ARB Apex bank expands
tentacles
Accra, Dec. 5, GNA - The ARB Apex Bank, the
umbrella body of all rural banks in the country
is to expand its network to reach out to more
people in the rural areas.
The Bank would carry this mandate through the
intensification of special support to
distressed/marginal rural banks to enable them
to better serve the rural folks.
Mr Emmanuel Kwapong, Managing Director of the
Bank, who announced this during a brief meeting
with the President of the International Fund for
Agricultural Development (IFAD), Mr Lennart Bage;
said new rural banks would be established in the
Northern, Upper East and Upper West Regions.
He said linkages would be promoted between rural
banks and other rural micro-finance institutions
as well as offer training in agricultural
lending; credit management; financial literacy
for women and product development.
Mr Kwapong said appropriate funds mobilization
of products and products targeting rural women
would be developed as part of the new innovation
of the Bank.
He said ARB Apex was to establish an inspection
unit to enable it undertake effective off-site
and on-site inspection of the rural banks to
ensure sound financial operations.
The Managing Director expressed appreciation to
the IFAD, which had so far supported the Apex
Bank with 11 million dollars under the Rural
Financial Services Project (RFSP).
Giving an overview of the Bank's operations over
the past five years, Mr Kwapong said its total
assets as at 2005 was 2.26 billion cedis while
total deposits and total loans stood at 1.68
billion cedis and 7.75 billion cedis,
respectively.
Its net worth increased from 73.3 million cedis
in 2001 to 830.64 million cedis in 2005.
Its stated capital increased from 9.58 million
cedis in 2001 to 54.12 million cedis in 2005.
Mr Bage lauded the Bank's achievements over the
years and asked the Management to intensify
operations to assist rural banks to make access
to credit cheaper to rural farmers.
He urged the Management to further develop more
attractive products and specifically mentioned
insurance products for the rural populace.
GNA
