The Ghana Association of Savings and Loans Companies (GHASALC) has urged the public to disregard media publications and rumours suggesting that the savings and loans sector is collapsing.

This follows recent reports of panic withdrawals from some major savings and loans companies over the last three months with the recent being the alleged collapse of the First Allied Savings and Loans Company.

While the company has come out to admit facing some financial challenges, it has denied being on the verge of collapse and has urged costumers to remain calm, a situation many have described as worrying.

But addressing the issue in a press release, the executive body of GHASALC maintains that, the sector is still vibrant and capable of providing all the needs of its customers.

According to GHASALC, they are working closely with the Bank of Ghana to ensure these companies are better positioned to achieve its core mandate, which is to bring good and reliable banking services to Ghanaians.

“For nearly 30 years the Savings & Loans sector has been serving the Micro, Small and Medium Enterprises (MSMEs). We have been taking higher risks for our customers and have been at the helm of economic development with innovative and tailored banking services.

We, therefore, plead with our esteemed customers to maintain the level of faith and confidence reposed in us over the years and for the general public to engage us to obtain accurate information.”

Find full statement below;