Rural and community banks mobilise GH¢1.25m
Rural and community banks (RCBs) in the country mobilised GH¢1.25 million in deposits between January and July this year.
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The paid up capital of the 139 RCBs also rose to GH¢48.40 million while their short term investment in various investment instruments amounted to GH¢448.90 million.
The President of the Central Regional Chapter of Association of RCBs, Mr Ronald Acquah-Arhin, disclosed these at the commemoration of this year’s World Thrift/Savings Day.
The president noted that savings mobilisation was an important culture in developing a stable economic climate for each country, hence the need for people to embrace it with all arms.
He noted that RCBs had helped transform the lives of many a rural people and contributed positively to the socioeconomic lives of their communities by undertaking various social projects under their respective corporate social responsibilities.
Mr Acquah-Arhin said the banks had helped their various catchment areas through the administration of various instruments such as the stimulation of banking habits among the rural dwellers; mobilisation of funds as share capital of the RCBs among the rural dwellers and offering of fixed deposit facilities to their clients.
He said the banks also purchased treasury bills for the rural clientele, implemented various microfinance instruments such as susu savings schemes and offered financial advice to their clients in the rural areas.
He explained that these mergers and acquisitions came with its attendant transitional regulatory and operational challenges such as meeting the high cost of computerising their operations; meeting the social and economic impact of urbanisation through keen competition for those who were nearer to urban centres or whose areas of operation had been “encroached upon” by the so-called established banks.
Daily Graphic/Ghana
