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AUDIO: We Have Not Placed a Moratorium on Diamond Winners – BoG

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The Bank of Ghana has refuted claims that it has frozen the account and placed a moratorium on the operations Diamond Winners micro-finance which operates in the Upper East Region.

Diamond Winners Micro-finance Company is purported to have claimed that the Bank of Ghana have frozen their accounts and have placed a moratorium on the operations of the company.

But speaking to Host of A1 radio’s flagship show, Azongo Albert on Day Break Upper East Wednesday, Head of Other Financial Institutions at the Bank of Ghana, Raymond Amanfu said officials of Diamond Winners micro-finance are peddling falsehood and that the Bank of Ghana had not frozen the account of the micro-finance company.

He said Diamond Winners micro-finance was given a provisional approval in December 2014 to raise assets and prepare documentation for the company but was not issued with license to operate fully.

“Daimond winners were given a provisional approval. What this means is that, the company was expected to prepare documentations and prepare the company before the Bank of Ghana issued the Micro-finance with a license. Bank of Ghana did not issue any license to Diamond Winners to operate as a micro-finance company.”

He mentioned that the only company which has had moratorium placed on it is DKM Diamond Micro-finance Company.

Mr. Amanfu noted that, Daimond Winners micro-finance even before seeking for a provisional approval had taken monies from people, which according to him was against the regulations of the Bank of Ghana.

He mentioned that the regulatory body got wind of the operations of Diamond Winners micro-finance through a mystery shopping by the regulatory body to bring to book all illegal microfinance companies and also make the public aware to ensure safety of customers.

Asked about what the Bank of Ghana will do to get monies owed customers of the micro-finance company, Mr. Amanfo said the security services have been asked to arrest officials of the company because they have not been licensed by the Bank of Ghana to operate.

He advised the general public to be cautious with the kind of financial companies in which they invest saying “be cautious with companies that give ridiculous interest rates because companies that give such huge interest rates put your money at a very high risk of non-payment.”

Some disgruntled customers of the defunct microfinance company in Bolgatanga have called on the Bank of Ghana to intervene and get monies owed them paid. Over One thousand two hundred clients of Diamond Winners micro finance have had their monies locked up and all efforts to redeem their monies have proved futile.

Listen to audio below

 

By: Offei-Akoto Ayeh | A1radioonline.com | Ghana


 

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