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Kumawuman Rural Bank celebrates 40 years of rural financial intermediation

BY: Business Desk Report
 Dr Alex Adomako-Mensah — Chairman, Kumawuman Rural Bank
Dr Alex Adomako-Mensah — Chairman, Kumawuman Rural Bank

Kumawuman Rural Bank PLC in the Sekyere Kumawu District of Ashanti Region has unveiled activities to celebrate the bank’s 40 years of existence in the rural banking industry.

It is also to mark a significant milestone of making significant impact on the lives of small and middle-income earners.

The Chairman of the Board of Directors, Dr Alex Adomako-Mensah, recognised the contributions of all major stakeholders, particularly the key people who came out with the idea to establish the bank 40 years ago.

He mentioned some major institutional stakeholders such as the Bank of Ghana and the ARB Apex Bank PLC, as well as the Association of Rural Banks, for their technical and supervisory support in achieving this resounding success.

Strong performance

According to him, since the bank’s establishment, it had pursued a major deposit mobilisation, followed stringent cost reduction policies, strengthened internal control measures and developed the human capital to meet demands of functioning profitability in the competitive rural banking environment.

The bank has also sought to maintain mechanisms that will continue to deliver excellent socio-economic returns to stakeholders as well as ensuring sustainable growth and development of the bank.

The Managing Director of ARB Apex Bank PLC, Alex Kwasi Awuah, commended the bank, the founding fathers as well as the current board and management for working hard to make the bank one of the best performing rural banks in the area of growth, efficiency and compliance.

Communication

He particularly mentioned Dr Kwabena Duffour, former Governor of the Bank of Ghana (BoG), one of the founding fathers of the bank for his commitment and generosity as well as his technical advice and contribution to the establishment and growth of the bank.

Mr Awuah congratulated the bank on its anniversary launch and wished them a successful celebration.

The Executive Director of the Association of Rural Banks (ARB) Ghana, Mrs Comfort Owusu, congratulated the Kumawuman Rural Bank on attaining 40 years and making remarkable impact in the rural banking space.

She admonished the bank not to be complacent in its accomplishment but strive to maintain the cultural and ethical values and adopt measures to be abreast of emerging developments in the banking business.

Mrs Owusu further advised the board to embrace good corporate governance practices such as succession planning, separation of powers and eschewing conflict of interest.