Amenfiman Rural Bank stated capital hits GH¢6m …exceeds regulator’s threshold by 500%: highest in the industry

Dr. Alex Asmah, CEO (left), and Dr. Toni Aubynn, Board Chairman, (right)

Amenfiman Rural Bank Limited at Wasa Akropong in the Wasa Amenfi East Municipality in the Western Region has recorded approximately GH¢6million as total share capital as at close of business on 30th June 2019.

The amount, which far exceeds the Bank of Ghana’s minimum threshold, is about 500% more than the minimum GH¢ 1million mandated for all rural banks to achieve by February 2020.

B&FT’s checks from a credible source indicate that Amenfiman Rural Bank holds the highest share capital in the rural banking industry, as at July 2019.

The bank has recorded a consistent growth in its stated capital since 2016 to date, and has devised a strategy to realise GH¢10million in five years – which started this year.

In 2017, the bank’s paid-up capital went up from approximately GH¢1.8million in 2016 to a little over GH¢2.2million, representing an increase of 27%; and in 2018 recorded a share capital of approximately GH¢3million. At the end of second quarter in 2019, from management’s accounts the bank’s stated capital had hit about GH¢5.88million – representing remarkable growth of 91%.


The bank’s shareholders unanimously agreed with the board of directors’ proposition and resolved to use 2018’s declared dividend to purchase more shares. This resulted in an increase in stated capital for the Bank of GH¢990,000 and an increase in individual shareholdings by the equivalents of dividend entitlements.


The shareholders have also agreed to the board’s proposition of transferring an amount of a little over GH¢1.6million from reserves (Income Surplus) to Stated Capital, for distribution to existing shareholders in the form of Bonus shares. This resulted in a total 8,251,700 bonus shares issued to shareholders. These imply that for every two shares held, one additional share has been issued for free and 50% Bonus Pay-out for 2 to 3 years; or until such a time that the bank is able to reach the GH¢10 million stated capital target.

By this the board and management are taking this opportunity to appreciate the bank’s shareholders for their indispensable contribution in capitalising the bank, particularly around this time when the banking industry is confronted with liquidity challenges.

Amenfiman Rural Bank has met and exceeded the current capital requirement of the Bank of Ghana by more than 500% and in addition built up an appreciable amount of reserves, making total shareholders funds of approximately GH¢25million – which makes the bank highly solvent.

According to the board of directors’ chairman, Dr. Toni Aubynn, this move is a long-term strategic view of the bank’s capital base and the imperative to continue growing the stated capital and stay ahead of any possible future regulatory requirement has informed the board’s plan to increase the bank’s stated capital to GH¢10million in 5 years.

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Amenfiman Rural Bank at the end of 2018 financial year had an asset base of GH¢223million, which is the highest in the rural banking industry – with total deposits of a little over GH¢200million in first quarter 2019.


Amenfiman Rural Bank originally registered to operate in the Western Region and was the first rural bank permitted by the Bank of Ghana to open branches outside its home region; followed by Akuapem Rural Bank in the Greater Accra Region, and Fiaseman Rural Bank in Cape Coast.

Amenfiman Rural Bank currently has seventeen branches. 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   in Kumasi, Sefwi Bekwai and Suame branch also in Kumasi are the latest.

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