DKM customers ‘grateful’ to Akufo-Addo as full payment begins
Customers of defunct microfinance company, DKM, have expressed gratitude to the Akufo-Addo-led government for fulfilling a 2016 promise to pay them back their locked up investment.
“We are so grateful that the promise made by the government is being fulfilled,” the spokesperson of the group, Maxwell Mahama told Accra-based Asaase Radio Thursday.
In 2015, the Bank of Ghana revoked the operational license of DKM after it discovered that the microfinance company was engaged in businesses outside the remit of its license.
Per the law, the Central Bank does not allow microfinance companies to invest more than 25% of its paid-up capital.
But despite a paid-up capital of 1million cedis, the company was found to have invested more than 16million cedis in properties, plants, and equipment.
The company was unable to pay back its customers who took turns to withdraw funds. Some customers had as much as GHc 600,000 locked up at the savings and loans company.
The Bank of Ghana had described DKM as “something close to a Ponzi scheme.”
Based in Sunyani, the company was popular in the northern belt of the country, stretching to Wa in the Upper West region. DKM’s collapse sparked a depositors’ clamour for refunds.
The then NPP Presidential candidate, Nana Akufo-Addo during the 2016 campaign promised to pay the customers their full investment when voted into power.
Close to four years since the promise, the spokesperson for DKM and allied customers, Maxwell Mahama, has acknowledged the government has kept its word.
He said customers began receiving full payment of their principal on Wednesday, August 5 in a schedule expected to end August 13, 2020.
The payments to depositors of DKM and other microfinance companies that collapsed from 2015 is expected to hit 5 billion cedis, according to the government.
DKM alone had more than 2,000 verified customers in four main branches in Bolgatanga in the Upper East Region, Wa in Upper West, and two other branches in Sunyani in the Bono Region.
The Registrar-General, Jemima Oware, selected as the liquidator, has completed a ‘laborious’ process of verifying and validating claims.
Providing details of the verification and validation process, the DKM spokesperson, Maxwell Mahama, confirmed that some 533 customers in Bolgatanga, 695 in Sunyani, and 675 in Wa had been verified to receive payments.
The payment is a final top-up of their deposits after two previous payments had already been made.