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DKM customers to receive locked up cash in September

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Citi Business News can confirm customers of DKM Diamond Microfinance limited will begin receiving their locked up investments by the end of this month, September, 2016. The payment will be made by the Registrar-General’s Department which is the official liquidator of DKM. Over 70,000 customers have so far been validated to receive their locked up cash. Two local banks have been contracted to make the payments to customers from September ending.

The Registrar-General’s Department had earlier in a statement to Citi Business News said it had as at July, 2016 collated approximately 63,000 depositor claims. Millions of cash deposited by customers DKM were locked up, following the Bank of Ghana (BoG)’s move in 2015 to stop the company from operating over concerns that it was violating the microfinance regulations. The balance sheet of DKM as at May 11, 2015 showed its net liability stood at negative 21 million cedis. Hundreds of customers of DKM have over the months hit the streets over their locked up cash while others have threatened to vote out President Mahama if he is unable to ensure their locked up cash are paid them. A number of customers of the company are reported  to have lost their lives over the development which has been described as one of the biggest mcrofinance disaster in the history of the industry. The early retirement of the former Governor of the BoG Dr Henry Kofi Wampah has been attributed to the DKM microfinance debacle.

DKM was incorporated on April 3rd, 2013  and was licensed by the Bank of Ghana as a tier two microfinance company on 25th October, 2013. The company at  the time its license was revoked by the BoG on 29th February, 2016 had 10 branches and two agency offices and six subsidiaries.

Source: www.citifmonline.com

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