MCE urges banks to be innovative

The New Juaben Municipal Chief Executive (MCE), Dr Kwaku Owusu Acheampong, has urged banks to be innovative, in terms of their product packaging, services and treat customers with respect.

He indicated that, the banking business has become very competitive and that called for new techniques, and advised the banks to be faithful, transparent and prudent in their management to ensure sustainable growth.

Dr Acheampong made the call at the official opening of the Adweso Agency, the seventh of the South Akim Rural Bank Limited at Adweso a suburb of Koforidua.

He reminded banks to always take a critical look at their social corporate responsibility to the society, to ensure development in the communities.

Mr William Kwadwo Boateng, Chairman of the Board of Directors of the South Akim Rural Bank, said in spite of the challenges and competition in the banking sector, the bank has made some significant developments, adding that it has been able to establish itself as a brand within its operational area.

He indicated that the performance of the bank over the past five years has been tremendous, adding that the annual growth rate over the past five years ranged between 25 percent for investments, and 65.2 percent for shareholders' fund.

According to him, growth in loans, stated capital, total assets and deposits, recorded annual averages of 46.2, 44.4, 35.4, and 30.8 percent respectively.

Mr Boateng disclosed that in 2010, the bank made a profit before tax of GH¢605,823, while in 2014 it realized GH¢1,991,509 representing 229 percent, over the period.

He entreated the general public to buy shares as a secured profitable investment, due to the bank's sterling performance, and encouraged traders, associations, and all, to join their micro finance scheme, to help enhance their income-generating activities.

The Chairman disclosed that since September 2003, the bank has offered scholarships to 169 needy but brilliant wards, and account holders of the bank who gained admission into senior high schools, and to further guarantee access to education, the bank was constructing a day senior high school at Ningo near Suhum.

Mr Festus Ofosu, Supervising Manager, SARB Ltd, said the bank started its operations at Nankese in the Suhum Municipality on November 2, 1984, and had for the past 30 years, spread its business to provide banking services to people in its catchment areas.

He said they have covered four municipalities and two districts in the Eastern Region in these 30years of its existence, and said the bank would continue to support social developments in its catchment area.

Nana Tete Pimpong the Second, Adwesohene, urged the public to cultivate the habit of savings, and assured the bank of the support of the traditional leaders in the growth of the new branch.