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06.06.2008 Business & Finance

Banks Technology 2 Elmina

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Mr. Osei-Bonsu noted that as at December 31, 2007, the bank had

also moved a total of 601.12 million Ghana cedis by its bullion van,

adding that the amount, excluded monies moved during the

redenomination exercise, and said this had given credence to the viability

and efficiency of rural banks.
The Managing Director stressed that the recognition and growing

public confidence in the rural banking system were as a result of the

services provided by the Apex Bank in support of the entire rural banking

He noted that it was imperative for them to pool their expertise and

resources to enable them face the emerging competition in the banking

According to him, the Bank of Ghana (BOG) was now more

interested in the provision of financial services by accredited financial

services providers and has as such, removed all barriers to those who

hold universal banking licenses, which meant that rural banks would no

longer be protected against the “intrusion” by the big commercial banks.
He said the Apex Bank had therefore trained some personnel in all

the rural banks in microfinance for them to be more effective and efficient

since the strength of the rural banks within the banking fraternity was in

their microfinance activities.
The Central Regional Minister, Nana Ato Arthur paid glowing tribute

to the founders of the Apex Bank and said its contribution towards the

successes being chalked by rural banks in the country could not be

over-emphasized and urged rural banks to offer more support to the

development of agriculture in the country.
The chairman of the Central Region Chapter of the Association of

Rural Banks, Mr. Kweku Acquaah, who presided, said the role of rural

banks was now being recognized by high profile institutions such as the

universities and the MDAs, and urged the banks to be more innovative

and efficient to sustain public confidence.

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