DKM Customers to get 100% of their deposits back-Veep

Customers of the liquidated deposit-taking institution, DKM Diamond Microfinance Limited would receive 100% of their deposits back.

This was revealed by Vice President Dr. Mahamudu Bawumia today [Tuesday, February 10, 2020].

According to him, President Nana Addo Dankwa Akufo-Addo has directed that all depositors of the collapsed financial institution should also get 100% of their deposits back.

He made the revelation when he updated a gathering at the Kumasi Tall Hall Meeting on the banking crisis.

Dr. Bawumia announced that the government has spent 13 billion cedis to pay back depositors of collapsed banks. This money was not planned for.

This was done to ensure no depositor loses their money to the banking crisis.

Background

Customers of DKM lost their investments running into millions of cedis after the central bank in 2015 suspended the operations of the company for violating the Banking Act, Act 2004 (Act 673).

The Bank of Ghana (BoG) then confiscated the assets of the company and appointed the Registrar General’s Department to commence the liquidation process on March 29, 2016, to refund customers of the company.

By: Rashid Obodai Provencal

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