Atwima Kwamwoma Rural Bank provides comprehensive financial service

Mr. Patrick Owusu, Board Chairman

In its quest to provide holistic financial services to cherished customers, Atwima Kwanwoma Rural Bank at Pakyi No2 in the Ashanti Region has in collaboration with StarLife Assurance Company Limited introduced 4 Bancassurance products to its wide range of both generic and tailor-made products.

The products are Child Education Plan, Wealth Master Plan, Ultimate Protection Plan and Home Call Plan. These products have been tailor-made to suit the life assurance needs of the bank’s customers.

The bank deems it fit and necessary to offer all-inclusive financial services because it has the human resource capability and financial strength to offer these services to the satisfaction of its cherished clients.

The bank has also employed the use of a mobile application known as AKRBANK Mobile App for android users. Customers can now send or withdraw money from their bank account using the App, and also transfer money to any account of their choice within the bank.

The app can also be used for other transactions – like buying airtime, payment of DSTV and GoTV bills, as well as water-bill payment.  Banking services such as requests for statement, cheque book, loans and standing orders can also be accessed by customers in the comfort of their homes and workplaces.

Chairman of the Board of Directors, Mr. Patrick Owusu, announced these and more at the 37th Annual General Meeting of shareholders held last Saturday at the bank’s forecourt.

According to him, Ghana’s economy continued to expand in 2019, with real GDP growth estimated at 7.1%.

This high-growth momentum since 2017 has consistently placed Ghana among Africa’s 10 fastest-growing economies.

The Industrial sector, with average annual growth exceeding 10%, was a major driver of growth in the last three years to 2019.

Agriculture continued to be the second-fastest-growing sector in the economy, but the Financial sector clean-up that started in 2017 placed a temporary drag on growth of Services. In 2019, Ghana maintained its moderate fiscal and current account deficits, single-digit inflation, and a relatively stable exchange rate. The fiscal deficit improved from 3.5% of GDP in 2018 to 3.4% in 2019.

Despite the challenging macroeconomic and political environment that pertained during the reviewed year, the bank managed to pull yet another remarkable operational performance in all the financial indicators for 2019 as indicated in the table below.


Indicators 2019 2018 % Change
Deposit 146,582,226 121,016,757 21.13
Investment 126,490,164 106,091,938 19.23
Loans /Advances 34,919,716 31,314,866 11.51
Total Assets 188,723,038 159,673,337 18.19
Stated Capital 3,289,478 3,172,869 3.68
Shareholders’ Fund 37,575,423 35,029,346 7.27
Gross Income 29,575,590 29,675,981 (0.34)
Profit Before Tax 4,498,636 6,007,152 (25.11)
Dividend Proposed 1,186,223 (100.00)
Dividend Per Share Proposed 0.08 (100.00)


The Board did not recommend dividend payment for the 2019 financial year based on the Bank of Ghana’s Directive (Notice No. BG/GOV/SEC/2020/03) dated 20th April, 2020.

The bank continues to offer assistance to communities and institutions within its catchment areas in terms of community development projects. In the year under review, it spent an amount of GH¢87,016 on corporate social responsibility activities toward the stakeholders, with special focus on Education, Health and Security.

The CEO of the bank, Dr. Stephen Sarfo Kantanka, in an interview with Business & Financial Times said prudence and teamwork coupled with operational compliance have been the pillars of the bank’s sustained growth, particularly in the disrupted environment.

According to him, the bank will continue to be mindful of the environment in which it operates as a financial institution and offer synergetic support to its clients that enables them to remain in business at all times.

In an address, Mr. George Annor – the ARB Apex Bank Kumasi Manager, on behalf of the Managing Director of Apex Bank, Mr Kojo Mattah, commended the shareholders, directors and management of Atwima Kwanwoma Rural Bank for the impressive gains made in the 2019 financial year.

He applauded the bank for the year’s gains, and urged staff to concentrate their efforts on the medium to small business segment because that is where their strength lies.

He further encouraged Atwima Kwanwoma Rural Bank and all other member-banks to strive to perfect small business financing, because that niche segment holds huge potential for the rural banking sub-sector.

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