ESLOC not licensed by BoG

Daily Graphic / Ghana Opinion Feb - 24 - 2014 , 10:42

We write to ask you to retract the story on page 64 of the Tuesday, February 4, 2014 edition of the Daily Graphic. We are sorry to inform you that the reporter of this article did not report with truth and accuracy as your motto claims.

The secretariat of the Ghana Association of Savings and Loans Companies (GHASALC) wishes to draw your attention to the fact that as of January 31, 2014, there was no company by name ESLOC Investment Limited licensed by Bank of Ghana to operate in Ghana as a savings and loans company. Neither was the company in the list of those waiting to be licensed to operate in Ghana as a savings and loans company.

Consequently, it was wrong of you to address the company as a savings and loans company. Your article contained inaccuracies which misinformed the readers that there were companies which sought to deceive potential customers by calling themselves savings and loans companies.

Nevertheless, it is incumbent upon you to ensure that you have your facts together before publication in order to avoid tarnishing the reputation of legitimate savings and loans companies which have been set up to enhance access to capital and, as a result, reduce poverty in Ghana. Our members have a cardinal mission to reach the vulnerable, especially the rural poor, women and children and above all to improve the standard of living of its customers.

By this time, it must be clearly evident that the company in question was not a savings and loans company but an investment company of sorts. It would have been useful if the reporter had conducted a thorough research on this company (ESLOC Investment Limited) so as to be well informed of their operational status and categorisation before proceeding to write about them. Even though it is common practice these days to find innocent citizens being ripped off by such companies that claim to be in the microfinance industry, it is the responsibility of the customer to make sure they are dealing with a legitimate company which can be brought to book in such instances (as reported here).

A simple check on the Bank of Ghana Website or phone call to our offices would have clarified the issues raised.

We, therefore, request that your esteemed establishment should publish a retraction to avert any further bad publicity on the reputation and image of savings and loans companies.

This letter is issued from the secretariat of Ghana Association of Savings and Loans Companies (GHASALC) which serves as a mouthpiece for its members, and in this instance to protect the image and reputation of its members.