Trust has influenced the investment of 150,000 GHC in a pastor society – aggrieved customer

General News of Monday, June 17, 2019

Source: Myjoyonline.com

2019-06-17

Customers who stormed a church, Zoe Embbady, ​​to demand a stalled investment, said their trust in his leader had prompted them to invest in his business without due diligence.

According to them, they do not consult the professionals and do not check the registration status of EL Real Estates and Tikowre Capital with the regulator, the Security and Exchange Commission, because their trust in the senior pastor is sufficient .

They added that even when other microfinance institutions were going through crises, Pastor Kelvin Kobiri, owner of the companies and chief pastor of Zoe Outreach Ministries, was able to honor the financial obligations of his corporations towards they paid 90,000 ¢ of the invested capital, or 150,000 ¢.

They had no reason to doubt the pastor when he promised on June 26, 2019 that they would be paid on June 31, 2019. That would have failed.

This trust has now diminished, they said Monday at the Joy FM Super Morning Show.

The clients, who promised to file a formal complaint with the police Monday morning, did not use Sunday the force to recover their imprisoned capital.

During the religious service at Zoe's open embbady on Sunday, some clients interfered in the language of the congregation and surprised the solemn faithful with their cries, insults and threats.

The chaos took several minutes to soothe. Disappointed customers have promised to use all legal means to recover their investment.

The current wave of panic attacks follows a series of measures taken by the Bank of Ghana to clean up the financial sector.

The Bank of Ghana has revoked the licenses of 386 insolvent microfinance and microcredit companies.

This includes 192 microfinance companies whose licenses have been revoked and another 155 insolvent companies that have ceased operations and suffered the same fate.

In a press release on Friday, the Central Bank also revoked the licenses of 29 insolvent microcredit companies.

The BoG explained that, in the case of microfinance companies, it had taken the measures that were imposed under section 123 (1) of the 2016 Law on Banks and Institutions specialized repositories (Law 930).

This action requires the Central Bank to revoke the license of a bank or specialized deposit institution (SDI) when the Bank of Ghana determines that the institution is insolvent or likely to become insolvent in the next 60 days.

As a result, the Bank of Ghana has appointed Eric Nipah as receiver of the specified institutions in accordance with Article 123 (2) of Law 930.