Dormaahene urges public to do business with credible financial institutions
| Updated Aug 29, 2017 at 10:32am
The Dormaahene, Osagyefo Agyemang Badu has called on the public to do business with traditional and credible financial institutions for the security of their investments.
He said in recent years there has been the proliferation of dubious micro-finance companies in the country who promise the payment of unbelievable and unrealistic huge interest rates to lure customers but many of their initiatives ended up as scam because such companies unexpectedly collapsed without paying back the investments of clients.
Osaagyefo Agyemang Badu said this at a mini-durbar by the Dormaa Ahenkro branch of the ADB.
He cited the huge financial loss suffered by most residents in Brong-Ahafo which drastically affected the growth of the region’s economy in the last two years when micro-finance companies like the DKM, God Is Love and Little Drops duped clients of millions of Ghana Cedis.
The Dormaahene urged the public to be wary of such micro-finance companies and rather partner with the known and established banks for safety of their funds.