Panic Withdrawals Hit uniBank Despite Assurances

Citi Business News‘ checks across Accra in the early hours of Wednesday, March 21, 2018 indicated that there is panic withdrawal among customers of Unibank following the takeover.

Some of the customers who spoke to Citi Business News said they fear they may lose their investments should they not withdraw them now.

“I am coming to withdraw all my money because I understand there is a takeover and their ATMs are also not working so I don’t want to be a victim,” one customer told Citi Business News.

Another said, “I tried to access their mobile money platform but it was really not working so then I panicked because six months ago something of this nature happened and we all saw the effect. So I am thinking that if my money is there, then I am not actually safe so it’s better I withdraw all my money. I’m really scared and not calm at all”.

Jessica Ayorkor Aryee reports that the unibank branch in Osu had a calm atmosphere.  she says as at 8am only two customers had visited the bank.

The security personnel told her there was an emergency meeting being held to brief staff on the development and  have been told not to open the bank for any business transactions until 12 noon.

Meanwhile Lawrence Segbefia who was also at the Osu Main Branch near Danquah Circle reported that the situation had left many customers stranded as they were unable to withdraw money from the bank.

At the Achimota Branch, Anita Arthur also reports that scores of customers could be seen at the premises even before 8 am, in a bid to retrieve their money from the bank.

But at 12 noon, Unibank commenced banking operations just as had been stated by audit firm and new management of the entity, KPMG.

Pius Amihere Eduku who was there and  reports that the bank was in full operations at the head office of the bank.

Background

The Bank of Ghana on Tuesday, March 20, 2018, announced that it has appointed audit firm, KPMG as administrator for uniBank.

The Central bank had indicated that Unibank’s bank’s capital has not been close to the 400 million cedis minimum requirement expected of commercial banks by December 2018.

The announcement comes two weeks after uniBank announced a purported takeover of adb after some shareholders of the latter, pledged their shares in the bank.

The BoG at the time, dismissed the reports explaining that it has not approved any such agreement.

It also means the powers, functions and responsibilities of the shareholders, directors and key management are suspended with the appointment of the official administrator.

The official responsibilities of the official administrators include safeguarding the assets of the bank, securing depositor’s funds and saving the bank and contributing to the overall stability of the financial system.