February 19, 2018 8:07 AM
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BoG probes Alpha Capital over locked up cash

BoG probes Alpha Capital over locked up cash

The Bank of Ghana (BoG) has moved in to assist customers of Alpha Capital Savings and Loans, retrieve their locked up investments.

The move comes after numerous complaints by the customers over their failure to get their monies despite reaching the maturity dates as scheduled.

Citi Business News understands that the Central Bank’s intervention follows an official complaint to the Banking Supervision Department.

The company has since been compelled to find pragmatic ways to pay all claims which are due customers.

The decision is also in line with advice from security agencies that the Bank of Ghana has engaged over the matter.

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It is unclear how many customers may have been affected but Citi Business News’ checks have revealed that hundreds of clients have found difficulty in retrieving their locked up cash running into hundreds of thousands of cedis, since November 2017.

A visit by Citi Business News’ Bobbie Osei to the head office of Alpha Capital located on the Liberty Link in Adabraka in Accra, showed notice of temporary closure on the doors of the locked offices.

Portions of the notices read, “Dear Valued Customer. Kindly take note of the break in our operations for the Christmas Festivities from 23rd December 2017 to 3rd January 2018”.

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But a frustrated customer who had visited the premises with the hope of withdrawing his savings will not just bear with any suggestion that the company may be in the process of folding up.

“If they tell me to come back later for my money, I won’t take that. My mother lost all her money in the Pyramid Bank Ponzi scheme. I will withdraw all my money if they tell me stories, even though I haven’t experienced any difficulty in getting my money in the past,” he told Citi Business News.

Already, customers of defunct DKM Microfinance and some others are yet to get over the brunt of a similar fate.

But for clients of Alpha Capital Savings and Loans, the intervention by the Bank of Ghana should bring nothing but a complete relief to their plight.

By: Bobbie Osei/citibusinessnews.com/Ghana

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