Some Customers of Profit Point Savings and Loans, a financial institution based in New Achimota in Accra,  are accusing the company of duping them of their deposits.

The aggrieved customers, who are predominantly from the Accra New Town, Pig Farm area to be precise,  say the savings and loans company has been sending representatives to the area to collect deposits for about year.

However, upon trying to withdraw their deposits about a month ago, the customers found out that the company was not forthcoming with their monies.

One of the customers Rita Akota, a caterer in Pig Farm who narrated her ordeal to, said she had been depositing her money with Profit Point for several months now. She had lost track of the total amount of money she has in her in her account and therefore requested for a statement of her investment,  prompting suspicions that something was wrong with the company.

“I needed money for an emergency, so I told the representative of the company who usually comes to collect the deposits to give me part of my money. He gave me GHC100 and promised to come back the following week with a full statement of my deposits as well as the rest of the money I required. It's been four weeks and I have not seen or heard from him.”

READ MORE: Ghana Microfinance Scandal DKM Customers to be paid in July

Rita Akoto says all efforts to reach management of Profit Point has been futile. adding that the company has reportedly shutdown operations.

Reacting to the accusations, the  Managing Director of Profit Point, who would not mention his name to  refuted the allegations saying the company is very much in operation at its location at New Achimota.

“Our representative in the Pig Farm area resigned without notice sparking speculation and uncertainty in customers. But I have personally gone to Pig Farm to assure the customers that their deposits are safe.”

He added that a new rep is being trained to continue working with the customers from Pig Farm.

There has been a lot of apprehension over the dealings of non-banking financial companies after DKM Microfinance company and a dozen others across the country squandered deposits of hundreds of thousands of customers running into about GHC100 million.