not been conducting business,” one customer said.
Another depositor described a lack of transparency regarding the institution’s status, saying customers were left without information about what was happening.
“Since I came here, I have never seen the facility operating. People often ask about them, but all I can say is that they are not around,” he remarked.
Several clients said repeated visits to update accounts or withdraw funds ended in disappointment after finding offices closed and staff absent.
“I made a three-year investment. I rarely visit the office, but when I came to make some changes to my arrangement, I found the premises locked,” one investor recounted.
Others claimed they were repeatedly informed that the institution had no cash available despite making multiple attempts over an extended period.
“They kept telling me there was no money. I went back several times. I know people who invested more than GH¢100,000 and still have not received their funds,” another customer alleged.
The inability to access savings has reportedly pushed many households and small business owners into financial hardship. Some affected customers say they can no longer restock their businesses, pay rent or meet other financial obligations because their funds remain inaccessible.
The development has also raised broader concerns about confidence in Ghana’s savings and loans industry, with depositors questioning the security of their investments and calling for clarity on the institution’s status and the protection of customer funds.
As concerns continue to mount, many customers are urging regulators and relevant authorities to intervene and provide answers regarding the future of the institution and the recovery of their deposits.
