The high level of mistrust for banks has long been an issue of statistics placed at a very discouraging figure of 60 per cent, representing the unbanked of population of bankable Ghanaians.
But it is a story of an elderly woman in Kpassa in the Nkwanta North District of the Volta Region that epitomises this very mistrust for the banking system.
The said elderly woman, who sells water, has been a victim of a financial firm, which absconded with her savings of GH¢4,000.
She, therefore, resorted to keeping her cash in a hole dug in front of her house. She covered the burrow with logs of firewood.
Though she might have been caught between the deep blue sea of unknown banks and the devil of a vulnerable hole in front of her house, it was termites who wreaked havoc on her savings of close to GH¢1,700.
Though the Bank of Ghana has been strict with its regulations for the banking industry, evidenced by the closure of some banks and the introduction of new minimum requirements for commercial and rural banks, there is little incentive for people to save in banks.
Below is a video sent to 3news.com by Stephen Katuole, the General Manager of Kpassa Rural Bank, on the plight of the elderly woman.