Customers besiege Equity Savings and Loans over inability to access funds
Thousands of customers of Equity Savings and Loans Limited have reportedly been left stranded following widespread complaints over their inability to access their deposits at the financial institution.
The situation has triggered growing anxiety among depositors and renewed concerns about stability within Ghana’s savings and loans sector.
According to a report by MyJoyOnline on June 1, 2026, several affected customers said they have been unable to withdraw their funds for months. Some also reported that certain branches had either shut down or ceased operations without clear communication.
Many customers say the development has severely disrupted their businesses, investments, and household finances, leaving them unable to meet essential financial obligations.
One customer engaged in the importation of phones, laptops, and accessories said he attempted to withdraw funds to restock his business amid rising exchange rates but was turned away.
“When the dollar started skyrocketing, I decided to take a huge sum from my account because I am into importation of phones, laptops and accessories so I can restock my shop. The first time I went for GH¢80,000, I was told I cannot take such amount because they don’t have enough money,” he said.
Other customers indicated that they only became fully aware of the severity of the situation after discovering that some branches had been locked.
“My friend alerted us that the facility had been locked. I initially didn’t believe it, but when we went to check, it was true,” one depositor recounted.
Some long-standing clients also reported that branch operations had ceased months earlier without any formal explanation from management.
“For four months now, they haven’t been operating at the Lapaz branch. I personally save there and I have noticed they have not been operating,” another customer said.
Several depositors further complained of repeated unsuccessful attempts to withdraw savings or update their accounts, saying they were consistently told that there was no available cash.
“They kept telling me there is no money. I kept going back and forth. I know people who invested over GH¢100,000 and still haven’t received their money,” another affected customer added.
The developments have deepened concerns over depositor protection and confidence in the country’s savings and loans sector, with affected clients calling for urgent clarity on the status of the institution and the safety of their funds.
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