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FINANCIAL SECTOR DISTRESS FIRST ALLIED DENIES RUMORS OF IMMINENT CLOSURE BY BoG

The management of First Allied Savings and Loans has denied rumours that the Bank of Ghana intends closing down the outfit.

Some customers of stormed a Suhum branch of savings and loans company barely a week ago to demand their funds but were turned away.

In a statement issued by First Allied Saving and loans today the company said it is duly licensed by the Central Bank and has not violated any rules of engagement hence the rumours that they face an imminent closure by the regulator should be disregarded. The statement said anybody in doubt can verify the institution’s ownership records from the Bank of Ghana or the Registrar Generals Department

Below is the full statement:

PUBLIC ANNOUNCEMENT

From the Management of First Allied Savings & Loans

Following the circulation of unfounded rumours that one ‘Nyantakyi’ is associated with ‘FSL’ (a savings and loans company the government is allegedly stepping in to take over), ‘FASL’ has become a victim of mistaken identity which has sparked a run on our business by customers who could not distinguish between the two entities. This is causing panic among some of our customers.

The Management of First Allied wishes to state that the stories are false and should be disregarded. Anybody in doubt can verify the institution’s ownership records from our regulator, the Bank of Ghana or the Registrar General’s Department.

All customers are to note that all our branches are open and we continue to serve you.

We appreciate the anxiety of customers flowing from such rumors and we appeal to them to be patient with us as we attend to them. We wish to further reassure them that their funds are safe and secured. We are working assiduously to rectify any challenge caused by these developments in the past few weeks.

Thank you.

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