Saturday, November 17, 2018
You are here: Home » Business » Clients Besiege Security Finance, Demand Payment Of Savings Bookmark This Page

Clients Besiege Security Finance, Demand Payment Of Savings 

By Ernest Sumelong & Edwin Ndangoh* — Disgruntled clients of Security Finance PLC, Friday, July 6, besieged the Molyko branch in Buea, Southwest Region, demanding payment of their savings.

The furious clientele created a human barricade at the entrance to the Company’s office, in order to prevent the company’s employees from escaping.

They swore to do worse if their money was not paid.

The clients, some with children, spent the entire day at the Molyko branch office, while some police officers stood aside watching.

The Post learnt from the embittered customers that officials of the Company had, for two months running, been unable to reimburse them the money they had saved, each time they made request for withdrawal.

The Post also learnt that the Limbe and Muyuka branches of the institution have stopped functioning due to lack of funds. This is said to be the major factor that triggered the uproar, as customers feared a possible liquidation.

“We have been coming here for the past two months and the workers tell us to go and come back later. Yet they are unable to give us our money. Can you imagine that they insist they can only pay FCFA 25.000 to people who have saved millions? The worst part of it is that even when they are aware that their financial situation was dire, they still collect money from people coming to save,” a customer who asked for anonymity told The Post.

Another incensed customer, who claimed to have initiated the protest, said: “We learnt that the Security Finance branches of Limbe and Muyuka have already gone bankrupt and closed down. Considering the inability of this branch to give us our money, we are afraid we might lose our money and that is why we initiated this action.”

The Managing Director of Security Finance Corporation, Prof. Mbua Ngale Efange, who helplessly observed the saga unfolding, told The Post that they were undergoing restructuring.

“We have just undergone a restructuring, that is why we don’t have ready money to settle customers,” he said.

“Some customers came in to make withdrawals, but they were told that they couldn’t make any withdrawal in respect to the amount they are asking. But they refused, insisting that they must have their money and that the matter is non-negotiable”.

The Divisional Officer, DO of Buea, Abraham Chekem, arrived at the scene at about 6 pm and solicited on behalf of the bank to discuss with some representatives of the customers. 

After deliberating over the matter in the local police precinct in Molyko, the Managing Director granted to instantly pay FCFA 50.000 to each customer having savings that exceeds FCFA 100.000, while FCFA 2 5.000 was to be given to each customer having less than FCFA 50.000 in his or her account.

The Manager, nevertheless, promised to fully satisfy the needs of its rioting customers on Thursday, July 12, 2012.

While some welcomed the decision, others frowned at it arguing that it can be an ideal opportunity for the bank staff to vanish without ever paying their money.

*(National Polytechnic Journalism Student On Internship)

    Add a Comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *