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September 12, 2018 | Business & Finance

Capital & More Microfinance Swerves Customers

Daily Guide
Benone Yaw Asihene, a Director of Capital and More
Benone Yaw Asihene, a Director of Capital and More

Customers and investors of Capital and More Microfinance Company Limited are facing difficulties in retrieving their monies from the entity.

Some customers of Capital and More, who spoke to BUSINESS GUIDE, indicated that their investments had been locked up for several months with the firm and efforts to retrieve their monies have proved futile.

Capital and More Microfinance Company Limited, BUSINESS GUIDE gathered, is a non-banking institution believed to have been established by William Ato Essien with GH¢80 million allegedly 'siphoned' from defunct Capital Bank to establish the piggy bank and nine other businesses.

The other businesses reportedly established with the funds include Ocean Spring Mineral Water, Brietling Services, Gye Nyame Realty Ltd, Capital and More Co. Ltd, Accent Financial Services Ltd, Life Assurance Ltd, Capital Africa Group.

One of the affected customers of Capital and More Microfinance Company Limited, Richard Biney, told BUSINESS GUIDE that his investment totaling GH¢34,200 was due on June 29, 2018 but the company failed to honour its promise of paying the money.

According to him, he was told by officials Capital and More Microfinance at the Tema Branch where he did the fixed deposit that the company had ran out of cash and that he should exercise patience.

He stated that the Tema Branch was no longer operating.

Other customers are said to have investments totaling Gh¢100,000 with the cash-strapped microfinance company.

“The Managing Director (MD) of Capital and More Microfinance Limited has been 'running away' from us and each time we visit the company's only branch at Kwame Nkrumah Circle in Accra, nothing shows that we can ever get our funds,” the affected clients stated.


MD Travels
Several efforts by this paper to speak to the MD of the company, Madam Akosua, proved futile.

Attempts to also reach Directors of Capital and More, including Benone Asihene failed.

However, one Sammy, who claimed he works with the Marketing Department of Capital and More, told BUSINESS GUIDE that the MD had travelled abroad.

Sammy did not state specifically where the MD had traveled to and when she would return home.

“I have not spoken to her for a while and I do not have her number to reach her.

“Unfortunately, I am not the MD of Capital and More. I am a staff with the Marketing Department,” Sammy told BUSINESS GUIDE.

“She is not in Ghana. I don't also have her contact now. I will update you when I get it.”

However, some of the customers insisted that it's a tactic that has been adopted by management of the Microfinance Firm 'owned' by Ato Essien, who is believed to be the brain behind the collapse of Capital Bank, to swerve them.

BY Melvin Tarlue

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