The Saviour Church of Ghana, as part of efforts to promote rural economic activities has established the East Akyem Rural Bank Limited, at Osiem.
The Savior church, which initiated the move for the bank, owns about 50 percent of the shares while the community owns the rest, to serve the surrounding towns and villages within the municipality to improve economic activities.
Known as the East Akim Rural Bank Limited, it was incorporated on the 25th August, 2015 under the laws of Ghana by the Registrar General’s Department and was licensed by the Bank of Ghana on the 26th October 2017, to do business of rural banking and a registered member of the Association of Rural Banks in Ghana (ARB Apex Bank).
At a ceremony to open the Bank, the Board Chairman, Mr James Amo-Aboagye said the bank is registered with a paid up capital of GH¢1,045,000, which is over and above the bank of Ghana minimum capital requirement of GH¢1,000,000.
He said the vision of the bank was to become the best and number one rural bank in the community and the district to promote business growth, provide prudent cost management services and efficient and effective customer delivery services.
Mr Amo-Aboagye said the bank would employ competent and dedicated staff and provide them the needed resources to achieve the vision, mission and objectives set by the bank.
The General Manager of East Akim Rural Bank Limited, Mr Asante Frimpong, said about 141 rural banks were scattered across the country with over 1,000 branches under the Apex Bank and undertakes several banking services for their clients.
He however said they inadequate as more rural communities needed to be supported through the rural banks for small and medium scale loans.
The East-Akyem Municipal Chief Executive, Mr Owusu Twum-Ampofo, called on the workers to respect the customers and give them good treatment that would lure others to save with the bank.
He also urged the management to strengthen their monitoring systems to ensure that loans disbursed were paid on time and for the right purpose.