Ghanaians urged to patronize Rural Banking Service for development and better living standards

Chairman for Ashanti Regional Chapter of 'Ghana Association of Rural Banks' Mr. Osei Owusu has charged government agencies, Entrepreneurs businessmen and all workers to champion the course of rural banking in the country to help mitigate living standards and also contribute to maximize development with provision of social amenities and other developmental projects as part of it's Corporate Social Responsibility

Mr. Osei Owusu made this appeal at the first 'Annual General Meeting' of shareholders, staff and other stakeholders of Akumadan Rural Bank at Akumadan in the Offinso North District of Ashanti region to assess the bank's performance and impact to the people in the area since emergence 2 years ago

The meeting was among other things meant to consider reports from board chairman, directors, external auditors, assess overall performance of the bank two years into operation etc.

Delivering his speech at the program, Mr. Osei Owusu explained that Rural Banks are designed to be directly owned by the people and not for private individuals or government and to easily access quality, reliable and affordable banking services aiming to cushion customers to succeed in their various business ventures

In order to meet the objective of complementing government's developmental agenda effectively and timeously through Corporate Social Responsibility, Mr. Osei Owusu encouraged customers to buy shares from rural banks for establishment of facilities that would inure to the benefit of the communities in entirety

"I use this opportunity to remind all especially the people of Offinso north that a rural Bank is established to be owned by the whole community", "I always describe it as a bank of the people, by the people and for the people, the entire populace stands to benefit from profits made by the bank in the course of business therefore it is prudent to uphold the bank high", the chairman urged

Speaking to CruzFM reporter, Issah Nabila Salifu on the sidelines of the program, general manager of the bank Mr. Samuel Nuama Dankwa expressed satisfaction with performance of the bank in it's two years of operation from 2019 when financial institutions were being liquidated coupled with the outbreak of covid-19 pandemic and it's associated challenges

He stated key indicators captured in the 2020 report which shows significant progress made by the bank.

"Our deposits from 2019 grew up by 56%, whiles the investment portfolio ballooned to 86% from 2019, with our total assets progressed by 8% in the year under review" "we have really worked hard with this data considering government's financial reforms initiative that resulted in liquidation of many banks as well as challenges brought forth by the covid-19 pandemic", the manager intimated

According to Mr. Dankwa the bank going forward is poised to address all challenges that confronted it right at it's inception, the pandemic and other exogenous distractions and take a giant step by establishing a branch in Techiman, Capita of Bono East region when given approval by bank of Ghana.

The bank again will leverage on the digitization and the digitalization of the economy to develop acceptable, accessible and customer friendly products to increase deposits, clientele base and profitability.

"Akumadan Rural Bank after the initial teething challenges, the pandemic and other exogenous distractions is poised to address all the challenges and then open an additional branch if the Bank of Ghana give it's approval", Mr. Dankwa disclosed

Chairman of Board of directors for Akumadan Rural Bank Nana Boafour Konadu Yiadom, CEO of Ashan Children Home in Denase who played a pivotal role in the establishment of the bank

re-echoed the call for shareholdership positions as he and his outfit intend to embark on massive developmental projects using the capital deposits of shareholders.

"Something big is in the offing as we have resolved to demonstrate to the people that buying shares from the bank will mean countless benefits in return".

"using myself as a reference point for a few of my projects such as classroom blocks, electricity and CHIPS compound for residents at Kwaekesiem and Bosomporso respectively, the bank now from here is to embark on projects within villages to make it more attractive to citizens and to understand that buying shares is a definition of contributing to development of the district", Revealed Nana Boafour Konadu Yiadom Board Chairman, Akumadan Rural Bank

Story by: SK