You are here: HomeNews2004 01 16Article 50027

Business News of Friday, 16 January 2004

Source: GNA

More customers patronise ARB Apex link product

Akim Achiase (E/R), Jan.16, GNA- Within six months that the Apex link product had been in operation at the South Birim Rural Bank (SBRB) at Achiase, the bank had seen tremendous patronage with 400 people transferring their moneys through other rural banks.

The manager of the bank, Mr. Nimako Afrifa who disclosed this in an interview with the GNA at Oda on Friday, said the Apex Link service transaction was very fast, adding that it had really been advantaged to traders who hitherto were carrying large sums of money for their trading activities.

Apex link is a domestic funds transfer service, which had been introduced into the country by the ARB Apex bank limited to facilitate the transfer of funds across the country within rural banks.

Mr. Afrifa said plans were far advanced to contact the various second cycle institutions in the area to establish accounts with the bank to enable parents to pay fees for their wards through the bank. He said unlike a commercial bank, commissions being charged on transfers by the rural bank were moderate and customers were required to pay 10,000 cedis for transfers of money below ten million cedis while non-customers were charged 15,000 cedis.

The manager commended the Bank of Ghana (BoG) for revising downwards both primary and secondary reserve ratio, which he said was assisting them to grant more loans to customers.

He disclosed that the BoG had given the Apex bank the approval to open an agency at Asamankese where business would soon commence.