Nsawam, Sept. 4, GNA- A new financial institution, the Citizens Rural Bank Limited, on Tuesday began operations in the country. At a ceremony in Nsawam to open the Bank, Mr. Dela Selormey, Head, Banking Supervision Department, Bank of Ghana (BoG) advised the management of the rural bank to ensure strict internal control measures to avoid practices which can jeopardize its operations. He said the Central Bank would continue through effective supervision; monitor the progress and development of the Citizens Rural Bank.

Mr. Selormay said the BoG gave the bank the license to operate because it wants to promote competition amongst the banks and urged them to pursue proactive strategies in order to either be abreast with or be ahead of the changing trends in the broader financial system. "I urge the Board and Management to work towards acquiring the needed competencies in order to remain compliant at all times" he said. Mr. Selormey said the Board should also ensure that the trends of good corporate governance are heeded to and given prominence. Nana Otoobour Gyan Kwasi II, Aburihene, who cut the tape to open the bank, urged traders and businessmen to take advantage of the bank in the area and transact business with it. He commended the promoters of the financial institution for their foresight, adding, that Nsawam as a business centre would benefit the new bank.

Mr. Duke Osam-Doudu, Deputy Managing Director, ARB Apex Bank Limited said the Citizens Bank has the primary objectives of introducing deposit mobilization products; make credits to those engaged in various economic activities, especially, in agriculture and related business. By so doing, he said it would be fulfilling its mandate and meeting its functions as a Rural Bank, which engages in financial intermediation to ensure capital formation and retention.

Dr. Samuel Asomaning, Chief Promoter of the Bank, thanked all those who helped to make the bank's establishment a reality. He appealed to the BoG and the Apex Bank to constantly give guidance and all the necessary support for the growth of the bank.