Aggrieved Microfinance Customers Cry To Nana Addo

Disgruntled customers of COM-AID Microfinance Limited in the Upper East Region, have appealed to President Nana Akufo-Addo to direct the Builsa South District Chief Executive, Daniel Kwame Gariba, to refund their investments.

According to them, the DCE, who was the director of COM-AID microfinance, received deposits from the affected customers to be invested in God is Love microfinance and to pay back customers with interests of 15 percent.

The group could not also fathom why COM-AID microfinance defaulted payment to customers after mobilizing from customers millions of Ghana cedis in the form of savings, investments, education fund, and daily savings since May, 2015.

Speaking at a press conference in Bolgatanga, spokesperson for the group, Mr. John Dawu, said affected customers will use all legitimate means to retrieve their investments, and thus, the outcome of their appeal to President Nana Addo to instruct the DCE refund the monies will determine their next line of action.

Mr. Dawu quizzed why COM-AID has still not declared its operations bankrupt to the Bank of Ghana and government to liquidate the company’s assets to pay off the affected customers.

Some affected customers told Citi News that their locked up investments at COM-AID is taking a heavy toll on their livelihood especially their businesses and financing of their wards’ school fees.

But the DCE for Builsa South, Daniel Gariba, has debunked the allegations made by the disgruntled customers, and reiterated that, efforts made to retrieve COM-AID’s investments from God is Love microfinance to pay their customers proved futile.

“COM-AID faced some crisis when Bank of Ghana closed God is Love microfinance, so we (COM-AID) secured a judgment against God is Love microfinance in a civil action at the Sunyani high court in November 2016, and the court directed the bankers of God is love which is Unibank to pay us.”

But at that same time, a customer of God is Love microfinance  had also secured a preservation order on the accounts of God is Love microfinance so realizing that should COM-AID take it share of the money from God is Love microfinance there will be nothing left for him, he took the matter to the supreme court and prayed the court for an order of stay of execution and further obtained an order to quash the judgment of the Sunyani high court until he case was determined.”

Mr. Gariba reiterated that, efforts are underway to retrieve COM-AID’s investments from God is Love microfinance to enable them to pay the affected customers.

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(Via: CitiFM Online Ghana)