CVM petitions BoG over activities of two financial institutions in Kumasi

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

The Multi Credit Savings and Loans and the Yaa Asantewaa Rural Bank, are disrespectfully flouting Section 16 and 25 of Act 930 of the Banks and Specialised Deposit-taking Institutions, 2016 and other banking and financial regulations.
A statement signed by Mr Razak Kojo Opoku, President and Founder of the CVM and copied to the media in Accra said, the two financial institutions, are using unsafe containers as their respective Branches at the Bantama Race Course.

The unsafe containers, Mr Opoku, said are a threat to depositors, funds of depositors, staff, clients and potential customers of the two financial institutions.
The statement said, 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.
It said, the premises of Multi Credit Savings and Loans and Yaa Asantewaa Rural Bank at Bantama Race Course in Kumasi were clearly unsuitable to do business.
The statement said these two financial institutions did 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.
It said the area where the Containers of the institutions are located are temporary structures and could be demolished by relevant authorities anytime soon.
The statement urged the Bank of Ghana to close down the two branches of both the Multi Credit Savings and Loans and the Yaa Asantewaa Rural Bank operating at the Bantama Race Course in order to protect the interest of depositors, staff and the general public.

 

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