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toubab1020
12311 Posts |
 Posted - 09 Jul 2010 : 01:25:11
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This again from The D.O. Gambia as a financial haven for your money ?
and the hub of financial dealings for Africa ? Financial stability is what is required has The Gambia achieved that?
http://observer.gm/africa/gambia/article/gamsavings-faces-liquidation-as-frustrated-customers-storm-banjul-office
Gamsavings faces liquidation As frustrated customers storm Banjul office
Africa » Gambia
Thursday, July 08, 2010
Customers of Gamsavings, a micro-finance institution under Gamstar Company on Tuesday stormed the Gamsavings office along OAU Boulevard in Banjul to withdraw their monies.
One of the customers, Serign Omar Gaye, told this reporter he was referred from Brikama to Banjul to withdraw the money he saved in the Gamsavings branch in Brikama. "I am now fed up, I came yesterday and they told me to wait and I waited for the whole day but I could not withdraw my money, and as you can see, I came here since early in the morning and I could not still have access to my money," he complained.
According to him, he was promised that they were going to settle him and the other customers but that seems to be a mere talk to him, as he could not see any sign of progress in that aspect. "I need my money. I have been paying fares for the past three days and considering the fares I pay from Brikama to here for all these days, it is causing me a lot," he lamented. He said he was informed that the Brikama branch was closed and that the management of Gamsavings did not tell them anything about what is going on.
An agent of Gamsavings who preferred to be anonymous said: "In fact you are late to come, if you were here in the morning people would have carried you away." She explained that she is an agent of the company and had being going out to collect money from their clients and now these customers are storming her house asking for their money. "We are very angry at the moment because we used to go to the market and collect money from the women and deliver it to Gamsavings; all of a sudden, we came one day and were informed surprisingly that the company would be closed temporally for best reasons known to them," she explained. She tried to convince the customers that they are the only agents and don't have any money in their possession.
"We are now being accused of eating the money which we don't know anything about, I am even ashamed of myself and I don't even know what to tell them, I hate this job and I don't even pray for any of my relatives to do this job now," she remarked.Another customer, who identified himself as Buba Drammeh and a resident of Brikama, said:
"We have been going and coming everyday for two days now, and we cannot still access our monies, this is not a bank, it is just to disturb people and all of us queuing here are victims of that. If I had known that things were going to be like this, I would not have saved a dim with them."
Drammeh claimed that none of the staff of the company had approached them to explain what has gone wrong. Mohammed Badjie, another customer from Faji Kunda said he visited the Gamsavings branch in Latrikunda a few days ago and was referred to the Banjul branch. He added that on getting to Banjul, he found a long queue of people waiting to withdraw their monies.
Efforts to reach the officials at the Gamsavings Banjul office proved futile as someone who identified himself a staff of the company appeared and pushed this reporter out of the building.However, later in the evening, this reporter contacted Bai Ndongo Faal, the general manager of Gamstar Company, to shed light on the issue. But he declined to comment much on the issue, saying he needs to consult his lawyers. However, Faal disclosed that the Central Bank of The Gambia increased the capital requirement for micro-finance companies from D500, 000 to D10, 000, 000, which he said,"we were not able to raise at that period".
"Meanwhile, I am appealing to you to give me some time to consul my lawyers, after that I will call for a press briefing on the subject matter," he said.
Author: by Musa Ndow
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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kayjatta
2978 Posts |
Posted - 09 Jul 2010 : 07:25:27
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It sounds like a Ponzi scheme... Bai Ndongo Fall had built a reputation in the Insurance Business earlier on, but I guess in the Gambia's drug economy nothing is absolute any more.
Anyway, "I want to talk to my attorney first" is a familiar line in criminal justice   |
Edited by - kayjatta on 09 Jul 2010 07:29:17 |
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tamsier
United Kingdom
557 Posts |
Posted - 09 Jul 2010 : 22:58:00
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| This is disgusting and the lack of honesty and communication coming from the bank is even more shocking. Certain Gambian organisations and government bodies refuse to reimburse you your money when they screw up. Sadly this is becoming the norm. Most of them don't even bother to apologies for their mistakes but like to pass the buck. Pathetic! I would not be surprised if they have embezzled people's savings. Bunch of liars! |
Tamsier
Serere heritage. Serere religion. Serere to the end.
Roog a fa ha. |
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Karamba
United Kingdom
3820 Posts |
Posted - 10 Jul 2010 : 00:26:17
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In the dirty pool of money Gambians are fishing from, not everyone will keep the stamina and skill to keep swimming. Along the way, many will drown. |
Karamba |
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Prince
507 Posts |
Posted - 10 Jul 2010 : 00:34:34
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If the power is really serious about Operation No Compromise, this is a perfect idiot to squarely deal with. Sadly, this would be another continent bank Déjà vu; when crooks greased each others elbows after robbing the poor.
In fact, these leaches are worse than the default continent Bank, Ndongo followed toiling market women in the smelly markets to rob them off their hard earned money. In progressive places like China, he'd be hanged .
Patronizing local businesses my azz, standard chartered is the ONLY bank in the Gambia . |
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kayjatta
2978 Posts |
Posted - 12 Jul 2010 : 08:46:06
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Standard Chartered is elitist, Prince. Their market segment, the rich and the powerful, it appears excludes the vast majority of Gambians. If you are an individual or a small business, I don't recommend Standard Chartered Bank for you.
That is probably why Jammeh (when he was a poor soldier-always broke and needing overdraft) opened an account with Continent Bank (one of their managers, Kareem Bayzid was my business mentor-much respect to him!) instead of Standard Chartered Bank.
My bank was the former BICI (now Commerce Bank, I think). Commerce Bank and the Trust Bank service the vast majority of the middle class than the SCB... |
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Prince
507 Posts |
Posted - 12 Jul 2010 : 18:19:09
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I understand where you are coming from Kay. I wrote my last post in the heat of the moment, Ndongo really raised my blood pressure.
I never thought of SCB as elitist when I opened my first account with them at nineteen (I was not "rich or powerful".
Actually, one could easily argue that Continent Bank and BICI are elitist given that only the rich and powerful get meaningful loans from them. Most of the elites they loan money out to do not have good credit ratings or business proposals.It's not uncommon for such elites to marry trophy second wives with the loans and "masalaha" with other elites when the loan payments are due.
That's why it isn't surprising that most of those lemon banks ended up changing names or closing. |
"When injustice becomes law, rebellion becomes duty." |
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