By Samuel SAM
As rural banks continue to bridge the gap between traditional banking and underserved communities, Sonzele Rural Bank PLC (SRB) stands as a shining example of resilience, innovation and community impact.
Established in 1980 and licenced in 1983, the bank has become a beacon of hope for the people of Jirapa and beyond, empowering local businesses, farmers and households while championing community development.
A lifeline for underserved communities
Rural banks like SRB play a crucial role in providing access to financial services in areas where traditional banks are often absent. By mobilising funds and offering credit facilities to farmers, traders and small enterprises, these banks stimulate economic activity, create jobs and improve living standards in rural communities.
Sonzele Rural Bank has gone further, channeling resources into social intervention programmes to alleviate poverty and foster growth. Over the years, the bank has supported education, healthcare and cultural preservation, contributing to the attainment of Sustainable Development Goal 17 – which seeks to improve human lives, protect the environment and promote peace and justice.
Humble beginnings
Before the establishment of SRB, Jirapa’s financial needs were met by localised savings schemes, such as the St. Joseph Cooperative Credit Union started by the Catholic Church in 1950. The absence of formal banking services spurred the Jirapa Area Youth and Development Association (JAYDA) to advocate for a rural bank that could meet the community’s growing financial demands.
Through extensive consultations with chiefs, opinion leaders and the Bank of Ghana, the vision for Sonzele Rural Bank became a reality. A strategic campaign mobilised the required capital, with community members contributing shares as small as 10 pesewas each.
Navigating challenges
Barely two years after its launch, the bank faced liquidity issues due to weak internal controls and poor loan recovery practices. However, swift action by the management and community leaders restored stability. Since then, SRB has consistently evolved; overcoming challenges with an unwavering commitment to its core mission.
A catalyst for community development
Beyond financial services, SRB has invested heavily in the development of its catchment areas – which include Nadowli, Lambussie, Wa and Hain, with its headquarters in Jirapa. The bank’s corporate social responsibility initiatives have supported schools with water tanks, equipped health centres with modern medical equipment and sponsored community events.
Its commitment to promoting farming and trading activities has significantly boosted local economies, providing employment opportunities and empowering youth through entrepreneurship programmes.
A legacy of excellence
As SRB celebrates its 40th anniversary, it is hailed as one of the most resilient rural banks in Ghana. Despite challenges such as the banking sector clean-up, Sonzele remains steadfast with remarkable growth in profits and loans over the years.
During the anniversary celebrations, Naa Professor Bruce Kofi Banoeng Yakubo, University of Business and Integrated Development Studies, commended the bank for its unwavering dedication. “Sonzele’s story is a testament to the power of teamwork, collaboration and community spirit,” he remarked.
The bank’s CEO, Abdul-Sallam Bamie, expressed gratitude to all stakeholders who contributed to its success. “This milestone is not just a celebration of our past achievements but a reaffirmation of our commitment to the future,” he said.
Looking ahead
Sonzele Rural Bank’s journey exemplifies the transformative power of community banking. As it charts a course for the future, the bank remains committed to empowering rural communities, promoting economic growth and enhancing the quality of life for its clients.
With a strong foundation, a dedicated team and a focus on innovation, SRB continues to inspire confidence and serve as a symbol of excellence in rural banking. The next chapter of its journey promises even greater contributions to the development of Jirapa, the Upper West Region and Ghana as a whole.
