RCBs tasked to develop new products

27-01-14                   

Mr Nkulenu (Left) of ARB APEX Bank and Bawku West DCE (right)

Ms Eva Adongo of Toende Bank, Bolga branch receiving her award

Rural and Community Banks (RCBs) have been urged to consider developing new and attractive products that will encourage both shareholders and clients to patronize their services. The Bawku West DCE, Simon Ayande Agbango, who made the call, said the introduction of new products such as attractive and flexible loan terms as well as fix deposit schemes could attract more customers to the bank. He also challenged RCBs to embark on rigorous sensitization drive to drum home the need for shareholders to increase their deposit since the Bank of Ghana has increased the share capital for rural banks. Mr Ayande Agbango was speaking at the 7^th Annual General Meeting of the Toende Rural Bank Limited at Zebilla. The DCE cited the invaluable contribution of RCBs in today’s competitive banking business and implored management of the banks to intensify their loan recovery strategies to enable small holder farmers and businesses to benefit. In a message, the Bolgatanga Manager of the ARB APEX Bank Limited, Zinzendorf Pascal Nkulenu said in the face of the  development in ICT, it was incumbent on small banks to put in place effective risk management policies. Adherence, he noted will enable the banks to mitigate the threats which are likely to impact negatively on their operations. Staff training, effective customer service and product development he further noted were vital in enhancing their overall performance. The Board Chairman, Rev Bishop Kofi Ayeebo, lauded the bank for its remarkable success over the year’s, which resulted in the establishment of two more agencies in Bawku and Bolgatanga.  He commended management, staff and shareholders for being part of the success story. Bishop Ayeebo said the bank in 2012 recorded an increase in its net profit by 77 percent as compared to 2011. Its total and loan assets, also increased significantly, whilst total deposit liabilities increased by 25.6 percent. The bank placed 34 out of the 135 rural banks performance. Awards were presented to some deserving staff and shareholders.

GBC                                                                     END                                                   IA/JKK/VABE