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The Coalition of Affected Savings and Loans Customers (CASLOC) have expressed dissatisfaction with the pace at which their payments are being done.

According to the customers of the collapsed savings and loans and finance houses, while they are grateful that their monies are being refunded, a faster payment procedure is preferred.

Spokesperson for the group, Ezekiel Akagbo at a press conference said “some of the payment issues we are very much displeased with include, the slow pace, in other words, the tortoise or snail pace, in which the payments are being made, the use of text messages for the payment and the ¢20,000 capped payment for customers whose deposits exceed that ¢20,000 amount.”

Last year, the BoG revoked the licences of 23 insolvent savings and loans companies and finance house companies for being insolvent even after a reasonable period within which the Bank of Ghana engaged with them in the hope that they would be recapitalised by their shareholders to return them to solvency.

The Central Bank said following an assessment, the institutions have no reasonable prospects of recovery, and that their continued existence poses severe risks to the stability of the financial system and to the interests of their depositors.

source:myjoyonline.com

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