The Akuapem Rural Bank Limited at Manfe in the Akuapem North District of Eastern Region has inaugurated Madina branch at a brief but colourful ceremony at Madina in Accra.
The inauguration of the Madina Branch brings to six the number of branches and mobilization centres currently being operated by the Bank.
These are Mamfe, Adukrom, Aburi branches and Larteh and Adawso mobilization centres all at Akuapem North. The rest are Nsawam and Koforidua at Akuapem South and New Juaben respectively and the newly opened Madina branch in Accra.
The Chairman of the branch opening ceremony Mr Emmanuel Asiedu-Mante, a former 2nd Deputy Governor of Bank of Ghana and one of the leading technical brains who developed the concept of rural banking in Ghana commended Akuapem Rural Bank for the tremendous growth and operational efficiency.
The Bank recorded remarkable growth in asset, investment, loans, paid up capital as well as deposits between 2016 and 2017. Mr Asiedu-Mante however advised directors to manage and do better with their income to expenditure ratio.
Economic activities at the operational territories of the Bank include Agriculture, Trading and Commerce, Cottage Industries; Transport and Construction etc. According to the chairman of the board of directors Mr George Kwasi Oware the new Madina branch will enforce the bank’s capacity to serve its numerous customers in these economic sectors, whilst strengthening the bank’s deposit mobilization drive.
As at the end of 2017 the Bank’s total loan portfolio stood at GH¢25.9m, Total Deposits recorded GH¢ 48.9m whilst Total Assets improved to the tune of GH¢61.4m.
However from the year 2015 to 2017 the Bank experienced a steep drop in treasury bills rates, huge increase in corporate tax from 8 to 25% and high communication cost. These events impacted negatively on the Bank’s performance indicators.
In spite of the challenges encountered, Akuapem Rural Bank Limited was adjudged the best Rural Bank in Ghana at the 2nd Rural / Community Banks Excellence Awards – 2015, held at Winneba to celebrate 40 years of Rural Banking in Ghana.
The General Manager of the Bank, Samuel Mbir in an interview with Business & Financial Times said to ensure effectiveness, the Bank continues to remain innovative in its product and service design and delivery.
According to him, he is very much aware of the numerous number of commercial banks and financial institutions within the Madina community and anticipates a very tough competition but his competent board of directors and management team coupled with the already existing customer loyalty give him hope to easily penetrate the Madina Market and is very much ready for the challenges ahead.
He said in line with this, the Bank continues to pursue a strategic market segmentation plan to ensure that they could factor products and services to meet the immediate needs of the people within their operating territories.
The General Manager listed strengthening of their electronic banking products and services, branchless banking services, as part of the key projections of the Bank going into the future.
He said doing this would ensure customer satisfaction as well as convenient banking and also help the Bank to leverage its strength as a good lending bank.