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Shai Rural Bank holds AGM

The Shai Rrural Bank made a modest profit of Gh¢37,500 representing 58 per cent growth in the year 2011 as against Gh¢ 75,925 in the previous year 2010 increasing its total assets from  43 per cent which represents GH¢3,019,462.00 to Gh¢4,321,764.00 which represents 59per cent. Chairman of the Board of Directors of the Shai Rural Bank, Mr Djagbletey  Ebenezer Djaney, addressing the 31st Annual General Meeting of the Bank, noted that the bank was undertaking extension projects, the first time in 30 years when  established to increase capital mobilisation in the catchment area for maximised  profit. .

Mr Djaney said the net worth of the bank rose from Gh¢329,980.00 to Gh¢385,010.00 representing an upward of 17% over the previous year..
He also re-affirmed the commitment of the bank to provide enhanced services including vibrant microfinance business to its customers in the catchment area so as to remain competitive.

Mr Djaney noted that the bank’s resolve to reach the unbanked  segment of the  society in the catchment area  still remained paramount stating that destinations of operations would include Nkurakan,Adawso ,Doryumu , Zenu(Ashaiman) and Adentan..

He expressed concern about the mushrooming of Susu and Loans companies in the country  without any regularisation,  which have impacted negatively on the smooth running of rural banks.

He explained that some of the susu and loans companies made away with monies collected from potential clients, who did not know the difference between rural bank and the system being operated by the susu and loans companies.

Mr Djagbletey was addressing the 31st Annual General Meeting of the Shai  Rural Bank  for the year ended 31st December 2011at Dodowa . .

According to him, rural banks are by its structure set up to operate in rural  and peripheral areas of  the country to support the people to develop unlike the mainstream banks.

Mr Djaney, therefore, appealed to the government to regularise operations of the susu and loans companies which had not been registered to operate as banks ..

 He cited instances where people infiltrated the rural areas and collected monies from individuals in the name of susu and loans ending up bolting away with their booty .

Mr Djaney called for stringent measures against people who engaged in such operations with the intention to defraud unsuspecting customers to bring sanity into the rural banking system.

He commended pioneers of rural banking, who have today made it possible for rural folks to be abreast with banking.

Mr Djaney cited Dr K B Asante, who is currently the Chairman of the Board Directors of the La Rural Bank as one of the people who have made rural banking acceptable in society.

In a speech, the Corporate Affairs Manager of the ARB APEX Bank Limited, Mrs Eunice  Osei-Bonsu,  called on rural banks to re-think and promote microfinance  to sustain their banks.   

She also urged them to strictly adhere to the clearing rules  and procedures to avoid losses as a result of negligence.

The bank honoured hard working staff with citation and wall clock while Dr K B Asante was decorated with a northern ‘fugu’ and a parcel .
Story: Rose Hayford Darko


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