Kwaebibirem Rural Bank develops innovative ‘Susu Money Box’ micro-savings

Kwaebibirem Rural Bank has developed an innovative product called Susu Money Box which has helped the bank to increase its deposit with a growth of 10.89% in 2018.

This was disclosed by the Board Chairman of the Bank, Hon. Carlos Kingsley Ahenkorah when he delivered his report to Shareholders at the 33rd Annual General Meeting (AGM) held at Akyem Asuom in the Kwaebibirem Municipality in the Eastern Region on Saturday, 23rd November 2019.

The Susu Money Box, which the Bank of Ghana has given approval to Kwaebibirem Rural Bank, saw the Bank distributing over 1,500 Susu Money Boxes to micro-savings customers in the operational areas of the bank.

Kwaebibirem Rural Bank, with its head office in Asuom, has seven (7) Agencies in Kade-Kwaebibirem Municipality, Boadua-Denkyembour District, Oda-Birim Central, Asamankese-West Akyem, Kwae-Kwaebibirem and Pramkese, also in the Kwaebibirem Municipality.

The Board Chairman, who is the MP for Tema West and the Deputy Minister of Trade & Industry, reported that the bank recorded improvement in most of the important financial indicators. A moderate profit of GH?285,044 was recorded in the 2018 financial year under review. The balance sheet grew by 17.39%, while advances increased marginally by 2.73% with deposit growth of 10.89%.

On the issue of the Bank of Ghana stated capital, Hon. Carlos Ahenkorah assured the shareholders that the Board approached some businessmen to invest in the Bank, which has enabled them to meet the Bank of Ghana statutory requirement of GH?1,000,000 in December, 2018.

On Liquidity, Hon. Ahenkorah appealed to all customers to support the Bank and have confidence in the Bank for their deposits are safe and the Bank is liquid, adding that, “for sometime now Kwaebibirem Rural Bank moves excess cash from Head Office to ARB Apex Bank regularly. You are banking with a sound and well managed Bank with good customer service. I am strongly appealing to Nananom, Chiefs and people, MCEs and Businessmen and women, SMEs within our operational areas to develop more interest and patronize Kwaebibirem Rural Bank for this is our own”.

On his part, the General Manager of the Bank, Mr. Michael A. Agyekum said the Bank in 2018 built and handed over a 2 classroom block for Asuom Presby KG School to replace the old classroom which was pulled down as a result of torrential rain last year. He added that Kwaebibirem Rural Bank was adjudged the Emerging Rural & Community Bank (RCB) of the year 2018, and dedicated the award to all stakeholders who contributed to rebuilding a strong rural and community banks.

Kwaebibirem Rural Bank in 2017 piloted Motor bikes and Tricycles loan to salaried workers and farmers. The Aboboyaa Tricycles have contributed to farmers in conveying their farm produce, especially, palm fruits. Due to the success of the piloted program, the Bank is ready to give out loans to purchase over 1,000 motor bikes, Aboboyaa and Pragya tricycles and samples have been made available at their 7 branches for customers to patronize.

A minute silence was observed for the departed Board member Mr. Wilson Appiah-Kubi who has served on the Board for 10 years. He passed away on Friday, 11th October, 2019 after a short illness.