Rural Banks asked to be innovative

Kumawu (Ash), Oct.23, GNA - Mr. Eric Osei-Bonsu, Managing Director of th= e Apex Bank, has called on Rural and Community Banks (RCBs) to come out wit= h innovative products that meet the needs of their customers. This would increase patronage and saving which would help to increase RC= Bs capital base and deposit levels.

He made the call in an address read for him at the 16th Annual General Meeting of Shareholders of Kumawuman Rural Bank at Kumawu on Thursday. Mr. Osei-Bonsu noted that the banking industry faced enormous challenges=

and it was important for the RCBs' to ensure efficiency and minimize customer dissatisfaction. Performance of most them, he said, has been encouraging and was evident from their impressive deposits mobilization and soaring share capital - indicators of growing public confidence in the rural banking system. The Managing Director said notwithstanding the achievements, rural banks=

have more to do by way of organizational and operational restructuring, especially in the area of Information Communication Technology (ICT). Mr. Kwaku Opoku-Agyeman, Vice-Chairman of the Board of Directors of the Bank, announced that facility made a pre-tax profit of GH¢170,070 for t= he year 2008. The figure for the previous year stood at GH¢132,180. He said paid-up capital also increased from GH¢152,493 in 2007 to GH¢259,283 in the year under review, while its net worth went up to GH¢683,113 from GH¢541,548 in 2007. They also spent an amount of GH¢4,000 on social responsibility activit= ies. Mr. Opoku-Agyeman announced the Board's decision to open a new branch at=

Old Tafo in Kumasi to bring to eight, the number of branches so as to maintain profitable margins and expand operations. Mr. Kwame Dapaah-Siakwan, President of the Ashanti Chapter of the Association of Rural Banks, called for cooperation and unity of purpose t= o enhance the growth of the bank. He appealed to loan beneficiaries to keep to the re-payment schedule to enable the bank extend loan facilities to other customers. Mr. J.K. Dankwa, District Chief Executive of Sekyere Afram Plains, said the Assembly would partner the bank to reduce poverty and hasten the pace of development of the district.