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14.05.2004 Business & Finance

Anlo Rural Bank makes five billion cedis turnover

By GNA

Keta (V/R), May 14, GNA - The Anlo Rural Bank, which was established three years ago with a seed capital of 500 million cedis now has more than five billion cedis as its annual turnover. The bank, which is located at Anloga in the Keta District, has so far granted loans totalling about 500 million cedis to various categories of customers to boost business activities in its catchment area.

This was announced by Mr William Edem Fugar, Chairman of the Bank during the launch of the Keta Agency at Keta on Friday. Mr Fugar, who is also the Director of Fugar and Company, trademark and patent agents in Accra, said in view of the high patronage being received by the bank, other branches would be opened at Aflao and Abor by the close of the year.

The chairman intimated that when these branches are opened they would bring banking to the doorsteps of the local entrepreneurs and for the entire business community to take full advantage of the numerous products on offer.

The Keta District Chief Executive, Mr. E.K. Vorkeh, said the opening of the Keta Agency would bring a big relief to the trading communities and also generate a healthy competition between the branch and the only commercial bank in the district. Mr Vorkeh was also optimistic that with the completion of the Keta Sea Defence Project and the link roads linking Keta to other commercial towns in the Southern sector, the Agency would soon be transformed from its humble beginning into a booming city bank.

The DCE appealed to would-be customers who would benefit from the bank's loan facilities to make prompt repayments of the monies collected to help the bank improve its capital base and expand.

In a speech read for him, the Managing director of the ARB Apex Bank Limited, Mr. E.K. Kwapong noted that with the expansion drive of the rural banking network in the district, workers could access credits facilities by operating accounts with the banks. Mr. R.M. Addo, Head of Training Division of the Apex Bank Limited, urged customers to use the Anlo Rural Banks to transfer and receive monies through the Apex Links Funds Transfer system.

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