Thousands of depositors locked out as Equity Savings and Loans faces collapse

Growing frustration is mounting among customers of a savings and loans institution as several depositors report being unable to access their funds due to the prolonged closure of some branches and a lack of communication from management.

Affected customers say operations at certain branches have been suspended for months, leaving them uncertain about the status of their investments and savings.

One long-term depositor revealed that the institution’s Lapaz branch has reportedly been non-operational for several months.

“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” the customer said.

Another depositor expressed concern over what he described as a lack of transparency, claiming customers have received little information about the institution’s situation.

“Since I came here, I have never seen the facility operating. People ask about them, but I just tell them they are not around,” he stated.

Several customers said repeated attempts to access their accounts or update their investment arrangements have proven unsuccessful, with many arriving at branches only to find locked offices and no staff available to provide explanations.

“I made a three-year investment. I hardly visit the facility, but when I came to correct my arrangement, I found the office locked,” one customer recounted.

Others claimed they had been repeatedly told that cash was unavailable despite making multiple visits over an extended period.

“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” another affected depositor alleged.

The situation has reportedly created significant financial hardship for many customers, particularly small business owners and traders who depended on their savings and investments to finance their daily operations.

Some depositors say the inability to access their funds has affected their ability to restock goods, pay rent, meet household expenses, and fulfill other financial obligations.

Beyond the immediate financial impact, customers say the prolonged uncertainty has weakened public confidence in the institution and raised broader concerns about the safety of deposits within Ghana’s savings and loans sector.

Many are now calling for clear communication from management and swift intervention by relevant regulatory authorities to address the concerns and restore confidence among affected customers.