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DKM Customers Receive Part Of Deposits

Hundreds of clients of DKM Microfinance Company yesterday besieged payment centres to receive part or their full investments in the liquidated company.

When the payments started yesterday, the list of beneficiaries included individuals, churches, associations, students groups, credit unions and business entities.

The premises of the GCB Bank Limited and the Agricultural Development Bank, the financial institutions refunding the investments on behalf of the official liquidator, were filled to capacity in Wa.

As of midday, less than 50 of the 500 clients due to receive their payments at the GCB Bank Limited had been served.

Clients

The list of the corporate clients included Allah Guidance, Christ Mission, Busah Church, Calvary Welfare, Calvary Centre, Catholic Association, Catholic Guest House, Catholic Unit, 1976 Borns, Wa Municipal Ladies Association, Wa-MEDA Association.

Other names on the list were the National Union of Ghana Students (NUGS) of the University for Development Studies (UDS), the Nadowli Community Credit Union, the Wuurieyiri Farmers Group, the Ballofille Farmers Association, Pax Romana, UDS Wa Local Welfare, Pax UDS Wa Local, Pax Women’s Commission, the Sawla Cooperative Credit Union and the Christ Frontiers Ministry International.

Disgruntled clients

The official liquidator is paying up to GH¢3,500 to each account name in the first tranche of disbursements.

The expectation among clients of receiving full payment of their deposits was, however, dashed when the payments began yesterday.

According to the Spokesperson for DKM customers in Sunyani, Mr Maxwell Mahama, the depositors were highly disappointed with the percentage of their deposits which was being paid.

“The percentage is not fixed. The higher the amount one deposited, the less the percentage of amount paid to him. Those whose deposits are small are excited, while those who deposited huge amounts are disappointed,” he explained.

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                   Some customers of DKM in Wa

According to him, the highest amount that had so far been paid to a customer was GH¢3,500.

“My information is that one customer whose deposit is GH¢40,000 was paid GH¢3,500, while another one with a deposit of GH¢20,000 was paid GH¢3,500. This is unfair,”, he fumed.

In that instance, the customer with GH¢40,000 received only eight per cent of his deposit, while the one who deposited GH¢20,000 received about 17.5 per cent of his deposit.

Mr Mahama further provided some details about the payments so far, explaining that a customer who had a deposit of GH¢6,000 also received GH¢3,500; another one with GH¢4,000 received GH¢3,500, while two others who deposited GH¢13,000 and GH¢12,350 were each paid GH¢3,500.

“It can, therefore, be deduced that no matter what amount one has deposited, the highest amount that will be refunded will be GH¢3,500,” he said.

Bolgatanga

There were mixed reactions from the customers who received varying amounts in payment in Bolgatanga.

Those interviewed said they had received between GH¢1,000 and GH¢8,000, depending on one’s deposits.

A customer, Madam Anna Asobaza, indicated that she was highly elated because she was paid GH¢1,500, being all the money she invested.

She further explained that she also invested another GH¢900 but she had been promised to come for that amount on Friday, according to the payment plan.

Another customer, Adamu Musah, expressed displeasure because he said he invested GH¢16,000 but was given GH¢8,000.

Pastor Benjamin Amoah, another customer, stated that he invested GH¢26,000 and was paid GH¢10,500.

“I don’t get it; the government should do something about this situation because it is a cheat. This is our blood money and you are paying us in bits, why?” he asked.

Another customer who gave his name only as Theophilus said he invested GH¢10,100 but was paid GH¢3,500.

“I am not happy but the little I have got can support me in a way. We need a top up because the gap between the amount I invested and the money I was paid is just too wide,” he added.

Criteria

When contacted, the Upper East Regional Chairman of Aggrieved DKM Customers, Mr Charles Ayambire, expressed misgivings about the criteria used to pay customers.

According to him, the leadership of the group would want to observe how the payment progressed yesterday before organising a press conference later to register their displeasure.

He said the official liquidator needed to clarify issues to the customers on the way forward and the next line of action, particularly for those who did not receive their full principal amount.

Background

For weeks now there has been speculation about the payment of the deposits of DKM customers who had lived in agony since the Bank of Ghana placed a moratorium on the operations of the microfinance company.

The intended commencement of the payment  failed to materialise last week, but there was an announcement that the payment would begin yesterday.

As of December 2015, 358 judgements had been given against DKM as a result of the company’s inability to pay back the deposits and interests of its customers.

The courts, in their judgements, gave the order for the detention and preservation of TV sets, office equipment, vehicles and other items belonging to the company in its storerooms and offices, or the houses of the CEO or employees of the company.

Currently, buses belonging to DKM Transport have been seized and packed in various garages in Sunyani.

 

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