Odotobri Rural Bank PLC has unveiled activities to mark the bank’s 40th anniversary celebration in a brief but colourful ceremony in Kumasi, Ashanti Region.
After 40 years since its operations to the public, the board of directors and management have lined up a whole week of activities to mark this feat.
The bank started activities to mark the 40th anniversary with a float through some principal streets in Kumasi and was followed with the press launch.
The bank also organized a free National Health Insurance Scheme (NHIS) registration for residents in and around Jacobu. This was followed by a free health screening for staff and members of the community. The anniversary would be climaxed during the bank’s Annual General Meeting (AGM) of shareholders scheduled for tomorrow Saturday 25th November at Jacobu in Ashanti Region.
Board of directors, management, staff and shareholders would on Sunday hold a thanksgiving service at the Methodist church at Jacobu.
Performance
Despite governments Domestic Debt Exchange Programme (DDEP) which has affected the liquidity of lots of financial institutions, and even the banking sector cleanup in 2017, Odotobri Rural Bank PLC has remained resilient and continue to grow its financial indicators.
The bank currently has capital adequacy of over 23 percent as against the minimum requirement from the regulator, which is 10 percent. Another major feat is that the bank’s capital currently stands at GH₵3.4million which is in excess of GH₵2.4million per the BoG’s minimum requirement of GH₵1million for rural banks.
Speaking at a ceremony to launch the 40th anniversary of Odotobri Rural Bank PLC, Chief Executive Officer (CEO) of the bank, Abraham Coffie indicated that this feat was achieved through a number of strategies put in place by the board and management of the bank.
Based on this feat and the theme for the anniversary celebration: ‘Odotobri Rural Bank PLC: 40 Years of Gowing Business’, Mr. Coffie appealed to existing and potential customers to bank with them as the bank is strong and it is on course sweeping towards achieving its vision.
On the way forward, the CEO indicated that the bank would soon roll out a mobile app service which would allow customers conveniently bank from wherever they find themselves without going to any of the 14 branches of the bank.
As part of its strategy, Mr. Coffie noted that the bank has introduced cocoa loans geared towards supporting cocoa farmers in the bank’s catchment areas so that they can access credit from the bank to support their agriculture activities. By doing so they can expand their acreage of farms and take good care of their families.
As a bank that sees the needs of its customers and communities in which it operates as priority, over GH₵183,000 has been spent on education, health, traditional support, community infrastructure, Ghana Police Service, Ghana National Fire Service and Agriculture as part of its Corporate Social Responsibility.
The bank which was incorporated by shares in March, 1982 with registration number 20476 under the Companies Code of 1963(Act 179), was issued with a license to commence banking operations in September, 1982 under the Banking Act 1970 (Act 339). However, the bank started actual operations to the public in September, 1983.
Odotobri Rural Bank PLC was established as a response by the government to Odotobri Cocoa Farmers’ appeal to help alleviate their plight at a time when they had to travel long distances of over 20km, most often on foot to cash their Akuafo Cheques at Ghana Commercial Banks and Agricultural Development Banks in Bekwai, Obuasi and Kumasi as the case may be.
