80% of DKM Customer Claims Paid – Finance Minister

The Finance Minister, Ken Ofori-Atta has announced that almost all claims of customers of the defunct DKM Microfinance Company has been paid by government.

Presenting the 2019 budget in Parliament yesterday, he said 80 percent of the claims has been paid to the depositors.

“I would like to inform the country that out of the 99,858, 79,708 have been settled and depositors have been paid. The government has set aside funds at the Bank of Ghana to pay the remaining 20 percent of depositors upon validation,” he announced.

It will be recalled that DKM Diamond Microfinance Limited had its license revoked in February 2016 for flouting the rules governing microfinance procedures in the country.

Though the central bank subsequently lifted the ban on the company’s operations, DKM was unable to pay its customers their locked up cash leading to the liquidation of the financial company.

This imposed a considerable suffering on depositors.

However, the Akufo-Addo led government in fulfilling its promise made to the customers in 2016, has taken great strides in refunding the monies.

The Finance Minister disclosed that an additional 12,612 claims has been fully provided for, but the customers have not yet been able to show proof of deposit.

This according to him means that 92 percent of DKM claims from depositors have been paid or provided for.

“Depositors for the remaining 7,568 claims of above GH¢10,000 are yet to reach an agreement with the liquidators,” he stressed.

DKM Background

DKM was incorporated on April 3, 2013 and was licensed by the Bank of Ghana as a tier two microfinance company on October 25, 2013.

The balance sheet of DKM, as of May 11, 2015, showed its net liability stood at negative GH¢21 million, leading to its license being revoked by BoG in 2016.

The Company was alleged to have invested about GH¢77 million of its customers’ deposits in its subsidiary companies: DKM Airlines Company, DKM Fuel Station, DKM Transport, DKM Shea Butter Company and DKM Mining Company, among others.

By: Emmanuel Yeboah Britwum