Customers of uniCredit angry over locked up cash

Customers of uniCredit Savings and Loans are livid over their inability to withdraw their matured investments from the company.

Scores of customers on Tuesday [September 11, 2018] besieged the premises of the Kantamanto branch of the company to demand their money after several failed attempts to retrieve their investments.

Some reports have suggested that the woes of uniCredit savings and loans are associated with the collapse of uniBank.

The customers most of whom are traders at Kantamanto say they have been unable to access their funds for the past two weeks.

Their monies which run into millions of cedis, have left most of them handicapped as they are unable to take care of their families and meet other financial obligations.

One customer, Kofi, lamented,“ I have saved with the company for the past two years , however over the last two weeks, I have had difficulty in retrieving my funds , I have tried contacting management about it but they have refused to speak to me.”

Reasons for the company’s inability to pay customers their due are not readily available as the officials are not available for comments.

It is also uncertain if the customers have besieged the offices due to the panic withdrawals reported in the banking sector.

Some single mothers  who also shared their story with Citi Business News said the situation has badly affected them.

“ My daughter has gained admission into the nursing school at Korle Bu and I need the money I have with uniCredit to pay her school fees, but I am unable to have access to it; I really do not know what to do because I have no one to rely on.”

Another said, “ I wake up every day at 2am to sell my goods at the market , I have been able to save up to ninety thousand with uniCredit and now they are telling me I cannot have access to my money.”

A brief profile on the company’s website says uniCredit Ghana Limited is one of the Savings & Loans Companies in Ghana licensed by the BOG under the Non-Bank Financial Institutions Act 2008 (Act 774).

Source: Citi Business News

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