Clients of DKM Microfinance in Bolgatanga petitions President Mahama

Outgoing Deputy Regional Minister, Daniel Syme, addressing the demonstrators on behalf of President Mahama

Disgruntled customers of beleaguered microfinance company, DKM Financial Services today embarked on a peaceful demonstration in the Upper East Regional capital, Bolgatanga, to impress on President John Dramani Mahama to expedite action by ensuring that their investment are paid to them.

 Clad in red and black arm band and T-shirts, the aggrieved customers numbering over two hundred marched through the principal streets of Bolgatanga chanting aloud “No Money No Vote.” threatening that, should government fail to respond to their plight, they will not partake in the upcoming general elections and even if they do, they will change the voting pattern.  

 They presented a petition to the outgoing Deputy Upper East Regional Minister, Daniel Syme, for onward submission to the president for consideration. 

In an exclusive interview, the leader of the aggrieved group, Daniel Ayine, explained to Radio Ghana that though the President has instructed the Central Bank to speed up processes in ensuring that cash deposits due customers are paid, they were running out of patience. 

Besides, the exercise is a way of reminding the President of his constitutional obligation to protect and champion the cause of the citizenry.

 He said the fate of customers is uncertain because customers have lost hope and can no longer cope with the prevailing economic hardship. 

Some, he noted, have threatened to take their lives since they risked picking loans from banks cannot repay.   

Mr Ayine admitted that due to the inability of customers to get their investments, many students have dropped out of school, marriages have broken up, people are traumatized mentally and psychologically, while small scale businesses have folded up. 

He was baffled by the current situation since the DKM has not been able to fulfil its part of the bargain though the BOG has lifted the moratorium it imposed on the company. 

According to him, they are leaning on the words of the minister, which seem to suggest that parliament was on top of issues and will engage the Finance Minister and officials of the BOG to give an in-depth presentation on the matter for customers to understand the issues pertaining and the way forward. 

He was however hopeful that with the intervention of parliament, there will surely be light at the end of the tunnel. 

He said on their own capacity, aggrieved customers have been asked to contribute their widows might and bring along their pay in slips to be forwarded to the minister as directed. 

Operations of DKM Microfinance in Sunyani, Bolgatanga and Wa came to a complete halt in May last year after it violated the banking act as alleged by the central bank.  

 The bank then placed a moratorium on the operations of DKM when an audit report drew its attention to the fact that the company had contravened the said act. 

According to the Central Bank, the company failed to hold enough assets to meet its liabilities to depositors. 

Since the moratorium, customers of DKM microfinance have been pleading with the central bank to be lenient on the company for the sake of their investments but all effort have yielded no meaningful results.