The Bank of Ghana (BoG) lifted its four-month long sanctions on DKM Diamond Microfinance Company Limited effective Monday September 14, 2015.
The moratorium was lifted after the resolution of all outstanding issues between the central bank and the microfinance company. The Bank of Ghana directed managers of DKM to inject an amount of Gh¢50 million into its operations, constitute a competent board of directors and increase its staff strength with persons possessing requisite qualifications before Friday September 11, which marked exactly four months after the suspension.
Bank of Ghana (BoG) on September 14 released a press statement indicating that the Financial Intelligence Center (FIC) will also take steps to unfreeze all accounts of DKM Diamond Microfinance LTD which were frozen.
But following the process since the company resumed its operations on September 22 2015, customers of DKM Microfinance in the Upper East Region have shown their dissatisfactions on the company following the condition given to them by DKM Microfinance Ltd.
According to the aggrieved customers, DKM has told them that per the Bank of Ghana’s directive, they cannot pay all their clients’ investments. But speaking on A1 Radio’s Day Break Upper East current affairs Programme on Monday, Head of Financial Institution and other departments at the Bank of Ghana, Raymond Amanfo, explained that the Bank of Ghana has directed DKM Microfinance ltd to pay every client their liabilities owed them.
He however stated that there was a mutual agreement between DKM and its customers before the moratorium on May 11 2015. According to Mr. Amanfo, it will be unfair if DKM continues feeding it clients with wrong information that Bank of Ghana (BoG) directed them to pay their clients 50% of their investment without their interests.
He said, the Bank of Ghana as an Institution is aware, how customers of DKM Microfinance Ltd have suffered during the moratorium period and believes that will consider them for their long waiting period of 4 months by paying them all their liabilities. He stated categorically, that Bank of Ghana has no hand in any 50% arrangement paid client of DKM Microfinance Ltd.
By Ngamegbulam Chidozie Stephen/A1 Radioonline.com
