Amenfiman Rural Bank Plc, head quartered –at Wassa Akropong in the Amenfi East Municipality in the Western Region of Ghana, has been operational since 1980 providing banking services for the past 45 years offering essential banking solutions to individuals, businesses, and communities.
Its long-standing presence underscores its commitment to financial inclusion, stability, and growth, continually evolving to meet the changing needs of customers while adhering to regulatory requirements.
Under prudent management and visionary leadership, it has expanded to 18 branches and 6 mobilization centers, spread across four regions within Ghana namely; Western, Western North, Central and Ashanti with direct employment of over 600 employees.
Over the past decade the Amenfiman Rural Bank has experienced tremendous growth under the dedicated, visionary and a vibrant leadership of its Board of Directors chaired by Dr. Anthony Kwesi Aubynn.
Management and Administration is under the direction of a strong and competent management team led by Dr Alexander Kwadwo Asmah who has demonstrated exceptional leadership in sustaining the gains of the bank over the years.
Driven by the vision to become Ghana’s preferred bank for excellence, the Bank has a mission to provide exceptional financial services through skilled talent and advanced technology, exceeding customer expectations and creating lasting value for stakeholders.
At Amenfiman, “We make money by serving. We recognize the individual needs of our customers and insulate them with a suite of optimized services. People are golden and they will pay for your efforts if you focus on serving them what they need and want with respect.
“Creating a winning business model around economically marginalized individuals is not an easy task. However, regarding their socioeconomic situations and consistently empowering their lives is the most rewarding business”.
Amenfiman Rural Bank Plc is very progressive Bank and has consistently demonstrated exponential growth in key financial performance indicators. Over the last decade (2014 to 2024) the Bank has increased its total assets from 73million to 1.8billion cedis which is a growth of over 1000%.
The remarkable growth of the past decade is the result of a substantial investment in expansion and development, which is clearly reflected in the 1,224% increase in Property, Plant, and Equipment (PPE) utilized for the bank’s operations over the period.
This significant rise in PPE underscores the bank’s commitment to strengthening its infrastructure, enhancing operational efficiency, and improving service delivery.
By channeling resources into state-of-the-art facilities, technological advancements, and strategic asset acquisitions, the bank has been positioned for sustained growth and long-term success in the financial sector.
Deposits held by the Bank has increased from 59million to 1.55billion cedis over the period with the Bank achieving a significant milestone of a billion cedis in deposits in June 2024, which makes it the first Rural Bank to reach that threshold in both deposits and assets.
The performance presented above leaves quite a number of questions to be answered in terms of what fueled such tremendous growth and what has been the impact of the Bank within this time. It is important to note that the Bank has achieved these performance indicators in a time that the business environment has been described as volatile, complex and risky.
At a time when many businesses are focused on safeguarding their deposits, Amenfiman Rural Bank Plc has taken a bold step by investing over 500 million cedis to support the growth and development of micro, Small and medium-scale enterprises (MSMEs).
This strategic financial commitment demonstrates the bank’s dedication to empowering local entrepreneurs, enhancing economic opportunities, and fostering financial inclusion. By providing critical funding to these businesses, the bank not only stimulated job creation and economic resilience but also reinforced its role as a catalyst for sustainable development within the communities it serves.
Net worth of the Bank has increased from 9million to 190million in the last 10 years a growth of 640%. Return to shareholders is important to the Bank, however, ensuring that the business continues to thrive in a sustainable environment is also critical and so the Bank continues to invest significantly in Corporate Social Responsibility areas such as health, education and sanitation.
Amenfiman Rural Bank provides loans to support individuals, organizations and businesses with a loan portfolio which currently holds over 500million cedis with focus on Medium Small and Micro Enterprises (SMEs) as well as agricultural economic units.
Over the years, the Bank has been the farmers friend and has now become a household name in granting credit support to farmers especially cocoa farmers within its catchment.
As part of efforts to improve the livelihood of Ghanaians, Amenfiman Rural Bank PLC has partnered with the Development Bank of Ghana (DBG) to facilitate long term financing to business startups with focus on women and youth.
Amenfiman Rural Bank PLC has further established short term funding programs with one of the most competitive rates within the country geared towards women and youth led businesses for their short-term lending needs.
Amenfiman Rural Bank is contributing tremendously to the growth and development of individuals and businesses across the country and this has led to the bank receiving awards and recognitions from Local and International organizations during the year 2024. Some of the recognition includes:
- Chartered Institute of Marketing (CIMG) Rural Bank of the Year Award 2023
- Chartered Institute of Credit Management (CICM) Bank of the Year Award 2023
- World Confederation of Businesses (World COB) Bizz Victorious Awards 2024.
- Financial Inclusion Rural Bank of the Year from Financial Advocacy Center – UK
- Ghana Accountancy and Finance Awards 2024 – Brand of the year
- ARB Apex Bank – Overall Best Rural Bank 2024
- Ghana West-Africa Business Excellence Awards – Rural Bank of the Year
- Ghana Credit Excellence Awards – CEO of the Year 2023
- Stellar Awards 2024 – Rural Banking CEO of the Year
The CEO of the Bank, Dr. Alexander Asmah has been named the Most Respected CEO of in the Rural Banking sector multiple times winning this and other awards in the current year 2024. The story of Amenfiman Rural Bank shows a clear indication that to every successful business there is also a successful leadership.
Amenfiman Rural Bank has distinguished itself in the Rural Banking sector of Ghana through its excellent service quality, exceptional customer experience, trust and achievement of sound financial growth over the years with 2024 being an improvement over the Bank’s historical performance.
As the Bank grows in products, services and size, the Board, Management and staff of the Bank are committed to continuously meeting and exceeding demands of customers and the public.
