No timelines for deposit repayments – First Allied Savings and Loans

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The Public Affairs Manager of First Allied Savings and Loans, Jones Owusu says the company cannot put out a date for repaying deposits to its customers because any such announcement may lead to the collapse of the business.

According to Mr Owusu, chaos greeted a similar announcement last month and repeating same would inadvertently collapse the bank because of the number of persons who will storm their branches for their monies.

“We made a mistake and we did some last month and it was so this thing (sic) that I can’t really describe what it was and such an institution like this when you promise because people are so this thing (sic) because they are trying to get their money back, do you understand,” Mr Owusu said in a radio interview with Accra based Joy FM.

“When you give the timeline can you imagine that you yourself are trying to collapse the bank. Because if you give a date today all of Kumasi and all of… We have 27 branches in this country, we have more than 350 plus agencies that we are working with them, though they are still working when you make this announcement, my sister can you imagine what will happen again.”

According to him, officials of the company were ‘working hard’ to retrieve monies from some of their debtors in order to repay deposits to their aggrieved customers who hit the streets in protest at the lock-up of their funds today in Kumasi.

“It’s not about decide back we are working very hard my sister, in fact we are working very hard” (sic).

Background

Some aggrieved customers of First Allied Savings and Loans in Kumasi on Tuesday protested the financial institution’s refusal to allow customers to make withdrawals.

Hundreds of customers clad in red gathered at Kumasi Children’s Park on Tuesday for the protest which saw them present a petition to the Ashanti Regional Minister, Simon Osei-Mensah.

This followed a similar action last Tuesday where they presented a similar petition to the Asantehene, Otumfuo Osei Tutu II at the Manhyia Palace.

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