La Community Bank opens Teshie-Nungua Agency

Accra, April 7, GNA - The Teshie/Nungua Agency of La Community Bank was opened on Tuesday with a call on management to adopt innovative measures to step up deposit mobilization and mop up money outside the banking sector. Mr Eric Osei-Bonsu, Managing Director, ARB Apex Bank Limited, who made the call said apart from helping the economy, effective deposit mobilization would make funds available for investment and credit delivery.

He, therefore, asked the management of the bank to develop more appropriate and attractive packages as well as financial products to enhance savings and credit delivery to the people in the area. Rural Banking was introduced into the country in 1976 by the Bank of Ghana to enable the rural and semi-urban dwellers to have the opportunity to save as well as have access to institutional credit so that the rural and semi-urban economy would expand and grow.

With the expansion in the bank's scope of operations, Mr Osei-Bonsu asked management to institute effective risk management and internal control mechanisms to minimize the incidence of risk He said, while adopting an innovative approach towards funds mobilization, management must exercise prudence in credit delivery. Mr Osei-Bonsu asked Board of Directors, management, staff and the chiefs and the people in the area to play their respective roles to ensure growth and sustenance of the bank.

He reminded the board of directors of their responsibility to continually formulate policies to ensure the orderly growth and development of the bank, ensure compliance to the various legislations governing banking operations and institute effective internal control measures to safeguard the assets of the bank. Dr K.B. Asante, Board Chairman of La Community Bank, was unhappy of the poor recovery rate of loans disbursed under various government schemes and asked Ghanaians to make repayment for loans a priority.