Asesewa, March 17, GNA - Mr Duke Osam-Duodu, Deputy Director of the Apex Bank, has urged rural banks to embrace the concept of 'one day loan' to bring banking services to the door step of rural folk. He said the concept, which allowed for small traders to acquire loans to sell and pay back at the close of business, was one of the channels used all over the world to empower the youth in small scale businesses.
Addressing the Annual General Meeting (AGM) of the Manya Krobo Rural Bank at Asesewa, he said the influx of banks from the West African countries had brought competition in the banking industry. He urged the rural banks to embark on aggressive expansion programs so as to meet the demands of their clients. Mr Osam-Doudo said under the Rural Financial Services Project (RFSP) of the Millennium Challenge Account (MCA), all rural banks were to be computerized and networked within three years for their full integration into the national pay system. He said the Apex Bank's economic monitoring showed strong financial indicators by the end of December and urged shareholders to purchase more shares in the bank to make it stronger. Mr James Otieku, Chairman of the Board of Directors, said the bank recorded an after-tax profit of GH246, 675 in 2007 as against GH202, 170 for 2006 and proposed a dividend of GH0.01 per share for the 2007 operating year.
Mr Otieku said the bank had created a micro finance unit in all its agencies covering cover over 6,400 clients of which 85 percent were women.
The bank had also been selected to participate in the agricultural credit programme under the MCA to support the production of high value staple food crops, he added.
