Kumawuman Rural Bank to focus on growth & efficiency

Mr Takyi Ankrah, General Manger (extreme left) flanked by  the Ashanti Regional Vice Chapter President and Mr George Annor, Apex  Bank Branch Manager ( second right)

The Kumawuman Rural Bank Limited at Kumawu in the Sekyere Afram Plains District of Ashanti Region is poised to focus on driving growth, innovations, efficiency and service as the main pillars in achieving profitability.

The bank’s business model is still tailored for the Micro Small and Medium Enterprises and would push for more market penetration as they develop new and better products and trusted relationships with clients of the bank.

Ultimately the Bank would continue to pursue a massive share and deposit mobilisation, follow stringent cost reduction policies, strengthen internal control measures and develop the human capital to meet demands of functioning profitability in the competitive rural banking environment.

The bank is seeking to maintain mechanisms that will continue to deliver excellent socio-economic returns to stakeholders as well as ensuring sustainable growth and development of the bank.

The Bank’s objective is to improve on the bank’s performance and make it more attractive, become more transparent and make the governance practices more efficient and sustainable with the view to continuously increase the wealth of the shareholders.

These and more were contained in a speech read on behalf of the Board Chairman by the General Manager, Emmanuel Takyi Ankrah at  the Bank’s 25th Annual General Meeting of shareholders held  last Thursday at the Presbyterian Church at Kumawu in Ashanti.

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According to him, the Bank operated in a challenging economic environment, largely due to higher inflation, and higher operational cost. However, the Bank made some satisfactory progress in its performance.

In spite of the many challenges faced by the Board of Directors and Management, they worked hard during the year under review, to raise Total Assets, Deposits, Paid-up Capital, Loans and Advances, Portfolio but a registered very marginal drop in the Profits before Tax as shown in the table.


Indicators 2016 2017
  GH¢ GH¢
Total Income   9,203,271    10,782,993
Operating Expenses   7,777,503    9602758
Profit Before Tax   1,010,126   996,931
Deposits 47,898,871  577,10,822
Loans & Advances 16,295,617  21,079,315
Investments 23,016,167  26,763,038
Total Assets 56,614,407  68,074,484
Stated Capital   2,248,562    2.522,546
Shareholders’ Funds  5,920,870   6,259,854


Last year the Bank said it had signed the necessary agreement with BOG under KfW project and GHIPSS to implement ATMs at some selected branches. The bank has installed six Hybrid ATMs at the   Kumawu, Effiduase, Bomso, Ahensan, Asafo and Tafo branches.

The Board Chairman took  the opportunity to acknowledge the immerse contribution made by the ARB Apex Bank, especially, the Managing Director, Mr. Kojo Mattah, and the Head of ICT, Mr. Charles Pinkrah, for switching the ATMs with no direct initial cost to the bank.

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These branded ATMs currently enable gh-link cardholders to perform banking and retail transactions at the outlets of other Universal banks. GHIPSS is currently working hard to activate the e-zwich functions to enable e-zwich card holders to use the ATMs.

The customers have therefore been encouraged to take advantage of the ATMs to transform the banking experience from branch banking to “anytime, anywhere” banking.

The Ashanti Regional Manager of ARB Apex Bank, Mr George Annor on behalf of the Managing Director, Mr Kojo Mattah congratulated the Bank for the remarkable operational performance over the years.

He advised the Board and Management to institute risk management policy to identify, assess, monitor and control risks, since the banking business has become very competitive and risky.

In conclusion the Board Chairman expressed his profound appreciation to all major stakeholders such as the chiefs and people within the Bank’s operational areas, Bank of Ghana, ARB Apex Bank, and the Association of Rural Banks for their continuous support.

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