First Allied Savings and Loans (FASL) has denied allegations that Kwesi Nyantakyi is a shareholder of the company and that Bank of Ghana is freezing his shares in their company.

Spokesperson for FASL, Yaw Korankye told Adom News the false rumor about Kwesi Nyantakyi link with FASL caused some amount of customer rush for their money.

“The rush went on for about three days before we realized that was the rumor fueling the stampede,” he said.

He however noted that Kwesi Nyantakyi’s company is FSL, while theirs is FASL and the two are not the same.

Yaw Korankye said there is no shareholder called Kwesi Nyantakyi at FASL and BoG is not freezing any shares at FASL so customers should relax and know their money is safe.

Below is the full statement from the Management of First Allied Savings and Loans

Following the circulation of unfounded rumours that one ‘Nyantakyi’ is associated with ‘FSL’ (a savings and loans company the government is allegedly stepping in to take over), ‘FASL’ has become a victim of mistaken identity which has sparked a run on our business by customers who could not distinguish between the two entities. This is causing panic among some of our customers.

The Management of First Allied wishes to state that the stories are false and should be disregarded.  Anybody in doubt can verify the institution’s ownership records from our regulator, the Bank of Ghana or the Registrar General’s Department.

All customers are to note that all our branches are open and we continue to serve you.

We appreciate the anxiety of customers flowing from such rumors and we appeal to them to be patient with us as we attend to them. We wish to further reassure them that their funds are safe and secured.  We are working assiduously to rectify any challenge caused by these developments in the past few weeks.

Thank you.



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