Two Banks In Trouble as CVM petitions BoG to shut down their operations

Leadership of Concerned Voters Movement (CVM) has petitioned the Bank of Ghana to shut down the branches of Multi Credit Savings and Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in Kumasi.

The Multi Credit Savings and Loans and Yaa Asantewaa Rural Bank, accompanig to the group are disrespectfully flouting Section 16 and 25 of the Act 930 Banks and Specialised Deposit-taking Institutions Act, 2016 and other banking and financial regulations.

The group asserted that the Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course are using Unsafe Containers as their respective Branches.

In a press statement signed and issued by the President and Founder of CVM, Mr Razak Kojo Opoku and copied to Today yesterday, the group raised an alarm that the unsafe containers are a threat to depositors, funds of depositors, staff, clients and potential customers of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank.

 

“According to Section 7 of the Licensing Requirements for Savings and Loans and Finance Houses, a Savings and Loans Company is mandated to demonstrate its readiness to commence business by ensuring that its Premises has sufficiency of title deeds/lease agreements, approval by relevant authorities, adequacy of business premises, staff operating area, ventilation, lighting and the security of the premises should be safe and more secured,” the statement stressed.

 

According to the statement, premises of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in Kumasi are clearly unsuitable to do business.

 

 

These two financial institutions, the statement noted does not have permit from the Kumasi Metropolitan Assembly and the premises are equally unsafe, detrimental to the interests of depositors, funds of depositors and the general public.

 

“The unsafe Containers of Multi Credit Savings and Loans and Yaa Asantewaa Rural Bank are temporary structures and could be demolished by relevant authorities anytime soon.

 

“We are urging the Bank of Ghana to close down the branches of Multi Credit Savings & Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in order to protect the interest of depositors, staff and the general public,” it said.

 

 

Story: Freeman KORYEKPOR AWLESU

 

 

 

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