A growing number of customers of Equity Savings and Loans Limited are facing uncertainty after being unable to access their deposits, following reports suggesting the financial institution may have collapsed or significantly scaled down operations.
The situation has left many depositors stranded, with several branches reportedly closed or non-operational, triggering widespread anxiety and frustration among affected clients.
Some customers who spoke to JoyNews said they have been unable to withdraw their funds for months, with repeated visits to branches yielding no results.
Affected individuals say the development has disrupted livelihoods, leaving business owners unable to restock goods, pay rent, or meet basic household needs.
One importer of phones and accessories recounted being denied access to GH¢80,000, with staff allegedly citing liquidity challenges at the time of his withdrawal request.
“When the dollar started skyrocketing, I went for GH¢80,000 to restock, but I was told they didn’t have enough money,” he said.
Other customers said they only became aware of the severity of the situation when they visited branches and found them locked, with no staff present or explanation provided.
“I didn’t believe it until I got there and saw the place locked,” one depositor said.
Some long-term clients reported that operations at certain branches, including Lapaz, had been suspended for months without clear communication from management.
“For four months now, they haven’t been operating,” another customer noted.
Others described repeated visits and assurances that there was no cash available, with some claiming individuals with investments exceeding GH¢100,000 are still unable to access their funds.
The development has sparked concern over the safety of deposits and deepened fears about the stability of Ghana’s savings and loans sector, with many customers calling for urgent regulatory attention to the situation.
