Rural bank expresses worry about loan defaulters

The Board of Directors of Sekyedomase Rural Bank has expressed unhappiness about the refusal of some customers to repay their loans.

To reverse the trend, the board has vowed to use every legal means to recover the money.

The Board Chairman, Mr David Okyere, said out of the total of GH¢776,447.00 granted to 168 groups under the Millennium Development Agency/Agricultural Credit Programme, only GH¢172,179.71 had been paid back.

GH¢603,727.29, representing about 78 per cent remains outstanding.

Mr Okyere, who was addressing the 21st annual general meeting of shareholders of the bank at Sekyedomase described the situation as “worrying and unacceptable”.

He said, “The bank cannot tolerate such behaviour from customers and would go to every length to take back all over-due loans and advances.”

The Board Chairman used the opportunity to urge loan defaulters to move quickly to settle their debts to avoid being dragged to court.

Mr Okyere called on shareholders to increase their shareholdings to expand the bank’s capital base.

He said to enhance its operations the bank had introduced a number of products including the Western Union money transfer, e-zwich account, Apex Link money transfer and Money gram and asked clients to take advantage of the products.

The bank, with its headquarters at Sekyedomase, has computerised agencies at Aboabo, Anloga and Tafo in Kumasi, Ejura, Anyaano and Kenyase.

Source: GNA