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Microfinance Crisis Another microfinance scam hits Volta Region

About 200 people have protested in the region to demand the release of their money from microfinance institutions such as Little Drop, Prosperity, Divine Rain and Develop Winners.

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An angry customer said that these microfinance institutions came into the region claiming they have been duely registered. play

An angry customer said that these microfinance institutions came into the region claiming they have been duely registered.

Scores of people in the Volta Region have been swindled in what appears to be another microfinance scam.

About 200 people have protested in the region to demand the release of their money from microfinance institutions such as Little Drop, Prosperity, Divine Rain and Develop Winners.

An angry customer told Joy FM that these microfinance institutions came into the region claiming they have been duly registered.

He said they believed them because  they showed proof of their certifcates from the Register General and the Municipal Assemblies.

"Little Drop, Prosperity , Divine Rain, Develop Winners ...a lot of them came into the country claiming that they have registered with the Register General in Accra, Municipal assemblies to do their business across the length and breadth of the country.

"They photocopied their certificate having the coat of arm. So this gave us hope  to go in for loans from banks as individual at high rates and now the loan has accumulated we can no more pay.

"So banks are chasing us. We are pleading with the government to intervene. Wherever they are...[they should] come and pay our bonuses as they promised," he said.

According to him, he deposited GHC3,000, adding that others invested between GHC10,000 and GHC20,000 

He noted they were promised whopping interests.

Many customers are said to have benefited from high returns on their invested capital in 2014 from these same companies.

Report say customers were promised returns on investment between GHC3,000 to GHC7,000

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