After a video of a Police officer beating a customer in a banking hall went viral, a section of the public is calling for the Midland Savings and Loans company to be closed while others are calling on their friends and relatives to end businesses with the financial institution that could not pay GHS 270 to a customer.
The Bank of Ghana is expected to penalise the institution in a way that would not cause problems for it’s customers but the public’s campaign to see the institution collapse would cause the following:
1.) No Money for anyone
It is evident that the financial institution is in crisis based on the fact that they could not raise GHS 270 to pay a customer immediately which brought about police brutality and having all ministries and institutions releasing statements. Asking our friends and family to withdraw their funds means they are just going there to protest and make another headlines because the company has no money to pay anyone. Most of these Savings and Loans companies give out deposits as loans and as such find it difficult to pay monies to their customers when they need.
Midland Savings & Loans has branches across the country and employs 1000s of mobile mostly being mobile bankers. The collapse of the company would render all these employees jobless to add up to the existing huge number of unemployed graduates and youth.
3.) Another DKM
Customers would definitely not receive their monies if the financial institution is to collapse. This would give birth to another DKM where customers would be staging demonstrations to may be ask people on social media who called for the collapse of the institution to get them their monies.
4.) 2020 Election campaign message
Politicians love to ride on issues that trend to give public admiration. Just as customers of DKM were promised of receiving their monies, Midland customers would also receive same promise in 2020.
5.) Collapse of other businesses
As some people would be happy to walk away with loans they have obtained from the bank, other Small and Medium Enterprises would suffer as Midland Savings & Loans serve as their major banking institution. They may lose all business funds deposited at the bank which will affect the progress of their businesses.
So before you start a campaign that would see to the collapse of Midland Savings & Loans, pay attention to these possible outcomes.