By Emmanuel Mensah-Abludo
The Wa Branch Manager of ARP Apex Bank, Michael Nyarko, has commended the Nandom rural bank for its consistent investment in corporate social responsibility (CSR) projects in its catchment area.
The bank allocated GHS 22,752 for various corporate social responsibility initiatives during the 2022 financial year, which ended on 31st December 2022.https://en.wikipedia.org/wiki/Nandom
Mr Nyarko made the commendation in an address read for the Managing Director of ARB Apex Bank, Alex Kwasi Awuah, at the 41st Annual General Meeting (AGM) of the Bank at Nandom in the Upper West Region.
Mr Nyarko described the amount the Nandom Rural Bank spent on CSR as encouraging and said, “CSR projects have a more enduring impact on beneficiaries as compared to our credit outreach progammes.”
He emphasised, “it is imperative that we continue to allocate resources towards community development initiatives, as beneficiaries to become long-term advocates for the bank. Their endorsement and promotion of our products and services surpass the effectiveness of mainstream marketing and public relations efforts.”
Mr Nyarko therefore admonished rural and community banks (RCBs) to persist in CSR projects. He equally advised RCBs to adopt aggressive marketing in their operational areas in order to remain competitive, saying, “the era of relying solely on customers visiting our banking halls is now obsolete”.
The Board Chairman of the Nandom Rural Bank, Firmino Bergyire Aasoyir, announced that the Upper West chapter of the Association of Rural Banks is to establish a Regional Bank in Wa.
Four RCBs, namely Nandom, Lawra Sonzele, and Sissala, will be the owners of the proposed Regional Bank. Mr Aasoyir told the AGM that the Regional Bank will serve as a springboard for the growth and expansion of rural banking in Upper West since none of the four banks has the financial muscle to establish the Regional Bank alone.
Touching on expansion and growth, he said Nandom Rural Bank has developed a four-year strategic plan that will run from 2024 to 2027. Mr Aasoyir indicated that the strategic plan will reposition the bank to stand up to the stiff competition in the banking industry.
He said the Bank of Ghana has given approval for the bank to expand its operations to Wa West District. “The bank will soon open a Branch at Wechiau and a Mobilization Centre at Nyoli. Plans are also far advanced in converting the Piina Mobilisation Centre to a full Bank for daily operations,” Mr Aasoyir announced.
The Board Chairman of the Bank observed that in spite of the uncertain global economy, high inflation rate, and the effect of government of Ghana’s Domestic Debt Exchange Programme (DDEP) that impacted the Bank, it managed to put up an impressive performance during the 2022 financial year.
Mr Aasoyir stated that the Bank recorded positive growth in all areas on its balance sheet. For instance, the loan portfolio as at the end of December 2022 stood at GHS 7.69 million compared to GHS 5.24 million in 2021, which worked to 46.78% growth.
The Municipal Chief Executive (MCE) for Nandom, Raymond Nero, observed that government has earmarked substantial support in the 2024 budget for the banking sector in respect of initiatives such as Planting for Food and Jobs Phase “2”; Ghana Financial Stability Fund(GFSF); Ghana Incentive-based Risk Sharing Systems for Agricultural Lending (GIRSAL); and Development Bank of Ghana (DBG).
The MCE therefore advised the bank to take advantage of the opportunities “to bolster its credit portfolio and enhance liquidity for sustained performance”.
The Paramount Chief of Nandom, Naa Prof. Edmund Nwim-yem Delle Choir VIII, who graced the occasion, stressed the necessity for individuals, groups and organisations in the operational areas of the Bank to give it the needed push to serve the people better.
