The Amenfiman Rural Bank Limited at Wassa Akropong in the Wassa Amenfi East district of the Western Region has opened a new branch at Suame Magazine in Kumasi.
This is the third branch in the Kumasi Metropolis, coming after Santase and Abrepo Junction, and seventeenth in total number of branches currently being operated by the bank
These are Wassa Akropong, Wassa Akropong High Street, Manso Amenfi, Asankragwa, Samraboi, Asankragwa main (Nkoso Fie), Dunkwa on Offin, Prestea and Bawdie.
The rest are Enchi, Tamso, Santasi in Kumasi, Sefwi Dwenase (Adepa Fie), Tarkwa, Abrepo also in Kumasi, Sefwi Bekwai and newly-inaugurated Suame branch.
Amenfiman Rural Bank originally registered to operate in the Western Region and is the only rural bank that has been permitted to open branches outside its home region.
The bank opened its first branch in Kumasi at Santase and one a year later at Abrepo Junction, and now the third branch at Suame Magazine. This development stems from the fact that the bank has made some tremendous impacts in the metropolis since it entered the Kumasi market, hence the demand for more branches.
The Chief Executive Officer of the bank, Dr. Alexander Asmah, has said he is very much aware of the number of commercial banks and financial institutions within the Suame Magazine enclave and anticipates very tough competition – but his competent management team coupled with the already-existing customer loyalty as well as the artisans’ overwhelming acceptance give him hope to penetrate the market, and he is very much ready for the challenges ahead.
“I have personally gone through the entire enclave and have seen almost every bank in Ghana here at the Suame Magazine, and I know it will not be an easy task. But we know how to do it: it is what we have done over years, and that has made us the best rural bank in Ghana now,” he stressed.
He said in line with this, the bank continues to pursue a strategic market segmentation plan to ensure it designs products and services that meet the immediate needs of people within the Magazine community.
The CEO said he is very much aware of current disappointment with the banking industry, which has automatically affected the confidence customers have in the industry. According to him, the bank is prepared to restore that confidence by identifying any trader who has lost capital as a result of the recent collapse and subsequent consolidation of five banks.
“You see, that is why we are here; one of the main reasons we have entered this densely populated enclave in which every bank is present is to identify customers whose business has been affected by this turbulence – and then give them money and nurture them to bounce back even stronger than before,” he said.
The Chairman of the Board of Directors, Dr. Toni Aubynn, has promised the artisans and petty-traders that the bank will not only be interested in taking deposits from them and giving loans – but will be very much interested in assisting them to grow their businesses, which will automatically bring development to their livelihoods.
He has assured the people of Suame Magazine that they should have confidence in every rural bank they see, because rural banks have been nurtured by the Bank of Ghana and operate strictly within the banking laws – and there will never be a sitaution where one person dominates in decision-making.
He has therefore advised them that they should not only do business with the bank, but should also buy shares and be owners of the bank so they can take decisions which will be in their interests and ensure total fulfilment in their dealings with the bank.