…celebrating four decades of banking excellence and customer satisfaction
Atwima Kwanwoma Rural Bank Limited (AKRB), with its head office at Pakyi No2 in the Amansie West District of Ashanti Region, has chalked forty years of success in contributing to the economic growth of Ghana.
Atwima Kwanwoma Rural Bank is best known for its unique customer services, and is a household name in the rural banking industry. The bank’s success story could be attributed to its prudent management, good corporate governance, team work, competent and motivated staff, and the application of modern technology in rendering innovative services that suit the particular needs of our cherished customers.
Historical perspective
AKRB’s humble journey began with overcoming adversity. The initial years of operation, starting from 1984, were marked by financial challenges with a net loss of ¢355,000 recorded in the first year, followed by ¢846,668 in 1985 and ¢777,277 in 1986. Determined to persevere, the bank sought innovative and alternative solutions to sustain its operations.
In 1986, the first major breakthrough came with the establishment of the inaugural agency at Santasi. It signalled a turning point, and by 1987 the bank recorded a profit of ¢152,963.
This successful venture propelled the Board to expand further, leading to the opening of the second agency at Old Tafo in 1988.
The pioneering directors of Atwima Kwanwoma were Nana Okyere Taa Amoantwi II (Deceased), Mr. James Asomaning, Mr. Adi Darko, Opanin Kwabena Adu (Deceased), Mr. Yaw Bio and Mr. K. K. Mensah (Deceased).
The bank owes its inception to Nana Gyamfi Sakyi II – Chief of Pakyi No. 2, Nana Okyere Taa Amoantwi II, and the elders of Pakyi No. 2. The team was spearheaded by Nana Gyamfi Sakyi II, who was subsequently elected as the patron. The first Board Chairman, Nana Okyere Taa Amoantwi II, shouldered the responsibility of setting up the Board and navigating initial challenges until his demise in 1993, after a decade of dedicated service.
Journey of growth
Operations commenced on 6th September, 1983, backed by an initial capital of GH¢53.83 contributed by the local community of Pakyi, alongside GH¢12.50 in preference shares contributed by the Bank of Ghana. Despite a low customer base due to limited business opportunities in Pakyi, the bank’s tenacious Board of Directors took a bold step in 1986 by establishing the first agency in Santasi.
AKRB’s first profit recorded in 1987 acted as a catalyst, leading to the expansion of its network with the opening of the Old-Tafo agency in 1988. The growth trajectory continued, resulting in the inauguration of branches at New-Tafo in 1992, Ayigya in 2002, Atonsu-Agogo in 2007 (also known as the Jubilee Branch, in line with the nation’s Golden Jubilee celebration), Alabar in 2012, Sokoban in 2016, Kronum in 2018, Bantama in 2020 and just recently at Adum.
The completion of the bank’s Head Office Complex in 2002 allowed for the creation of new departments, further enhancing the bank’s services and capabilities.
Customer-centric
The bank, which was established on 6th September, 1983, is celebrating its 40th birthday exactly today.
The bank is using this historic occasion to recognise the contributions of its cherished customers and uniquely appreciate their loyalty.
The celebration will be characterised with a touch of culture, from traditional apparels to traditional foods, games and other culturally-activities which will make the celebration colourful and unique.
To further ensure customer delight, the bank has within a limited timeframe introduced customised and innovative products, such as the AKRB Bancassurance and AKRB Controller Loans, to its range of products and services.
Operational /technological expansion
The bank currently operates eleven (11) branches and has plans for further expansion. It currently offers mobile app services in its quest to provide stress-free and easy access to its services at any location no matter the time.
The bank’s financial performance has been phenomenal over the years and 2022 financial year was no exception. It defied all odds including the negative effects of the COVID-19 and famous Financial Clean-Up Exercise on the bank’s operations to come with the following impressive figures within the last five years under review.
Financial performance for the past five years
Again, the bank – as a regulated institution – remains compliant to its regulatory bodies, ensuring adherence to new laws and directives by the application of AML/CFT regulations and Bank of Ghana Corporate Governance Directives. The bank was rated ‘good’ by Bank of Ghana at the end of an on-site examination it undertook on the bank.
Awards
The bank still enjoys its enviable position as the Best Rural Bank in the country for the 5th time by the Chartered Institute of Marketing – Ghana (CIMG) and the latest being the Best Rural Bank for the year 2021. Among the awards conferred on the bank within the year 2022 included Best Rural Bank in the Country by the Chartered Instituted of Credit Management (CICM), Best Rural Bank in Ashanti by Top Brass Ghana, Most Profitable Rural Bank and at the same time Best Rural Bank in deposit mobilisation (first runner-up), which was conferred on the bank by the Association of Rural Banks–Ghana. All these awards were conferred on the bank for its excellent performance within the 2021 financial year.
In the previous years, it had been awarded by Ghana Chamber of Commerce and Industries, Top Brass as the Best Rural Bank; and GIPC as the second most corporate socially responsible company.
Internationally, the bank was adjudged ‘Best Enterprise in Banking’ by the International Achievements Forum 2017, which was hosted by the Europe Business Assembly in the Socrates Awards Ceremony -UK, for the strong position at the national market and in international sector ratings. Recently the bank was adjudged Rural Bank of the Year by Ghana Business Standard Awards 2023 and also awarded for Product Innovation and Good Corporate Governance by Ghana Association of Microfinance Companies (GHAMFIN)
Corporate social responsibility
The bank continues to touch the lives of its stakeholders within its catchment areas by giving back to the society in the area of Education, Health, Agriculture and Security, among others.
Notable among these are the construction of a model senior high school at Pakyi No.2, Pakyi No.2 Community Library, Dominase SDA Hospital Nurse’s quarters, and a 3-classroom block at Semankyiakrom, among others.
Furthermore, there have been the annual breast cancer screening in collaboration with Dr. Mrs. Beatrice Wiafe Addai of Peace and Love Hospital in Kumasi.
The bank also makes an annual budget support for farmers within its operational districts in the Ashanti Region during the celebration of National Farmers’ Day.
Future outlook & life after 40
With the support from the able Board, strong Management Team led by Samuel Bonsu Sekyere, and motivated & competent staff, the growth of the bank is expected to be accelerated in the years ahead.
At forty, as a bank and a business entity, AKRB has seen it all and survived all the business and political misfortunes that have characterised the macroeconomic environment from high interest rate, suffocating taxes, financial sector clean-up to the recent Domestic Debt Exchange Programme (DDEP).
In the bank’s quest to exceed customers’ expectations, Management would go all lengths to make good use of the technological advancement in the country to come out with excellent and preferred products and services to bond their existing customers and to be able to win new ones. Ultimately the in the coming years will deepen its impact on society and enhance value creation for its stakeholders.
