DKM management hide behind BOG to freeze payment of customers' interests

The Bank of Ghana has denied directing Suunyani based microfinance company, DKM Diamond Microfinance company not to pay interests of their investors.

 

The company last week reopened its operations to the public last week after it received clearance from the Bank of Ghana to resume operations after a 120-day moratorium was placed on it for contravening the Banking Act.

However, the customers of the company have in up in arms over difficulties in retrieving their investments with the corresponding intrests.

According to some of the customers who spoke to Accra-based radio stations, Joy FM and Citi FM say management of the company are citing  a directive by the Bank of Ghana that the  company should not pay the customers' interests.

But communication from the Bank of Ghana suggest that no such directive has been issued to the company.

Head of Other financial Institutions at the Bank of Ghana, Raymond Amanfo says the BOG has issued no such directive.

Mr. Amanfo added that,

Raymond concluded that the impasse is an issue between the clients and the company, and not that of the Bank of Ghana.

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