The Jacobu-based Odotobri Rural Bank in the Ashanti Region received bronze at the Third Ghana Business and Financial Services Excellence Award (GBFSEA) in Accra for efficient handling of loans disbursement and deposits mobilisation.
The GBFSEA has been instituted under the auspices of the Trade and Industry Ministry to honour enterprises’ that make outstanding contributions towards the development of the country at the national and regional levels.
The bank in 2009 extended its total loans and overdraft facilities from GH¢5.75 million in 2008 to GH¢6.80 million, representing an increase of 18 per cent whilst deposits mobilisation rose by 38 per cent during the period.
Speaking to the Ghana News Agency at Obuasi on the awards, Mr Jonny Owusu-Boadi, Chairman of the Board of Directors, said the bank’s target was to win the gold award in 2011.
“This year only five out of the over 100 rural and community banks in the country were honoured and this shows that Odotobri Rural Bank is progressing steadily,” he said.
“We are doing a lot in deposits mobilisation because we are leaders in micro-finance,” he said.
Mr Owusu-Boadi said the award was the result of hard work, prudent measures and the strengthening of internal control systems of the bank.
“Now any kind of fraud will not be entertained in the bank’s working environment,” he said, warning that the culprits would be dismissed.
He said so far the bank’s unaudited accounts for 2010 showed it had made a profit of GH¢740,000 and “this performance has inspired us to set a target of GH¢1.2 million for 2011”.
Mr Owusu-Boadi said the staff had been motivated to work to achieve this through upward adjustment of their annual bonus.