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Mfantseman Community Bank records 26.7% jump in deposits

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The Mfantseman Community Bank at Biriwa in the Mfantseman Municipality has made steady progress in 2010 as compared with 2009 as deposits increased from GH¢1,108,476.00 in 2009 to GH¢1,404,336.00 in 2010, a jump of 26.70 per cent.

The Bank’s advances increased from GH¢861,512.00 in 2009 to GH¢1,137,634.00 in 2010, being an increase of 32.05 per cent.

Total assets moved from GH¢1,524,127.00 to GH¢1,851,182.00 representing 21 per cent and profit before tax increased from GH¢39,245.00 in 2009 to GH¢53,859.00 in 2010 representing 37 per cent.

Mr George Munanu, Chairman of the Board of Directors, said this at the Fifth Annual General Meeting of the bank at Briwa on Saturday.

Mr Munanu attributed the achievement to the hard work of the management and staff and sourcing of funds for lending.

The Bank sourced GH¢100,000.00 from Speed Ghana another GH¢100,000.00 from Ghana Women fund Limited and GH¢80,000.00 from Apex SIF.

He said the Bank opened agencies at Asebu, Dominase, Nyamedom and Nanaba (Cape Coast Polytechnic) to bring the number of its agencies to eight.

Mr Munanu expressed concern about low share capital base of the Bank. He said whilst Bank of Ghana had made it mandatory for all Rural and Community Bank (RCBs) to increase their capital base to GH¢150,000.00, Biriwa Community Bank had only GH¢35,463.00 as at September 2011.

He appealed to the shareholders to increase their shareholdings to avoid sanction from the Ban of Ghana.

Mr Theophilus Obeng, Head Microfinance Unit of the ARB Apex Bank, said Apex Bank had made a move to reduce graduate unemployment in the country by supporting RCBs to employ university and polytechnic graduates from the localities to improve their human resource capacity.

He said the Apex Bank would pay their salaries for the initial period of attachment and training and appealed to RCBs to meet the challenges posed the banking sector by Information and Communication Technology.

Mr Obeng said the nationwide computerization and networking of RCBs started under rural financial Services Project and was being continued under the Millennium Development Authority.

He said the Apex Bank had signed an agreement with the Danish International Development Agency in respect of a project which is aimed at supporting the rural banking industry.

The project, he said, is made up of three components: the Rural finance Wholesale Fund which is designed to accommodate activities that require loans whose tenure exceed 18 months but not beyond five years.

Capacity Building Support for staff of RCBs and Apex Bank to support capacity building of the human resource of the Rural Banks and the Apex Bank.

The Merger Fund to assist RCBs to procure consultancy services to carry out their intensions by paying for the cost of such services.

Mr Kweku Acquah, President of the Central Regional Chapter of the Association of Rural Banks, appealed to shareholders to buy more shares to enable the Bank to meet the capital requirement set by the Bank of Ghana.

Nana Kwa Bonko V, Chief of Biriwa who chaired the function urged chiefs to educate the people on the importance of saving.

Source: GNA

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