Amenfiman Rural Bank targets GH¢1bn in deposits by year end
The Amenfiman Rural Bank PLC at Wassa Akropong in the Wasa Amenfi East District in the Western Region has set a target to mobilise GH¢1 billion in deposits by close of December this year.
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The bank currently holds deposits of about GH¢700 million.
The Chairman of the Board of Directors, Dr Toni Aubynn, disclosed this at the opening of the bank’s 19th branch at Adum in the central business district of Kumasi.
He said the bank had made substantial strides in the rural banking subsector, making a significant impact in the communities in which it operated.
Dr Aubynn thanked the Association of Rural Banks for creating a conducive environment for Rural and Community Banks (RCBs) to thrive in the country.
The opening of the Adum branch of the bank brings to 19 the number of branches currently being operated by the bank in the Western, and Western North and four in the Ashanti Region alone.
Penetration
The Chief Executive Officer (CEO) of the bank, Alexander Asmah, said the penetration of Amenfiman Rural Bank into the Ashanti Region was due to the persistent demand from their customers who plied their trade or business activities in the region.
They indicated how armed robbers usually attacked them on the Western to Ashanti Region road and vice versa.
The bank opened its first Ashanti Regional branch at Santasi in 2012 which started making profits within one year.
Mr Asmah told journalists after the branch opening that the bank’s presence at Adum was strategic to enable it to be closer to its customers.
He reiterated how Amenfiman Rural Bank had succeeded in nurturing many small businesses to become more viable and helped those businesses to make a very significant impact.
“Coming to a business area has always been a strategic point because whoever we wanted to serve is within this destination. Around Adum and Kejetia, central market. It’s always been our vision. We have tried several things and it was difficult getting a suitable location until now”, Mr Asmah stressed.
For his part, the Ashanti Regional Manager of the ARB Apex Bank, Kofi Owusu, encouraged business owners and traders to transact business with RCBs as they were as strong as the universal banks in the country.
He further gave the assurance that the activities of RCBs were properly regulated, therefore, their funds were safe, adding that due to the strong regulation, none of the 147 RCBs in the country was shut down during the 2017 financial sector clean-up exercise by the Bank of Ghana.
