ARB APEX Bank to reduce its interest rate

       

Mr Pascal Nkulenu, Manager Naara Rural Bank Bolga Branch

The Managing Director of ARB APEX Bank, Kwadwo Aye Kusi has emphasised the bank’s resolve to enhance its corporate image through prudent financial and efficient services. This, he observed, would ensure that the rural banking system attracts more attention and interest of the public. In a speech read for him at the 23^rd Annual General meeting of the Naara Rural Bank Limited in Navrongo, Mr Aye Kusi outlined strategies and plans by the bank to provide efficient services to its clients and stakeholders. This he said would enable the rural banks to perform in today’s competitive banking. He mentioned reduction in interest rates, specie movement, and establishment of sinking fund and adoption of new strategic plans as some of the services to be considered by the bank. Under the said services, the management of ARB APEX bank has reduced the interest rates on its lending to the Rural and Community Banks (RCBs) from 20 percent plus to 15 percent. All RCBs, he advised are to take advantage of the offer and access more facilities from the Apex bank for on-lending to their deserving borrowers. Moreover, the cash holdings of Apex branches have been increased to enable RCBs to access cash within shorter periods after notification. Beyond that the establishment of the sinking fund, which received approval by stakeholders at the last AGM is said to cater for the bank’s capital expenditure in respect of ICT equipment and infrastructure. Whilst appealing to defaulters of the bank to fulfil their loan obligations, Mr Aye encouraged stakeholders of Naara Rural Bank to increase their shareholdings in with the bank to enable it have long term funds to expand its activities and also meet the current statutory capital requirement of GHc 300,000.

GBC                                                          END                                                        IA/