Finally Over BOG lifts moratorium placed on DKM Finance

The move follows the lifting of a moratorium placed on the operations of the microfinance company by the Bank of Ghana (BoG) today 14th September,2015,.

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The Bank of Ghana has finally unfrozen operations and accounts of DKM Finance Limited.Customers of DKM Diamond microfinance company whose deposits have been held up in the company can from Tuesday September 22,2015 withdraw their monies.

The move follows the lifting of a moratorium placed on the operations of the microfinance company by the Bank of Ghana (BoG) today 14th September,2015,.

The BoG placed a moratorium on the operations of the microfinance company on 11th of May, 2015 for violating the banking Act 2004 (Act 673).

According to the Bank of Ghana the company carried its operations in a manner that was detrimental to the interest of depositors. DKM Diamond Microfinance Company failed to hold sufficient assets to meet its liabilities to depositors.

The BoG extended the moratorium by 30 days after the earlier 90 days ended to September 11,2015 to enable DKM to raise adequate cash to meet depositors demands. The move barred customers of the microfinance company from making withdrawals from any of its branches nationwide.

There were several calls by the affected customers and interest groups for the BoG to expedite its investigations on the company so their funds will be released. Earlier the President John Mahama as well as the Brong Ahafo Regional Security Council, called on the central bank to expedite action and pay depositors their locked up funds.

But a press statement from the Bank of Ghana today said the central bank had lifted the moratorium effective Monday 14th September, 2015 and all locked up funds will be released.

According to the central bank ‘it will release all funds evacuated from the various offices of DKM Diamond Microfinance Ltd. The Financial Intelligence Centre (FIC) will also take steps to defreeze all accounts of DKM Diamond Microfinance Ltd which were frozen’.

 Meanwhile according to BoG customers who wish to access their funds can contact any of the DKM branches nationwide. ‘Customers wishing to access their deposits may contact DKM Diamond Microfinance Ltd at their premises at Suyani, Berekum, Techiman, Wenchi, Nkoranza, Wa and Bolgatanga from Tuesday September 22,2015.

However despite the lifting the moratorium on DKM Diamond microfinance company, the microfinance company cannot take deposits from the public until further notice and is also solely responsible for the payment of claims to its depositors.

 ‘DKM Diamond Microfinance Ltd is however restricted from taking deposits from the public until further notice. It should be noted that the management of the board of ‘DKM Diamond Microfinance Ltd are solely responsible for the payment of claims to its depositors.’ The statement concluded.

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