The Databank Group is asking for an extension of deadline for payment of fees for students with investments at the bank.
In a letter cited by Newstitbits.com, the bank explained that they are unable to honour withdrawal requests by their clients due to the macroeconomic crisis and the Domestic Debt Exchange Program (DDEP), and as a result they are unable to sell government securities.
“We would like to humbly request that you extend the deadline for payment of first semester fees for students of your institution with investments at Databank,” portions of the letter read.
It pleaded that “due to the crisis…Databank has difficulty selling Government of Ghana securities and cannot get the necessary cash to pay withdrawal requests…it is taking us much longer than expected to pay our clients when they ask to withdraw. Some of these clients are students of your institution…”
The letter dated January 31, 2023, which was signed by a Branch Manager, Gloria Peprah, noted that as the bank engages stakeholders for relief, institutions should give students more time until payments are made.
Madam Peprah, however, said the bank would not be held liable when students fail to pay their fees after the bank has honoured its obligations to them.
According to the bank, letters have been given to the affected students to present to their respective institutions.
In December last year, the investment firm announced the closure of its offices following increasing threats on the lives of its staff.
“It is a very serious matter. We have had people threatening that they will burn down the building and you know, you should understand that these are people’s life savings,” Chief Executive Officer of Databank, Kojo Addae-Mensah told the media.
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