Equity Savings and Loans crisis: 1000 of depositors left stranded after several branches shut down.

Added: 2026-06-02

[00:00:05]Every morning, Frederick Nsiah unlocks a shop at Tip Toe Lane and prepares for another day of business. For years, selling mobile phones and accessories provided a steady source of income. The business allowed him to import stock regularly and keep his shelves filled.

[00:00:23]But in recent years, he says things have become increasingly difficult.

[00:00:29]Opportunities to expand have slipped away and plans he once had for his business remain on hold. When the city came under pressure and the cost of imports began rising sharply, Frederick says he decided to fall back on money he had set aside.

[00:00:45]>> When the dollar rate was skyrocketing, so I decided to take use some from my account because I am into importation of phones, mobile phones, laptop and accessories.

[00:00:59]So that I can import some more stuff to stock my shop. So that So when the dollar rate comes down, I will know how to go about it.

[00:01:08]First time I went to take 80,000 80,000 cedis and I was told I cannot take such amount from my portfolio because they don't have much.

[00:01:18]>> Several kilometers away at Dome market, Akos is facing challenges of her own.

[00:01:24]The pepper trader depends on daily sales to keep her business running.

[00:01:29]Every sack purchased represents capital invested and every sale determines how much stock she can afford the following day. But sometime this year, a conversation with a fellow trader left her worried. The woman had gone to withdraw money to restock her business.

[00:01:44]Instead, she found a branch office locked. Akos said she struggled to believe it.

[00:01:53]>> My friend alerted us that the facility had been locked. We didn't believe her, so we went to check and it was free.

[00:02:05]>> Frederick and Akos have never met. Yet, both find themselves asking the same question. What happened to the money they entrusted to Equity Savings and Loans? For years, customers say the company maintained a visible presence through branch networks and field collectors who regularly visited markets and businesses to collect deposits. Many said they had little reason to doubt the institution. Records reviewed by Joy News show Equity Savings and Loans Limited was incorporated in November 2011 as a private limited company operating in the finance sector. Its stated activities included micro and small business financing, consumer credit, and susu saving schemes. The records also listed several directors and beneficial owners connected to the company. For customers, however, those details now matter less than one person's concern: access to their savings. Joy News visited the company's listed offices in Newtown, Dome, and its East Legon headquarters. At all three locations, the premises were locked with no visible staff presence or activity inside.

[00:03:11]Although signboards remain in place at some of the sites, there was no indication of operations on the ground.

[00:03:17]Neighbors in the area told Joy News they had not seen staff on site for weeks.

[00:03:25]>> I have never seen the bank open. I don't know if they're still operating.

[00:03:35]>> People ask about them, but I just tell them that they are not around.

[00:03:43]>> Customers interviewed by Joy News describe similar experiences, although their timelines differ.

[00:03:49]>> Four months now, they haven't been operating at Lapaz I personally saved there and I have I have noticed that they haven't been operating. I started following them about 2 years ago when I realized that accessing my my funds was very difficult. So, I started going there from time to time. They refused me. They kept telling me there's no money, there's no money. So, I kept going and coming back and forth. And I know a lot of people who have invested so much money, over 100,000. I personally know people who have invested over 100,000 with them.

[00:04:18]And they still haven't received their money.

[00:04:32]>> I made a 3-year investment. I hardly visit the facility as it's my arrangements were changed. I visited the place to correct it, but I found the office locked.

[00:05:11]>> I saved there to cater for my ward's school fees. When it is time to return to school, I withdraw and settle the fees, but the current situation is placing a heavy burden on me.

[00:05:40]>> Patrick says his own search for answers eventually led him to the company's head office.

[00:05:45]>> So, I took moto to East Legon where their head office is. I went there and to my surprise, I met security guard there telling me the landlord is saying um the equity uh workers or officials or staffs, they should not enter because they have not been able to pay their rent or something like that. And so, they are no more there. So, I went to Bank of Ghana uh financial financial stability department to make the report. The officials I met there told me they have heard about it and they are working on it.

[00:06:18]>> Customers received no formal communication explaining the closures or outlining how they could retrieve their funds.

[00:06:35]>> He comes to collect it every day. He didn't tell us the institution had collapsed.

[00:06:54]We were not informed. They didn't notify us at all. We have wept so much.

[00:07:14]I leave them to hold. I told the collector that if I would encounter any challenges, he should give me my money.

[00:07:21]But see where we are now. My money is gone.

[00:07:29]>> Repeated attempts by Joy News to contact company officials proved unsuccessful.

[00:07:34]Calls placed to telephone numbers associated with the company went unanswered. As concerns mount, affected customers say they are looking not only for access to their money, but also for answers about what happened to an institution they trusted and the future of their investments. Joy News also reached out to the Bank of Ghana regarding concerns raised by affected customers and the status of Equity Savings and Loans. However, at the time of filing this report, no response had been received. Michelle Laty and Jason Day, for Joy News.

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