Groupe Nduom has vehemently rejected the Bank of Ghana’s (BoG) statements regarding GN Savings, labeling them “wildly inaccurate”. The BoG had claimed that GN Bank’s license was revoked in 2019 due to significant regulatory violations, including insufficient capital, liquidity, and poor governance.
However, Groupe Nduom argues that GN Savings had more than the GHS30.33 million cited by the BoG and had complied with all requirements laid down by the central bank. The group demands the restoration and upgrade of GN Savings’ license, stating that the BoG’s claim of insolvency was incorrect.
Groupe Nduom also revealed that the government and its agencies owe the company over GHS7.1 billion, which would be enough to pay customers and recapitalize GN Savings to become a universal bank once again. The company claims that the BoG was aware of this information but chose to ignore it.
The dispute between Groupe Nduom and the BoG continues, with the former seeking to clear its name and restore its banking operations. Groupe Nduom has requested a review of the case, hoping to resolve the issue and get back to serving its customers.
In 2019, the Bank of Ghana revoked the licenses of 23 savings and loans companies and finance house companies, including GN Bank. GN Bank subsequently took legal action against the Bank of Ghana, challenging the revocation of its license.
