RCBs urged to give loans in a day - Apex

Awutu Bawjiase (C/R), Aug 4, GNA - Mr Duke Osam-Duodu, Deputy Managing Director of the ARB Apex Bank, has challenged Rural and Community Banks (RCBs) to grant loans within a day and make their services more attractive to rural folks.

He further urged them to engage in enterprise development within their catchments to ensure the availability of deposits and further promote rapid development of rural communities. Mr Osam-Duodu threw the challenge at the 18th Annual General Meeting (AGM) of the Bawjiase Area Rural Bank at Awutu Bawjiase last week.

He said the time has come for RCBs to adopt pragmatic policies and programmes that would help take young boys and girls from the streets, to nurture small-scale enterprises to grow and create jobs and wealth. The Deputy MD said Value Chain Financing should also formed the cornerstone of financing products of rural banks, adding that banks could help enterprises to process, market and transport products to the final consumer.

He announced that ARB Apex Bank had signed agreements with foreign remittance companies like the Western Union and other local commercial banks, to help diversify the source of revenue for rural banks. Mr Osam-Duodu said the RCBs' computerization programme which sought to network all banks and their braches would soon be implemented.

He said when completed, it would speed up the full integration of RCBs into the national payment system and added that it would serve as a catalyst to enhance service delivery to attract more customers. Mr Osam-Duodu urged the Bawjiase Rural Bank to ensure that it expanded its product base. He asked the bank to grant advances to companies, enterprises and individuals within its environs to improve the livelihoods of the rural poor.

Mr Emmanuel Osei, Chairman of the Board of Directors of the bank, said the bank's total assets rose to GH¢4,328,897 last year as against GH¢3,026,232 in 2006.

Mr Osei said the bank also invested in government bonds and other securities, which amounted to GH¢1,293,564 in 2007 and GH¢1,152,615 the previous year.

He announced that the bank donated a 21-inch Television set to the Awutu-Effutu-Senya District Assembly towards the celebration of last year's National Farmers' Day Celebration and a cash of GH¢230 to the District Education Office for the Best Teacher Award in 2007. 4 Aug 08