AMENFIMAN RURAL BANK TO UP CAPITAL CONTRIBUTIONS IN FIVE YEARS

Wasa-Akropong, (W/R), July 09. GNA – The Amenfiman Rural Bank Limited at Wassa Akropong in the Wassa Amenfi East District has rolled out plans to up its respective Capital contributions from the current GH¢ 2.3 million to GH¢10 million over the next five years.
In the short term, they are working hard to increase their capital to GH¢5 million by 2019.
Dr. Toni Aubynn, Chairman of the Board of Directors of the Bank, disclosed this at the 34th Annual General Meeting (AGM) of the bank,
He noted that the bank will remain strategic and stay ahead by raising its capital levels before any potential directive for a statutory increase in capital.
Dr. Aubynn also encouraged existing shareholders to increase their share value before potential investors from other sources come in.
He said the year under review saw a total assets growth of GH¢158.7 million in 2016 to GH¢182.7 million in 2017, indicating a 15 per cent increase.
The bank’s credit support to Micro Small Medium Enterprises (MSMEs) and farmers in the rural communities received a boost and over GH¢12 million loans were granted to them in 2017.
A total of GH¢70 million was disbursed to help boost economic activities and development in some communities.
The Chairman of the Board of Directors said that they recorded a profit before tax of GH¢8,225,821 as against GH¢9,987,370.23, representing a decline of 17.64 per cent. Profit tax for the year was GH¢5, 138,875.
However, due to the an aggressive expansion programme embarked on for the growth and prosperity of businesses in the medium to long term coupled with high cost of businesses, profitability dipped during the year under review.
The current dividend of GH¢0.06 per share is still a 30 per cent return on investment, considering a share price of GH¢0.20 per share.
Dr Aubynn further said that mobilising customer deposits grew from GH¢128.8 million in 2016 to GH¢148.8 million, representing a growth of 15.5 per cent, in spite of the extremely high competition from investment companies.
The board he added was committed to devoting 9 per cent of annual profits after tax toward the establishment of the Amenfiman State University College. Scholarships have been awarded to some students in the District.
He said they have made the needed investments in their branch expansion project and have successfully operationalised them. They will focus on developing the market to attract more customers.
Dr Aubynn pledged the bank’s readiness to partner the District Assemblies to implement the various government programmes.
He appealed to the Local Government Ministry to channel portions of the District Assembly Common Fund to some rural banks since they are always ready to help the Assemblies.

AMENFIMAN RURAL BANK OPENS NEW BRANCH IN SEFWI WIAWSO

Amenfiman Rural Bank has opened a new Branch in Sefwi Wiawso of the Western Region of Ghana and has since begun intensive operations within the area.
Amenfiman Rural Bank has already maintained its presence within Sefwi Wiawso with the Microfinance product of the Bank, providing credit access to SME’s, traders, market women and other small business operators. Since the inception of the Microfinance program within the area, the programme has grown quite extensively and currently covers areas past the sefwi area.
The New branch is an ultra-modern facility with amenities that have been selected to impress customers of the Bank and provide them with the comfort that they need. The Branch would continue to operate the microfinance programme along with all the products and services of the Bank.
Management of the Bank is quite happy with this move because, Sefwi Wiawso is a very vibrant business location and banking services are required to ensure that businesses grow and perform well to the betterment of the community. With this in mind, Amenfiman intends to make itself available to its already existing customers in this area, and push their agenda of gaining access to the unbanked population within the region in order to improve access to credit and financial services.
The Manager of the Branch, Miss Lydia Oduro, has promised to go the extra mile in making her branch the preferred Bank for all the people within the Sefwi area and its environs.

AMENFIMAN RURAL BANK OPENS AN ICON FACILITY IN BAWDIE

Amenfiman Rural Bank has moved from its previous location in Bawdie, which is a town that is between Tarkwa and Ayamfuri and Asankrangwa. These are very important towns in the Western Region and the towns strategic location cannot be understated here despite its small size.
Amenfiman Rural Bank used to be in an OK facility within the area and providing world-class banking services to the residents of Bawdie as well as people that would occasionally transit through the town on their way to Tarkwa, Asankrangwa and Dunkwa.
Currently, the branch has been moved to an iconic new building that has placed a smile on the faces of its customers within the area. With more than enough parking, and banking area, the Bank has made a move to increase its activity in the area by increasing access to credit to its cherished customers, mostly farmers and businessmen who would need such credit especially getting to the close of the year.
The Manageress of the Branch, Mrs. Perpetual Naana Ackaah, has made it clear that her team is in to continue the good work and relations that the bank has maintained with the people of Bawdie.
The Microfinance office has also moved to the new facility in a bid to make themselves more accessible to their customers who are within the Tarkwa, Asankrangwa area. This move would definitely increase the ease of access to credit by residents of the area.

AMENFIMAN RURAL BANK WINS ANOTHER INTERNATIONAL AWARD

Amenfiman Rural Bank of the Western Region of Ghana, Wassa Akropong has won an award from the World Confederation of Businesses – WORLDCOB at the Bizz AMEA 2017 awards ceremony in Dubai. This is the 2nd time that Amenfiman Rural Bank has received such an award from WORLDCOB in recognition of the Bank’s contribution to businesses within its area of operation.